Credit Score

The definition of mortgage term: Credit Score

A number between 300-850 used to indicate an individuals creditworthiness. The high number the better credit. Lenders use this number in order to determine how likely an individual is to repay their debts. Most credit scores fall between 600 and 750. A score above 700 indicates good credit. Bad credit is represented by anything lower that 620. 30, 60, and, 90 day lates deduct points from your credit score while on time payments help to increase your credit score.

 

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