Credit scores range between 375 and 900. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score:

• Your payment history. Whether you paid credit card obligations on time.
• How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
• The length of your credit history. In general, the longer the better.
• How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
• The types of credit you use. Generally, it's desirable to have more than one type of credit—installment loans, credit cards, and a mortgage, for example.

A Tri-Merge credit report is a combination of reports from all three credit bureaus. When applying for a mortgage, a single credit report is not sufficient, a tri-merge credit report is required. Mortgage lenders evaluate the three credit scores and use the score which ranks in the middle as your final credit score.

Each time your credit is checked a record is added to your credit report . If there are too many checks on your credit in a short period of time your score may be negatively impacted. At a minimum, the credit checks will be displayed to all subsequent creditors, who may be more cautious if they see too many credit checks.

Credit scores range from about 375 to 900. A score of 700 or above is normally required for the lowest interest rates available. 620-699 for average interest rates. And 500-619 for B&C loan programs.

Credit Reporting Companies

Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Internet: www.econsumer.equifax.com

Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Internet: www.experian.com

TransUnion
Post Office Box 2000
Chester, PA 19022
Phone: 800-888-4213
Internet: www.transunion.com