New Score States You Have Better Credit, But Will It Get You a Mortgage?

Posted on Jul 30, 2012

The recession and its aftermath, including stubbornly high unemployment, did a worked over Americans’ credit scores. The average person’s credit score is 655, according to Credit Karma. Unfortunately, the average credit score you’ll need to get a mortgage is 764, or 770 if you want to refinance. Into this gap, two companies have stepped up to create a new credit score they say does a better job of measuring mortgage risk — and found that most of us have better credit than we thought. Over 70% of consumers scored higher with this new score, and 24% saw increases of more than 50 points. The big X factor is when — or if — lenders will flock to this new standard.

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