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Your credit score is important, but it's only one factor in a mortgage application. A credit score (also called a FICO Score, so named for the company that provides the score used by 90% of lenders) helps lenders determine their risk in lending you money.Your history of paying bills on time and your monthly debts determine your credit score, which can range from 300 (worst) to 850 (best).our credit score is very important but it is only one factor in a mortgage application. Lenders also consider your income, employment history, your current monthly debts, the size of the loan and your down payment.
Many things factor into getting a mortgage, but it all starts with your credit score and your credit history. If your credit score isnât up to snuff, nothing else matters. Credit.com spoke with a handful of seasoned mortgage lending experts to find out what credit score you need to get your foot in the door of your dream home. Why Your Credit Score Matters âThe primary function of the credit score is that itâs used in pricing the mortgage loan,â Joe Parsons, branch manager of Caliber Home Loans, in Dublin, Calif., said.