Posted on: 09th Dec, 2009 07:20 pm
my credit score was 630, but I have worked on my job for 16 years i already have a mortgage which i have had for 10 years and have never been late on a payment, I have a couple of credit cards with the bank i work for and i have always made payments on time however i have a few older things on my credit report. I have been preapproved for a loan for a new mortgage. should i try to get the things on my credit report paid off now or should i be ok to qualify for the loan
There is really not enough information to give you an accurate answer.
Hi faye,
It is always better to try and get the negative items removed from your credit before applying for a home loan. If the negative items are too old, they might not have as bad an effect on your credit as a recent derogatory item. But removing them from your credit will help you make your scores better. If you have had your mortgage for the past 10 years and have made your payments on time, your credit score should be much better than just 630. Check your credit report and see if the payments you made have been reported properly or if there are any wrong information given on the report. If there is wrong information, dispute that with the credit bureaus. Try and have the negative items removed from the report to make your chances of qualifying for the mortgage better.
It is always better to try and get the negative items removed from your credit before applying for a home loan. If the negative items are too old, they might not have as bad an effect on your credit as a recent derogatory item. But removing them from your credit will help you make your scores better. If you have had your mortgage for the past 10 years and have made your payments on time, your credit score should be much better than just 630. Check your credit report and see if the payments you made have been reported properly or if there are any wrong information given on the report. If there is wrong information, dispute that with the credit bureaus. Try and have the negative items removed from the report to make your chances of qualifying for the mortgage better.
if you've already been "qualified" then that tells you that you're qualified. of course, having negative items on your credit report will make things a little harder, depending on the gravity of those items. paying them off is always a good idea, even if a prospective lender tells you there's no need to do so. if you're seeking an fha loan, that 630 score will suffice, but there's no reason not to try to bump it.
