Posted on: 20th Aug, 2008 04:29 pm
I want to know what is a good credit score number
Hi Missy!
Welcome to forums!
Keeping in mind the present market situation, a credit score of 552-602 is quite low. In order to know more about improving your credit score, you could check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Sussane
Welcome to forums!
Keeping in mind the present market situation, a credit score of 552-602 is quite low. In order to know more about improving your credit score, you could check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Sussane
I had a question about securing a home loan. I have a credit score above 775+ and my wife has her score around 800. We have two cars and one is to be paid off within a year while the other is new. We both have college loans that we are paying off and 1 credit card paid monthly with low debt.
The problem is that we do not have 20% to put down on a home and with the prices the way they are and renting it looks to be unlikely we will ever have that kind of cash on hand.
What is the chance we can secure a home loan in this type of climate given this situation?
Thank You!
The problem is that we do not have 20% to put down on a home and with the prices the way they are and renting it looks to be unlikely we will ever have that kind of cash on hand.
What is the chance we can secure a home loan in this type of climate given this situation?
Thank You!
Hi rob,
You may get a home loan provided you will have to go for a Private Mortgage Insurance (PMI). PMI is an extra insurance which your lender would require from you when you obtain loans that are more than 80 percent of your new home's value. Thus, buyers with less than 20 percent down are normally required to pay PMI.
You can contact the lenders and check out what kind of rates they are offering you. This will also give you a fair idea whether you would be able to afford it or not. You can also speak to the lenders of this community and seek a no obligation free consultation from them. This consultation will also help you to know what type of rates you may receive when you apply for a loan. You will also get an idea about the current market rates.
You may get a home loan provided you will have to go for a Private Mortgage Insurance (PMI). PMI is an extra insurance which your lender would require from you when you obtain loans that are more than 80 percent of your new home's value. Thus, buyers with less than 20 percent down are normally required to pay PMI.
You can contact the lenders and check out what kind of rates they are offering you. This will also give you a fair idea whether you would be able to afford it or not. You can also speak to the lenders of this community and seek a no obligation free consultation from them. This consultation will also help you to know what type of rates you may receive when you apply for a loan. You will also get an idea about the current market rates.
In the market right now a good score is around 720+ i would say. As the banks are tightening up on requirements for loans. There is always FHA loan though.
i am in credit card debit but still current on all bills how bad does this affect my credit rateing
Hi jerry,
Though you are current on all other bills, your credit card debts can affect your credit score if you are more than 30 days late. This will also remain on your credit report for 7 years. The creditor can also charge you a late fees of $15 to $35.
Thanks
Though you are current on all other bills, your credit card debts can affect your credit score if you are more than 30 days late. This will also remain on your credit report for 7 years. The creditor can also charge you a late fees of $15 to $35.
Thanks
jerry, the ideal situation for credit card accounts is to keep your balances at approximately one-third of the credit limits. that'll optimize your scores.
Welcome Amy,
With the credit score that you have mentioned, you can look out for FHA loans. FHA loans are available at a credit score of 620. However, apart from this, the lender will also check your income before approving the loan. As far as interest rates are concerned, you should speak to few lenders and check out the rates. This will let you know whether you would be able to afford the mortgage or not.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would get a loan or not. Moreover, you may even come to know the current rates and terms available in the market.
With the credit score that you have mentioned, you can look out for FHA loans. FHA loans are available at a credit score of 620. However, apart from this, the lender will also check your income before approving the loan. As far as interest rates are concerned, you should speak to few lenders and check out the rates. This will let you know whether you would be able to afford the mortgage or not.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would get a loan or not. Moreover, you may even come to know the current rates and terms available in the market.
Hi Amy, The scores you have mentioned are pretty good, FHA would be your best best i think. Your whole situation looks to be pretty good. Rates just depend on where you go. The more you shop around the better deal you will find. Lately i have been seeing rates hanging around the range of 5% - 6.25% for FHA loans. And as quoted before me there is a no obligation consulatation on this site on the home page. Hope this helps.
I would kind of like to get back to this whole "what is the best score" topic we started on.
There seemed to be a lot of posts early on here that stated that 700-720 and 800+ are all the same to lenders. I would have to say that is absolutely false. It might not have as big of an impact on qualifying for certain types of mortgages but in general it can make a big difference when applying for credit.
I have worked for three diferent lenders now, two of which offered our customers the best interest rates on a score of 760+. The other was 750+. The one lender had rates tiered every 20 points, meaning a 700 and a 775 would be three tiers apart, making the interest rate much different depending on your score.
The whole point here is that the higher the better when it comes to your credit score. Don't ever stop trying to improve your credit just because you've reached a little over 700. It could save you a lot of money in the long run.
There seemed to be a lot of posts early on here that stated that 700-720 and 800+ are all the same to lenders. I would have to say that is absolutely false. It might not have as big of an impact on qualifying for certain types of mortgages but in general it can make a big difference when applying for credit.
I have worked for three diferent lenders now, two of which offered our customers the best interest rates on a score of 760+. The other was 750+. The one lender had rates tiered every 20 points, meaning a 700 and a 775 would be three tiers apart, making the interest rate much different depending on your score.
The whole point here is that the higher the better when it comes to your credit score. Don't ever stop trying to improve your credit just because you've reached a little over 700. It could save you a lot of money in the long run.
well put, scott. great credit is no longer 700; good credit is no longer 660. changes in the marketplace in general have changed how we all view scores these days. right now, 620 is "good enough" but not all that special in the overall scheme of things.
yes...the key is to continue to strive for the best. even though we sometimes falter, at least we've given it our best shot.
yes...the key is to continue to strive for the best. even though we sometimes falter, at least we've given it our best shot.
Yes explained very good. The longer you wait and build up your credit the better off you are and the more money you will save in the long run. You will get the best rates and pay the least amount of points.
My son is trying to refi his home loan his home appaised at $300,000. He is trying for a loan with his current lender Chase for $280,000 He received his credit score of 713,721 and 735. With the report he received a letter from chase stating, " Request loan amount exceeds Maximun". His income , loan to debt is all good. He workes for the state of Californis for the past 3.5 yrs. so how can they denie him this loan? Help
My son is trying to refi his home loan his home appaised at $300,000. He is trying for a loan with his current lender Chase for $280,000 He received his credit score of 713,721 and 735. With the report he received a letter from chase stating, " Request loan amount exceeds Maximun". His income , loan to debt is all good. He workes for the state of Californis for the past 3.5 yrs. so how can they denie him this loan? Help