Posted on: 19th Mar, 2009 12:43 pm
I am looking to make a purchase this year, have a clean 12 month payment history on credit cards. My score just doesn't move. I have been told by two banks that the VA wants 620!!! Where can I go? What can I do?
Hi ryanshana,
You have been rightly informed that to get a VA loan you should have a credit score of 620. VA, FHA and USDA have raised their minimum credit score requirement to 620 from March 6th, 2009.
It is good to hear that you have a clean 12 month payment history on credit cards. I appreciate it. Is your credit card company reporting your payments to the credit bureaus? I would suggest you to improve your credit score first and then look out for loans. To know more about how to improve your score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
You have been rightly informed that to get a VA loan you should have a credit score of 620. VA, FHA and USDA have raised their minimum credit score requirement to 620 from March 6th, 2009.
It is good to hear that you have a clean 12 month payment history on credit cards. I appreciate it. Is your credit card company reporting your payments to the credit bureaus? I would suggest you to improve your credit score first and then look out for loans. To know more about how to improve your score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
you need to find someone who can coach you through the process of getting your score up to the desired level...there is obviously something appearing on your credit report that is contributing to the score, so you need to be able to deal with that effectively in order to get to that point.
