
What Credit Score Is Good Enough for a Mortgage Approval?
Buying a home without a good score is almost impossible. A mortgage lender looks at your credit score and history to see if you are a possible risk. A lower score shows that you have a higher chance of defaulting on your loan. Find out what affects your score, how to improve it, and the score you need to become a homeowner. What Affects Your Score? Your credit score is one of the most significant factors affecting your interest rate and whether you will even qualify for a loan. The three major credit bureaus assign you a score based on any loans you had in the past. Credit cards, loans, and any bills you didn't pay all play a role in your score. Every time you make a late payment…