Your credit score is a number that represents your ability to pay off your debts. Here are the things about your credit score to keep in mind while you are looking for a mortgage:
- Your credit score can range from 300 to 850 points. The higher your credit score, the better.
- The average credit score ranges between 660 and 720. A score above 680 will increase your chances of obtaining financing.
- Your credit score can also affect your interest rate. The higher your score, the more likely you are to get a lower interest rate.
- Avoid multiple credit pulls. Having your credit pulled multiple times may result in a decreased credit score.