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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.
Another important overlay is linked to your credit score. The FHA rules state that it will insure home loans for which the borrower has a credit score of 500 or higher. Banks, however, are reluctant to make such loans.