Posted on: 23rd Dec, 2009 05:03 pm
I have a 455 which is the Middle Score on my Credit. I would like to Buy a House in 6mos. What can I do to bring my Score up to speed to get a Home Loan.
Hi Lovinglife,
You should have a minimum credit score of 620 in order to qualify for a FHA loan. Again, you should note that to qualify for a FHA loan, you should not have much negative items on your credit report. To qualify for a conventional loan, you should have a credit score of 700-720.
You can check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
You should have a minimum credit score of 620 in order to qualify for a FHA loan. Again, you should note that to qualify for a FHA loan, you should not have much negative items on your credit report. To qualify for a conventional loan, you should have a credit score of 700-720.
You can check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
The absolute best thing you can do for yourself is make all payments on time. There are other things too, but that's the most important.
If you have credit cards, pay them down to under 50 or preferable under 20%, and make all your payments on time. Do not close any accounts, nor open any. Do not consolidate either..
first thing is that you can arrange the payment for buying house and the other is that you need to increse your credit score that will qulify the fha loan ,or you need convential loan you need more efforts to increase credit score that is near to 700-720 hope you can do it...
by all means, you will have to act fast - 6 months seems to be far too short a period of time to improve from 455 to anywhere close to what lenders need at this time. i wish you well, but please don't be disappointed too much if it doesn't work - you have a mountain to climb.
