Most lenders look at your FICO score to determine whether you would be a good or a bad credit risk. FICO scores range from 300 to 850, the higher the better. Here’s a general breakdown: 750 and above is excellent, 749 to 700 is good, 699 to 650 is fair, 649 to 600 is poor, and 599 and below is bad.
Higher interest rate
Although you can get a mortgage if your score isn’t good, you’ll pay a lot more for the loan by having a higher interest rate. And if your score isn’t good, you might not get a loan at all. Take some time, about a year, to improve your score and try again. Pay all your bills on time, and don’t carry a lot of debt, and your score should improve.