Posted on: 16th Aug, 2010 11:38 am
my husband is trying to refinance our mortage, his credit shows everything paid on time nothing late, but his credit score is 660 the bank said it needed to be 680 or higher to get a good rate . he has 2 credit cards one is maxed out at 981.00 limit is 1,000. the other he he owes 481.00 with a 1,000. limit. one personal loan. i think for about 4,000 and of coarse our monthly bills. what would make is credit score a 680.
High balances on the CC as compared with the limits. If he were to pay down the balances to 40% or less he would see improvement.
Is he attempting to obtain a conventional loan or an FHA loan?
Those scores work just fine for an FHA loan, and with enough equity they are good for conventional loans as well.
Is he attempting to obtain a conventional loan or an FHA loan?
Those scores work just fine for an FHA loan, and with enough equity they are good for conventional loans as well.
660 is that bad. Is this a primary residence or a second home? How much do you owe? What's the value of your home? What kind of loan are you lookingin for?
