what credit score is really required for home loan application?

If you are applying for the home loan to buy a home, banks and financial institutions will require that you present a good credit record before lending such a large monetary amount. Because if you have a bad credit score, they just will not want to take the risk of lending you their money. The balance between different kinds of credit is important in improving your credit record. 

Indeed, it is positive for you to have a range of types of loans. For example, you may have a student loan, a home loan, a car loan and a credit card. Having several types of loans is better than holding a series of full credit cards. For good reason, unpaid accounts appear in your credit report and they have a negative impact on the final score. 

And even if you do not consider buying a home with home loan, the vast majority of rental homeowners do a credit check on their future tenant before agreeing to rent an apartment, because they want to make sure that you are not a bad payer. Traditional credit institutions (banks, credit unions, credit card companies) and businesses (wireless service providers, insurance companies, employers) use the credit line to determine the amount of credit they can offer you, the interest rate that will be applied and the duration of the credit. 

The credit score is used as a predictor to identify who is most likely to be late in paying, whether it is a loan, a credit card or a cell phone. The higher the rating, the more the individual will be able to obtain credit, at lower interest rates. Starting a small business often requires a good amount of money, which you may not have in your bank account. 

In this case, you will probably need a business startup loan. Except that if you do not have a good credit record, you probably will not get this loan to start your business.