Payment history
Whether you have paid on time, and any late payments, collections, bankruptcies or foreclosures.
Credit
Understanding your credit
What a credit score is, what goes into it, and how lenders use it when you apply for a mortgage.
Prefer to talk? Call 732-686-9999
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
On this page
Jump to a section.
Get a quoteReady for the full application? Apply online
Fidelity Residential · NMLS #103098 · Equal Housing Lender
- Direct, licensed lenderNMLS #103098. Check our licences on NMLS Consumer Access.
- A licensed loan officerA real person reviews your file and answers your questions.
- Plain-English guidesShort answers to the questions borrowers ask most.
- Apply online or by phoneStart a quote, apply online or call 732-686-9999.
The basics
What a credit score is
A credit score is a number that sums up your credit report and predicts how likely you are to repay a loan. The best-known scores are FICO scores, created by the company Fair Isaac. VantageScore is another model.
Your score is calculated from the information in your report at each of the three national credit bureaus: Equifax, Experian and TransUnion. Because their records can differ, you can have a different score at each one.
Not part of your score
- Your income or job
- Where you live or how long you have lived there
- Your age, race, religion, sex or marital status
- Your savings and bank balances
What goes into it
What goes into your score
Amounts owed
How much you owe, and how much of your available card credit you are using.
Length of credit history
How long your accounts have been open.
New credit
How many accounts you have opened recently and how many times lenders have checked your credit.
Types of credit
The mix of cards, installment loans and mortgages you have.
Lenders
How mortgage lenders use your score
For a mortgage, lenders usually pull scores from all three bureaus and use the middle one. When there is more than one borrower, many programs use the lowest middle score of all borrowers.
Your score is one part of the picture. Lenders also look at your income, your debts compared with your income, your savings and the home. Each program sets its own score rules, and the score can affect the rate and the cost of mortgage insurance.
Questions
Common questions about credit scores
Is there a minimum score for a mortgage?
Each program sets its own. FHA loans accept lower scores than most conventional loans. A loan officer can tell you which programs fit your scores.
Why is the score my lender sees different from the one in my app?
Lenders often use versions of the score made for mortgages, and from all three bureaus, so it can differ from the score a free app shows.
How can I see my reports?
You can get free credit reports from the three bureaus at AnnualCreditReport.com, the official site.
Have a question we did not answer?
Talk it through with a licensed loan officer, get a quote, or apply online.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.