Credit Score
A three-digit number summarizing your credit history, used by lenders as a primary risk metric.
Most mortgage decisions rely on FICO scores, which range from 300 to 850. Conventional loans generally start at a 620 minimum, FHA loans go down to 580 (and sometimes 500 with extra down payment), and VA loans don't publish an official minimum though most lenders enforce one.
FICO weighting is roughly 35% payment history, 30% amounts owed, 15% length of history, 10% credit mix, and 10% new credit. The fastest score improvement for most borrowers comes from paying down revolving balances below 30%, and ideally below 10%, of their credit limits.
Mortgage scores use specific older FICO versions that often read a few points different from consumer-facing scores you see in apps. Don't be surprised if your mortgage score is 10–30 points off from what your credit card app shows.
Related terms
Other terms you'll see alongside Credit Score
A lender's review of your credit report and score to assess your willingness and ability to repay debt.
The lender's formal review of a loan application to confirm it meets program guidelines and is acceptable to fund.
A lender's preliminary commitment to lend you a specified amount, based on a review of credit, income, and assets.
The percentage of your gross monthly income that goes toward debt payments, including the proposed new mortgage.
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