While looking through some information regarding credit ratings, I thought you might find this to be interesting. Enjoy!
Bottom line- your credit report is very important when it comes to determining mortgage eligibility. The best thing to do is to learn what is on your report, determine what impact that information has on your credit rating, and work on repairing any damage or correcting any errors that may exist on your report.
There are three main credit bureaus to which most creditors (such as credit card companies, banks and leasing agencies) provide information. Each month, your credit holders report information to the credit bureaus regarding your current balance, minimum payment requirement, and payment history. It is best to make payments regularly and timely!