Credit Score in 80538>Question Details

lettiebug, Other/Just Looking in 80538

Is a 713 credit score too low to get a loan?

Asked by lettiebug, 80538 Wed Jul 31, 2013

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14
Thats a great credit score to buy a home! I believe most lenders require a 620, so great job!
0 votes Thank Flag Link Fri Jan 24, 2014
All Colorado Home Loan needs 580+ Score and above need to Call Lending Depot home mortgage services. We're the best! Lending Depot is located in Aurora, CO. 720-341-3355 . http://www.lendingdepot.com
0 votes Thank Flag Link Tue Dec 31, 2013
Yes a 713 is considered very good and you should be able to get just about any type of loan you want, even jumbo loans with 5-10% down.
0 votes Thank Flag Link Tue Oct 22, 2013
Congrats Lettibug,
You actually have a very strong credit score and should be proud of it!
0 votes Thank Flag Link Mon Oct 14, 2013
713 is an excellent score. You will have no problem what so ever. Make sure you shop it around for the best deal.
0 votes Thank Flag Link Wed Aug 7, 2013
Hi there!

Your credit score is not bad at all. I'm a lender for iServe Residential Lending and I am definitely willing to help! Our company can get you a loan with credit as low as 560. Please use the information on my profile page to contact me if you would like to get a loan!

Hope this helps and good luck!
0 votes Thank Flag Link Wed Aug 7, 2013
Credit Score- Most Mortgages that are originated currently must have a middle credit score of 640. If you have below this score it is extremely difficult to get approved for a Mortgage loan.

You don't have to look much further than this chart, which shows what kind of interest rates you could get - based on your credit score. The data is pulled by myFICO, a division of the Fair Isaac Corporation, with interest rates as of November 13, 2012.


FICO Score APR
760-850 2.926 percent
700-759 3.148 percent
680-699 3.325 percent
660-679 3.539 percent
640-659 3.969 percent
620-639 4.515 percent
As you can see, a good credit score can definitely work in your favor. However, Long warns that boosting your score is a long term proposition, so it may take awhile before you can reap the benefits of an improved score. "It's not just going to go up overnight, so by the time you've raised your credit score, the low rate you want may no longer exist."
Long recommends checking with your lender to find out what kind of score is necessary to qualify for the loans and rates you want - then figure out if the effort will be worth it.
0 votes Thank Flag Link Sat Aug 3, 2013
Yes you can purchase a home with a 713 Credit Score that's a fair to good score that you may be able to improve just by review your credit report and correct any information that is incorrect. It's always a good idea to review your credit report in detail with your lender and ask question prior to making a loan application.
0 votes Thank Flag Link Thu Aug 1, 2013
Hello Lettiebug,

That is actually much higher than the lowest scores allowed! Congratulations for having a credit score in the 700's!

There are several lenders in the area that have proven their competence and would be a very huge asset for you in your home buying experience. I have a word document with their contact information that I update every year and would be happy to email it over to you if you would like.

Also, I want to commend you for being on top of getting your lending questions answered prior to house hunting. It is a very wise thing to know exactly what type of loan and for how much you can qualify for prior to getting your heart set on a house you may not be able to afford.

Cheers!
April Neuhaus
Managing Broker with Neuhaus Real Estate, Inc.
0 votes Thank Flag Link Thu Aug 1, 2013
No! That's actually better than most. But there are other factors involved such as, debt, income, savings, job history, etc. I'd be happy to refer you to some of my preferred lenders!
0 votes Thank Flag Link Thu Aug 1, 2013
Definately not, but it may depend on other things like your income and down payments for a purchase loan, or on what interest rate you are offered on a loan. For the best results you will probably want to contact one or more mortgage brokers. We have had pretty good luck using these guys if that helps. 877-857-4644.

good luck!
Web Reference: http://eloanrates.org/
0 votes Thank Flag Link Wed Jul 31, 2013
You will have no problem getting a loan! Contact me if you want to start looking cause interest rates have been and will continue to climb.
0 votes Thank Flag Link Wed Jul 31, 2013
Not at all, that score is a good score. You shouldnt have a problem getting a lona, then only loan that would be a little dificult to get with that score is a Jumbo loan but your only 7 points away from that which should be easy to fix.
0 votes Thank Flag Link Wed Jul 31, 2013
No...713 is good credit. You shouldn't have a problem.
0 votes Thank Flag Link Wed Jul 31, 2013
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