Financing in 20017>Question Details

joycladner, Home Buyer in Washington, DC

How to improve credit score?

Asked by joycladner, Washington, DC Wed Sep 4, 2013

I want to buy a condo and my credit score is 780 or C.

0 votes Share Flag Financing in 20017

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Hi Joyce,

IF your credit score is a 780 you should have no problem obtaining financing for your mortgage, if the 780 is your Vantage score then I would suggest contacting Brent Mendelson, he's helped some of my client with challenged credit obtain financing.

You can find his trulia page here:

He's a good guy and very responsive.

Best of luck to you!

0 votes Thank Flag Link Fri Sep 27, 2013
Actually, if your credit score includes a "C", then it must be a Vantage Plus score, which can range up to 990 (as opposed to FICO, which peaks at 850). For Vantage Plus, a 780 actually isn't that good. There are lenders that are more forgiving than others when it comes to minimum credit scores, but you'll pay a higher interest rate if your credit score isn't up to par.

If the other credit bureaus give you a better rating, you may be able to qualify for a good rate using the better score.

If your score does indeed need improvement, the quickest way to do so may be to challenge your score. The credit bureaus often have outdated information (for example, leaving in negative information which has passed its statute of limitation or which has since been corrected), wrong information, or information which does not have adequate documentation. It's not a user-friendly process, so it would likely be well worth your while to hire a professional. I've heard good things about Asset Protection Services - - but you can do a web search to see which companies sound like your best option.

Let me know if you have questions or could use some assistance in finding good lenders or home buying assistance programs.

-D.C. Sundland
Stages Premier, Realtors® of Washington
202-300-9151 (C)
202-449-8657 (Office/Broker)
0 votes Thank Flag Link Wed Sep 4, 2013
I always get amused when clients want to know why their score isn't an 800, and is "only 780". it is not true that the last threshold is 720 though. On a conventional Fannie/Freddie loan, there is a small adjustment at most loan-to-value levels if the score is between 720 & 740. Also, on larger loan amounts, there are times when a score being above 760 can get you a better rate.

Something else that will affect you rate on a condo, if you are not going FHA, is whether you put only 20% down or 25% down. You can also split the loan up to be a 75-5-20, if you only have 20%, so you get better pricing on the 1st mortgage.
0 votes Thank Flag Link Wed Sep 4, 2013
With a 780 you will be able to get a loan. There are several ways to improve credit. The first way is to pay off any remaining debt or credit. The easiest way to improve your credit is to get a credit card and regularly pay it off- using your card a very minimal amount. However you seem to be in good standing for the purchase of a home. I have several great lenders you can speak with for pre approval. Please contact me with any other questions or if you need help finding a place in DC.
0 votes Thank Flag Link Wed Sep 4, 2013
720 is usually the last threshold where you will see an improvement in rate. The easiest way to improve your score is by paying down/off revolving credit.

That being said, if you are looking to buy a condo your first step is to get Pre-Approved for a mortgage. You can read about that here:…

Are you looking to purchase in DC or in other areas?

Realtor |“Servicio en Espanol”
703.344.8153 direct | 703.636.7300 office
Keller Williams – McLean 6820 Elm St. #100 McLean, VA 22101
National Association of Hispanic Real Estate Professional (NAHREP)
NAHREP DC Metro-Board of Directors
0 votes Thank Flag Link Wed Sep 4, 2013
If your score is truly a 780 then you don't have to improve it. The 780 will already qualify you for the best financing.
0 votes Thank Flag Link Wed Sep 4, 2013
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