In most cases, that is the primary factor that gets you in the door. Sometimes misleading and unfair.
A previous client called saying that he needed to get prequalified for a new mortgage. He indicated that he was selling his Tolland home that I did the mortgage for six years earlier. He already had the buyer. When I did a credit report, his mid credit score was 571, quite a bit below most lenders minimum requirement.
He had perfect credit history on the mortgage and his auto loan, but credit cards, well not so good. He was purchasing a home for $320,000 and would be putting $100,000 down, from the sale of his present home. I was able to get him an FHA mortgage, at 4% interest. I apologized to him, that I couldn’t get him a better rate. He laughed, saying that is nearly 3% lower than the mortgage on his present home.
One thing I know for sure, he will always pay his mortgage on time, but I would never bet on his credit cards being paid on time.
Check out this article for some facts and fiction regarding credit: