Credit Score in 74851>Question Details

Dustin, Other/Just Looking in 74851

My credit is... well not pretty.I want to buy a house and was wondering if i needed to raise my credit score and what score do i need? and if i cant

Asked by Dustin, 74851 Sat May 29, 2010

get my credit up enough would a strong co-signer suffice?

Help the community by answering this question:


Hi Dustin,

You might be able to qualify for an FHA mortgage with a low credit score but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel, FICO Pro
The Credit Repair Expert
0 votes Thank Flag Link Sat Jun 12, 2010
Dustin the minimum credit score you are looking to obtain is a 620. Unfortunately a strong co-signor will not suffice either because on a mortgage application the lowest middle credit score of all applicants is use as the determining credit score, so if your score was sub 620 you would have to be taken off the mortgage application.
I've attached a link of an organization that may be able to provide you with some direction to raise your score. good luck
0 votes Thank Flag Link Sat Jun 12, 2010
I would contact a financial institution and have them tell you what your scores are and than you can start with the credit repair process. By this I mean consult a professional that can guide you on how you can repair your credit. It usually takes 6 months to a year if you really have bad credit to repair but these professionals can really guide you. If you do not want to wait for your credit to bounce back a strong co-signer can get you qualify but not everybody will stick out their neck on this type of big purchase. So, best of luck and hope this helped.
Web Reference:
0 votes Thank Flag Link Sat May 29, 2010
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