From my recent experience buying a home I learned by talking to bothe my real estate agent and my mortgage broker that those who have a credit score of 680 or better enjoy a much better interest rate, and a much easier time getting a mortgage than those with a FICO score under 680. Now we all probably know that having better credit is going to help, but this was the first time I actually received an actual number of what the minimum FICO score I should aim for should be. This is a good reason to start keeping track of your credit score by getting credit reports from all 3 agencies at least once a quarter. Click here if you don't know what your Credit Score is. Once you know that you can start shopping for a mortgage while mortgage rates are still low! Homeowners Click Here

After getting my mortgage I saw a much more detailed article that this post about the effects of credit score on your life. It was in this months issue of Consumer Reports.