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Hate to burst your dream home bubble, but yes. Your credit report will list your FICO score, which is what potential lenders will look at before giving you a loan. A score above 650 is considered good, but given the current economic crisis, having a score of 700 gives you a better shot at being approved for a mortgage. A score lower than 580 will likely give you trouble. So how do you get those numbers up so homeownership is within your grasp? Make all your current minimum payments on time, pay any past debts, and keep card balances under 40 percent of your credit limit. Your score improves as debts are paid and as negative history (like late bill payment history, which accounts for 35% of your score) falls off your record. To raise your score in short term, don’t open any new lines of credit and keep paying any loans you have on time.

-- The Nest Editors

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