Everyone tries to keep their credit report looking as good as they can so they will have a better chance at qualifying for a mortgage. This is a good idea because the lending companies use your credit report to determine your credit score, and the higher your credit score is, the better the mortgage rate you will be able to get.

So, how high does your credit score have to be to qualify for a good mortgage? Many lenders use the FICO to determine if your credit score is good enough. You are said to have perfect credit if your credit score is above 720. With a credit score this high, you should be able to get the best mortgage rates on the market. You are said to have average credit if your credit score falls between 620-650. If your credit score is below 620 you are considered a high risk for a lender. Ultimately, the final decision of whether you are approved for a mortgage is up to the lender. Mortgage lenders consider many different factors besides just your credit score when they decide if you are going to be approved for a loan.

It is important that you monitor your credit report to make sure that you have not become a victim of identity theft. If someone is using your identity to get loans and credit cards it could severely hurt your credit score and keep you from getting a loan when you need one.