It’s amazing how much your credit score affects your mortgage payment. In a recent Newsweek article the Fair Isaac Corporation put together an interesting graphic to show how credit scores changed a 30 year, $150,000 mortgage:

620-639: A 7.16% rate and a $1,014 monthly payment
660-679: A 6.18% rate and a $917 monthly payment
700-759: A 5.79% rate abd a $879 monthly payment

If you have slow or poor credit, this information should make you strive to get things in order and work diligently to get your FICO score up. However, and this is a growing trend with all of the identity theft going on now, if you truly have a mistake on your credit score, there is help out there for you. Companies like Advantage Credit are hired by mortgage brokers to fix those mistakes on your credit score. Companies that do this sort of work are called rapid rescorers and you should speak with your mortgage broker about using their services if mistakes pop up on your credit application.