What is credit scoring?
With credit scoring systems where the top figure is “850,” numbers above 620 to 640 are generally acceptable, over 660 will please most lenders and scores above 720 to 740 will cause an outbreak of elation.
Given a higher score, it may be possible to borrow more, borrow with less down, borrow faster, or borrow with fewer paperwork requirements.
Credit scoring is relatively new and assumes that an individual’s credit information is correct. To get the best possible score, review credit reports several months before mortgage hunting to assure that all information is correct and timely. Once credit reports are checked (and corrected if necessary), avoid opening new credit accounts or taking on new debt until settlement is completed.
Free credit reports are available at AnnualCreditReport.com.
For additional information concerning credit scores, go to: MyFICO.com
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