What Credit Score Is Needed To Buy A House?

We’ll cover the minimum credit score for a mortgage and how you can improve your credit score if needed.

Why Does a Credit Score Matter So Much?

Lenders look at a credit score to help determine whether a potential borrower is trustworthy.

Credit Score Breakdown

Payment history (35%) Credit utilization (30%) Length of credit history     (15%) Types of credit (10%) New inquiries (10%)

Here’s how credit scores are generally classified: Exceptional: 800-850 Very good: 740-799 Good: 670-739 Fair: 580-669 Very poor: 300-579

A Look at the Numbers

1. Check for errors on your credit report

How to Bump Up  a Credit Score

2. Pay all of your bills  on time

3. Establish credit

How to Bump Up  a Credit Score

4. Request to increase the credit limit on one or all of your credit cards

5. Don’t close paid-off credit cards

How to Bump Up  a Credit Score

6. Consider obtaining a personal loan

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