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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.
Excellent credit = 720 and above Good credit = 660 to 719 Fair credit = 620 to 659 Poor/bad credit = 619 and below How Credit Reports Affect Your Mortgage Before you start house hunting and getting pre-approved for a home loan, check your credit report and get your FICO scores. Why? Your credit rating may be the single most important piece of financial information you have to obtain a mortgage at the best interest rate. Checking your credit rating before you purchase will give you time to correct reporting errors and to clean up your ratings if they are in the dumps. One lender tells us that it can take up to 90 days to get erroneous â and ...