New Credit Score System Might Make It Easier to Get A Mortgage

5. Maintain a good credit score. This point should be obvious, but it’s worth stating: A high credit score will make your mortgage-qualification process easier. You’ll be more likely to qualify for a mortgage and you’ll be more likely to receive a competitive interest rate. You can view your credit report for.

 · This data is then put through a computerized scoring system to produce a numerical score. The FICO credit score is the one most commonly used by mortgage lenders. The FICO scoring range goes from 300 to 850. A higher score will increase the borrower’s chance of getting approved for the loan; a lower score hurts the chance of approval.

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The new system, though, accounts for aberrations in what is normally a good payment history. If your other accounts are in good standing, the FICO 8 score will not be as negative as it might have been before. High Credit Utilization: If you are close to your credit limit, it will hurt your FICO score.

A bad credit score means you might find it more difficult to get credit. That’s because it’s an indication to lenders of problematic financial behaviour. Things like being late with, or.

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Mortgage Q&A: "What credit score do I need to get a mortgage?" If you’re thinking about purchasing a new home or refinancing an existing mortgage, you should know that your credit score is going to be a big factor.. In fact, it can make or break your loan approval and carries the most weight when it comes to determining your mortgage rate.

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It’s easier to get a loan: Most people know that bad credit can make it hard to get a mortgage, a credit card, or an installment loan. And even if you can get a creditor to give you a chance, you’ll probably be paying a much higher interest rate than you would if you had a good credit score.

There is a way to have no credit score and no alternative credit and still get a mortgage with a co-borrower if you fit into a certain category. That is, if you and your co-borrower’s combined income doesn’t exceed the county income limit and the co-borrower’s income makes up more than 30% of the total income on the mortgage, you may qualify.