Can a low credit score affect our chances of getting a mortgage?
Anywhere between 620 and 650 is considered good, but a score of 700 makes you more desirable when applying for a mortgage. On the other hand, a score lower than 580 will likely give you trouble. If worst comes to worst and rocky credit has turned you into the most unpopular loan-seeker on the block, think about applying for the loan under your spouse's name only (assuming his or her credit is in better shape than yours). It's not ideal because with just one salary involved, you'll have less-attractive loan options with higher interest rates. But don't despair: When you've finally whipped your own credit into shape, you can add your name to that paperwork later.
Check your most recent numbers and make sure everything is accurate. Three nationwide credit agencies (Equifax, Experian, and TransUnion) are required by law to provide free credit histories to anyone who asks. Once every 12 months, you can order your report -- which will have your score -- at AnnualCreditReport.com.
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