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What is a Credit Score?
Credit scoring is calculated in advance and requires some fundamental information from your loan officer. Your credit score is a single number that provides potential lenders with a "snapshot" of your credit history. While your credit score may differ slightly from one reporting agency to another, any of them can provide lenders with the information they need to approve or deny a real estate loan application.
Credit scores assess the likelihood that a borrower will repay a loan or credit card on time. The higher the score the greater the likelihood that you will be approved for credit, possibly with a better rate than if you had a low score.

Credit Scores are based on the following factors:
Payment history - Total debt you owe - How often you have applied for credit cards or new debt - The types of credit you currently use

What constitutes a "good" credit score? That's up to the lender to decide, but most people have a score in the 600-790 range. Scores closer to the top end of the range are typically considered "good" scores. You should take steps to clean up any potential credit "bugs" before they become an issue.

What is a credit report? A consumer credit report is a factual record of an individual's credit payment history. Its main purpose is to help a lender quickly and objectively decide whether to grant you credit. Most of the information comes directly from the companies you do business with.