About Your Credit Score
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Before lenders make the decision to give you a loan, they want to know that you're willing and able to pay back that loan. To assess your ability to repay, they look at your debt-to-income ratio. In order to assess your willingness to repay the mortgage loan, they consult your credit score.
Fair Isaac and Company built the original FICO score to assess creditworthiness. You can learn more on FICO here.
Credit scores only assess the info contained in your credit profile. They never consider income, savings, amount of down payment, or personal factors like gender, race, nationality or marital status. These scores were invented specifically for this reason. "Profiling" was as dirty a word when FICO scores were invented as it is today. Credit scoring was developed as a way to consider only what was relevant to a borrower's willingness to pay back a loan.
Your current debt load, past late payments, length of your credit history, and other factors are considered. Your score results from both positive and negative information in your credit report. Late payments count against your score, but a consistent record of paying on time will improve it.
To get a credit score, borrowers must have an active credit account with a payment history of six months. This payment history ensures that there is enough information in your credit to generate a score. If you don't meet the criteria for getting a credit score, you may need to establish your credit history prior to applying for a mortgage.