What is a Good Credit Score?

The most important number tied to you besides your social security number is your credit score.  There are actually many different credit scores, but the most commonly used is a FICO score.  FICO stands for Fair Isaac COmpany; the company who developed the credit scoring algorithm.

Mortgage lenders get a FICO score from the three major credit repositories - Equifax, Transunion, and Experian.  The FICO score used for the mortgage application is the middle score.  Both the high score and low score are thrown out.  For example, a borrower may have a score of 800, 760, and 740.  The score used is 760.

So what is considered a good score?  It depends on the mortgage product.  

Conventional Mortgages:


FHA & VA Mortgages:


Jumbo or Portfolio Mortgages: