What Does My Credit Score Need to Be to Qualify?

September 06, 2010

Our potential homebuyers always want to know what does their credit score need to be in order to qualify to buy a new McHenry County home. Thanks to this video from real estate expert Ilyce Glink and Think Glink, we have some answers for new home buyers. Credit scores, on the scale assigned by FICO, range from 300 to 850. But, who actually has an 850 credit score and what can you do to get one? Well, less than 1 percent of the population has a credit score above 800, so it’s very unlikely you will have an 850 credit score. However, if your credit score is above 720, you will probably still receive the best rates.

By the way, if you are wondering what FICO stands for, here is the answer to that.

The acronym FICO stands for Fair Isaac & Company. This is the company that created this mathematical calculation during the late 1950’s. It is the credit model used to determine your credit score.

About The Author

Read All Stories By Gerstad Builders

Roger Gerstad is the president of Gerstad Builders, a family-owned and operated company committed to construction of homes of the highest quality known to the industry. Roger is a graduate of Bradley University and was educated in the field of construction through the wisdom and leadership of his father. Gerstad has developed the communities of Mill Creek, Waters Edge, Winding Creek, Deerwood, Chesapeake Hills, Abbey Ridge, The Trails of Winding Creek, Pebble Creek, Timber Trails, The Trails of Boone Creek, The Trails of River Oaks, The Towns of Boone Creek, Liberty Trails, and Abbey Ridge Townhomes in McHenry, Illinois as well as Pheasant Ridge in Richmond, Illinois, Bailey Estates in Williams Bay, Wisconsin and Dawson Creek in Poplar Grove, Illinois.

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