Why your credit score is important
Your credit score is another example of a qualifying guideline. Your credit report will be reviewed to see if there are any problems or opportunities to improve your credit score before you begin shopping for a home and applying for a loan.
Some Factors that impact your credit score:
Capacity used/available credit
Length of credit history
Types of credit used
Past credit applications/inquiries
Excellent – Above 720
Good – 680-720
Fair – 620-679
Poor – 580-619
Very Poor – Less than 580
Under the Fair Credit Reporting Act, you are eligible to receive a free copy of your credit report, at your request, once every 12 months. To order your free credit report call the number below.
Annual Credit Report Request Service