The Credit Question: What you Need to Know about Credit

Your credit score is probably the most important component of your mortgage application because it’s the primary factor that banks and lenders use to determine your creditworthiness. It tells lenders how likely you are to pay your bills on time, because it reflects every credit card, loan payment and late payment you’ve ever made b and every bankruptcy or credit problem you’ve undergone. With so much weighing on this tiny little number, it’s important to understand what it is, how it’s calculated and what you can do to manage it.