what is a good credit score number

in order to refinance a conventional loan, your son should have a credit score of 720-740. as per the information that you've given here, your son has the required credit score. i think your son should contact the lender immediately and check out as to why they are refusing the loan to him.

if required, your son can even refinance the loan with other lenders. he may speak to other lenders in order to know the rates and terms that he may get. this community also has a number of lenders. your son can seek a no obligation free mortgage consultation from them and get to know whether or not he would qualify for a loan.

in general, mortgage companies prefer to give 80% of the appaised value. in yor case it will be $240, 000 max. i think this is the valid reason.

A good FICO score is more than 700. After getting a good FICO score, many options open up to you that will not be available otherwise such as it is easy to open a business if you have a good credit score, as it gets you low interest small business loans.

I would also like to add here that you can improve your credit score by always paying on time. It does not matter how much you pay as long as you fulfill the minimum balance due.

you're right about that, but it is always advisable to pay much more than the minimum amount due. doing that will eventually jeopardize a credit score, as usage relative to credit limits is one of the contributing factors used in computing scores.

My mortgage balance is higher than the value of my house. The rate is 8.25%. I don't want to move. What can I do?

if you're struggling with your payments, you can seek out a modification from your mortgage lender - that's one thing. if you can afford the payments, and are unable to refinance, then simply keep paying the payments. eventually, your value will exceed your debt.

let's remember that real estate is cyclical. we've had crashes before, and we'll have them again. if you can stay the course, sometimes it is for the best. that's not to say i don't understand the dire circumstances some people are in and their need for immediate assistance or closure.

nevertheless, if you can and do keep paying, sooner or later the balance drops low enough that you're in decent shape again.

Hi, My credit score is now 701 and I'm trying to buy a home within the next 2 years but my credit score is 701 and i don't have any credit cards or department store cards...I am paying for a truck that will be paid off in May 2012. What do u suggest I do b/c I was told if I get a credit card that would make my scire go up a little more?

Hi Fancy,

Your query has been replied in the given page:
http://www.mortgagefit.com/credit-rating/about42613.html#178456

Take a look at it. Hope it'll help you.

Yes getting a few credit cards and using them wisely and always pay on time and dont use up more thne 30% of the entire credit line and paying off the truck will also help in your score going up.

If your credit score is 700+ that means very good or excellent credit. You will get the best deal.
A credit score in the range of 680 to 699 means good. You can be pretty sure of getting good deal.
Score from 620 to 679 is ok. You can still get a loan but don't expect that terms and condition will be too generous for you.
FICO score ranging from 580 to 619 implies that you are the most sought after person by banks and brokers because you will get loan but on their terms and conditions. You will be asked to pay higher interest rates. They will ask for fat commissions.
If your score is in between 500 to 580 then you are in trouble. You will get loans which you don't want.
Any thing below 500 is considered as poor/bad credit score and you should think seriously about this. You need professional help for bad credit.

[Link deleted as per forum rules. Thanks.]

im trying to buy a house and i have three cars on my credit which all is paid on time and me and my husband makes good money so would it still be hard to buy a house

fab2be, you haven't supplied anywhere enough information for anyone to say whether or not it will be hard for you to get a home loan.

For starters, what's your total income/debts, credit/credit scores/, purchase price of home you are looking to buy, available funds for down payment/closing costs?

Credit Scores are rated as follows:

Excellent - 730-850
Good - 680-729
Fair - 620-679
Poor - 500-619
<500 - No federal financing

This is based on the Fair Isaacs (FICO) scoring module. These days is seemingly impossible to obtain a loan with less than a 640.