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Credit Score

Posted By Message

Mbarrette00
LIF Zygote

Member since 11/05

10 total posts

Name:
Maria

Credit Score

My dh and I are starting to look at buying a house and I was curious to know what is considered a good credit score when trying to get a mortgage.

Posted 2/27/06 10:25 PM
 
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Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: Credit Score

700's and higher

Posted 2/27/06 10:33 PM
 

MrsSchwags
Soccer Baseball Lax Mom

Member since 10/05

11240 total posts

Name:
Jennifer

Re: Credit Score

We were in the high 600's and were told by our Mortgage broker we will have no problem getting approved.

Posted 2/28/06 9:55 AM
 

BrunetteMom
LIF Adult

Member since 8/05

1480 total posts

Name:

Re: Credit Score

I wouldn't worry about your credit score for getting approved. These days, anyone can pretty much get a mortgage. BUT I would worry more about the rate you'll get if your credit score is not so good.

Posted 2/28/06 10:02 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Credit Score

Ideal credit is somewhere around 730 and above.

Posted 2/28/06 11:20 AM
 

csorisi
My 2 LOVES

Member since 11/05

1984 total posts

Name:
Corinne

Re: Credit Score

If you have a lower credit score then you will get a higher interest rate. Above 720 is a great credit score.

Posted 2/28/06 11:28 AM
 

DRMom
Two in Blue

Member since 5/05

20223 total posts

Name:
Melissa

Re: Credit Score

You should have no problem getting approved if you have 620 or above. It depens on the LTV. If you can get 20% to put down or a sellers concession you will be better off

Posted 2/28/06 3:13 PM
 

BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

Re: Credit Score

above 625, you will be fine getting a mortage. it also depends like the above poster, your ratios...debt to income, etc....

Posted 2/28/06 3:31 PM
 

lorich
.

Member since 6/05

9987 total posts

Name:
Grammie says "Lora Gina"

Re: Credit Score

Ok...my question...which company do they use to find your credit score? Out of the three, I checked out two and both were different?
One was 814 and the other was 724...that's a big difference...Chat Icon

ETA: Do they take all three and get the average?

Message edited 3/1/2006 12:35:56 PM.

Posted 3/1/06 12:35 PM
 

DRMom
Two in Blue

Member since 5/05

20223 total posts

Name:
Melissa

Re: Credit Score

Most lenders take your mid score so if you have a 620 a 640 and a 680 they take the 640. They use theri own credit services but the numbers should be relatively similar

Posted 3/1/06 5:56 PM
 

Salason

Member since 6/05

9878 total posts

Name:

Re: Credit Score

just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.

Posted 3/2/06 7:50 PM
 

BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

Re: Credit Score

Posted by Salason

just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.



not true..every bank had different policy's about lending....

i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago

Posted 3/3/06 7:40 AM
 

Mbarrette00
LIF Zygote

Member since 11/05

10 total posts

Name:
Maria

Re: Credit Score

I am guessing it is a combination of credit score and how much you put down. I don't know what we are putting down yet, but I am positive it can't be 20%. But thanks for all your opinions... I am not AS worried now.

Posted 3/3/06 8:37 AM
 

Salason

Member since 6/05

9878 total posts

Name:

Re: Credit Score

Posted by BabyBoy

Posted by Salason

just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.



not true..every bank had different policy's about lending....

i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago



notice the "most likely" in my statement. you lucked out. do you know what rate a prime borrower would have gotten when you secured your rate?

Posted 3/3/06 6:22 PM
 

csorisi
My 2 LOVES

Member since 11/05

1984 total posts

Name:
Corinne

Re: Credit Score

Posted by BabyBoy

Posted by Salason

just wanted to point out that even though you can get a mortgage with a low FICO, anything below 660 is considered "subprime" and you will most likely pay a high rate of interest.



not true..every bank had different policy's about lending....

i am just about at your number and probally minus from 660 and i have a fixed rate of 6 percent buying 3 months ago



It also depends if you paid points to get your interest rate lowered. You are right it really depends on the bank and a whole bunch of other things.

Posted 3/4/06 1:54 AM
 
 

Potentially Related Topics:

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Aside from applying for a loan, is there anyway of getting your credit SCORE? HereWeGoAgain 1/24/06 10 Families Helping Families ™
credit score queenb 11/1/05 7 Home
FREE credit reports - starting 9/1 - Got a high score you want to share? DjPiLL 8/28/05 9 Home
credit report score- good vs. bad annie 7/19/05 22 Families Helping Families ™
Where to get a credit score? Spring Baby06 7/1/05 1 Home
What is your credit score Scotty-CassidysMom 5/12/05 10 Families Helping Families ™
 
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