What’s a credit score?
It’s based in large part on your credit history.

Remember your first credit card? Or how about all those late cell phone bills? What about those student loan payments?

These are all factors that contribute to what’s known as your credit history.

It’s your credit history in conjunction with other factors such as your income, assets, and liabilities that will determine who gets a great deal on a mortgage, and who doesn’t.

The first thing any bank or lender will do when you apply to borrow money for your mortgage loan is pull up your credit score.

And unfortunately, a less than stellar credit rating can affect your ability to get the best mortgage rates.

Your Beacon/ credit score, or FICO score, is a number that major credit-rating agencies assign to you based on your credit history. It can range anywhere from 300 to 900.

Since your credit score is based on your credit history, this signals to lenders that whether you’re a good risk or a bad risk.

At high credit scores (750 and up), lenders offer a quick approval at the best possible rates. This score says the person is reliable and responsible with debt. At lower scores (below 620), you could pay a premium on your borrowing rate and possibly even find it difficult to qualify.

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