Credit Score in 92704>Question Details

Sk, Home Buyer in Orange County, CA

Credit score is few points short of minimum requirement for a Mortgage loan.

Asked by Sk, Orange County, CA Thu Jul 26, 2012

I have an accepted offer but I found out my Credit score is 3 points short of being qualified for a Conventional loan.
What are my chances of getting approved? If a make a payment on a credit card this week, would that increase it by few points by month end?
I would hate to lose out on a loan over 3 points!!

Help the community by answering this question:


Talk with you loan officer they usually know exactly how to go about it and 1 mistake can make it go up as opposed to down.
Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Sat Jul 28, 2012
I think credit scores are important as when it comes to making huge investment in real estate sector banks do look at your account performance.
0 votes Thank Flag Link Sun Jan 19, 2014
I'm answering your other question on this page, whether or not to sell the condo.

My honest opinion, is if you KNOW you don't want to hang onto this condo for a min. of 5-7yrs in the off chance that you might return to live in it after, possibly moving back from CT, then sell now. Sell now, because over the next 1-2yrs, interest rates are going UP, they're going to be going up another 1-1.5% & this will cause property values to go down.

The difference of what you can rent your condo out for vs. your mortgage payment is going to get eaten up, in property management fees & destruction of property due to the type of tenant that gets into a 1b condo. You will need to replace carpeting, paint, etc etc, every 1-2yrs if you have tenants that only stay for 1yr at a time.

Tenants who rent 1b condos are 'stepping stone' tenants. They usually don't rent 1b units for 2-3+ yrs.

When I was little my family was relocated to Avon, CT, we stayed 6.5yrs & then came right back to Rossmoor, CA, next to Seal Beach. So, you never know, maybe you'll move & come back too after deciding it's too darn cold in Stamford & you're tired of the sand on the road in the wintertime messing with your car.

I did answer your questions regarding your situation with the owner moving out of your short sale purchase last year, but because I don't look back on the same Trulia thread for answers or replies after mine, I didn't see your Good News, that everything worked out.

Shoot me an email directly, or give me a call, I don't look back on this same Trulia posting for Replies or other answers posted after mine.

Emily S. Knell
562-430-3053 c
Realtor Since--- 1996
Realty ONE Group
BRE# 01211967
0 votes Thank Flag Link Fri Dec 20, 2013
Good morning SK,

Your best point of guidance should be your Mortgage Banker. What does your mortgage professional who prequalified you say about getting to where you want to be? Since your mortgage pro has your credit report handy, she should be able to guide you on the proper course of action---if any---so that you can take some action to improve your scores.

But you should be aware that any action you take has no guarantee of improving your scores and even if it does it could take several months to see improved results.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Speak with your broker. When I was doing loans, the credit report agency I would use would tell me how to increase your scores based on the results of the report. However, I believe it takes 30 days or more to reflect any changes.
0 votes Thank Flag Link Sat Jul 28, 2012
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