What Credit Score Do You Need To Buy A House?
For most people, understanding how your credit score is figured is right up there with me explaining to you how my color television works. I can use it just fine but I can't tell you how it does what it does. Often, the same mystery is surrounding most American's knowledge of what credit score is needed to buy a house. Recently, it was reported by Bank of America that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. This perceived reality is wrong. Only 25% of Americans have a FICO score between 740 and 800. Here is the breakdown according to Experian: 16% Very Poor (300-579) 18% Fair (580-669) 21% Good (670-739) 25% Very Good (740-799) 20% Exceptional (800-850) I am a huge of fan of improving your credit score. Being able to borrow smartly and affordably is powerful and a better credit score gives you the leverage to do that. I have a previous blog that talks of ways to improve your credit. And I love CreditKarma for