Mortgage glossary
Credit score
Definition: A credit score is a three-digit number, typically ranging from 300 to 850, that summarizes a borrower's credit history and helps lenders gauge the likelihood of repaying a loan.
Mortgage lenders usually pull scores from all three credit bureaus and use the middle score for each borrower. Payment history and credit utilization carry the most weight, followed by the age of accounts, the mix of credit and recent inquiries.
Your score affects which programs you qualify for and the pricing you receive. Minimums vary by program: FHA, VA and USDA through our team start at 580, and jumbo starts at 660. Paying down card balances before applying and avoiding new accounts during the loan process are two of the most common ways to protect a score.
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Reviewed by Kyle Richardson, NMLS #863464. General information, not advice for your specific situation. All glossary terms
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