How the pricing tiers work
Conventional pricing steps at score bands, roughly every 20 points from 620 up, with the best pricing generally at 740 and above and meaningful improvement again near 780. Crossing a single boundary, say 738 to 742, can improve your rate more than any amount of negotiating, which is why the smartest pre-application move is often a targeted score push rather than lender shopping. Your down payment interacts with the grid too: bigger equity softens the penalty of a mid-tier score.
What moves a score fast (and what doesn't)
Fast: paying revolving balances below 10 to 30% of limits before statement dates (utilization has no memory, so this works in weeks), correcting genuine reporting errors, and becoming an authorized user on an old clean account. Slow or counterproductive right before applying: opening new accounts, closing old cards, and financing furniture for the house you have not bought yet. The FAQ page covers the classic post-approval mistakes that undo files in escrow.
Where credit matters differently
FHA pricing is gentler on lower scores than conventional. Non-QM programs like
bank statement loans weigh credit as one factor among down payment and reserves. A 660 with 25% down and strong deposits is a very fundable file.
Frequently asked questions
Does getting quoted by multiple lenders wreck my score?
No. Mortgage inquiries within a shopping window (14 to 45 days depending on the scoring model) count as one. Shop freely; the bureaus expect it.
Which score do lenders actually use?
Mortgage lending uses specific FICO versions pulled from all three bureaus, historically taking the middle score, and the industry is transitioning toward updated models. The score on your credit-card app is a cousin, not the number. Jackie pulls the real one and reads it with you.
My score is close to the next tier. Should I wait to apply?
Sometimes a 30-day utilization push is worth more than a market's rate movement, and sometimes rising prices cost more than the tier saves. It is a math problem, not a rule, and running both scenarios takes Jackie about ten minutes.
