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Credit Statistics
Typical minimum FICO scores by mortgage type:
FHA Loan – 580+ credit score (500-579 score is possible but unlikely) VA Loan – 620+ credit score (some lenders require 580) USDA Loan – 640+ credit score.
More than 90% of lenders prefer the FICO scoring model, but Credit Karma uses the Vantage 3.0 scoring model. ... Overall, your Credit Karma score is an accurate metric that will help you monitor your credit — but it might not match the FICO scores a lender looks at before giving you a loan
How Do You Improve Your Credit Scores?
Improving your FICO® Score can be very helpful before applying for a new line of credit like a credit card, mortgage, or personal loan, because a higher score can help you secure the best terms and interest rates available. Here are some actions that can help improve your FICO® Score over time:
- Making sure you pay all of your bills on time. This will help ensure your payment history is unblemished and shows lenders that you have a history of paying on time.
- Keeping balances on your credit cards low will help keep your utilization at a good level.
- Limiting your applications for new credit to only when you really need it.
Know your financial profile to understand what lenders see when they look at your credit report so you can make sure to get the best interest rates and terms.