Home Buying in Philadelphia>Question Details

Nichole, Home Buyer in 19135

I was pre approved with a credit score of 627 and it has just drop to 617 i have not found a home yet do i have to stop looking at get my score up

Asked by Nichole, 19135 Mon Jan 16, 2012

Help the community by answering this question:


I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
3 votes Thank Flag Link Wed Jul 31, 2013
Please call me you should be staying with your agent and ask him/her what they recommend. If you're preapproved it my change due to why you had a 10 point drop call my credit expert Neal 484-356-5719 Tell him I told you to call if you need me call me at 215-725-5700 X49

Philip Cunningham
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49 cell 267-934-1971
Web Reference: http://www.GreatPaRE.com
1 vote Thank Flag Link Wed Jul 31, 2013
Hi Nicole,

No, as long as you stay above 600 I have a lender you can go to.

If you would like to get started with getting a pre-pproval and looking at some homes give me a call at 267-688-1110.

Warm Regards,


Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
LawsonRE@gmail.com (email)
http://www.keithlawsonhomes.com (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
1 vote Thank Flag Link Fri Jan 20, 2012
I think you should go to whomever gave you your preapproval for they will have the final decision on whether you can still go through with your loan or not. If you are not working with a real estate agent and you have other questions don't hesitate to call or email me.

Tariq Farr, M. Ed
Liberty Bell Real Estate Agents
1 vote Thank Flag Link Mon Jan 16, 2012
Hi Nicole,

First, you really need to contact your loan originator & let then know. They will be able to tell how long that credit report is good for, before they are required to re-pull a new credit report.

Do you know what caused your decline in your score? Sometimes, just by paying down (& not canceling) your credit card accounts to 30% of your credit line will help. If that is too much to pay them down, try to get any credit card balances to below 48% of your your credit line. By lowering your debt to credit ration, your scores will increase.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold Backs!
1 vote Thank Flag Link Mon Jan 16, 2012
Hi, Nicole.

As long as the bank pre-approved you for a mortgage at 627, and that bank does not need to check your score again, you should be fine. I'm not sure what the current rules are, but credit reports used to be good for 4-6 months (depending on the bank).

You may potentially be good to go, but if not I have contacts that handle credit repair. Just let me know if you need any additional assistance.


Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
215-829-8850 Office
267-879-2716 Mobile
1 vote Thank Flag Link Mon Jan 16, 2012
Nicole, more than likely you should be fine, but you want to contact your agent and let them know your findings so you can devise a plan if need be. Hopefully this is not a result from new credit because that could potentionly have a negative impact on you. After you speak with your agent and it posses as a problem and you two can not move forward together then feel free to give me a call for I work with those with lower scores often.

Alexander M. Daniels
Keller Williams Real Estate
267 971 2825
Web Reference: http://www.movewithal.net
1 vote Thank Flag Link Mon Jan 16, 2012
Hello Nicole,

My bank is able to assist potential Homeowners with credit scores down to 600! Not many banks are able to do this, but First National Bank has been open since 1905 and we are Federally Chartered, so our rates and programs are more aggressive then most.

Give me a call or email and I can help you with a new pre qualification even with your currently score.

Paul Deibler
First National Bank
410-581-5095 x 150
1 vote Thank Flag Link Mon Jan 16, 2012

You should take some action to address the drop in your score if possible, ideally you want a score in the mid 600's. Rather than taking advice randomly go back to your mortgage lender or broker, they can help you create an action plan with simple steps to take to help sure up your score. Your score affects so many facets of your financial life, a better score = a better interest rate - which will save you thousands over the life of your home loan. Take steps now to ensure your ability to buy, as well as the cost of your loan. If you do not have a broker and need a recommendation for mortgage direction please feel free to email me privately and I will provide you with several choices.

Ana Barlow, Coldwell Banker Preferred
1 vote Thank Flag Link Mon Jan 16, 2012
No. you should be fine. pay your bills on time, do not open more credit, and you will be fine.
it may even rise above 627, if you take out no new credit and pay all bills right on the nail.

caveats.... if you are pushing your mortgage right to the limit...then talk to your mortgage lender
1 vote Thank Flag Link Mon Jan 16, 2012
You should be fine;but be careful on maxing out your credit lines.Be sure to pay your bills on time .Do not take out any new lines of credit . Most important ~ talk to your loan officer . Plus find a good Real Estate Agent to discuss these issues with .
Good Luck with your housing search .
0 votes Thank Flag Link Wed Feb 1, 2012

There are lenders (including our company) that will finance your mortgage as long as your credit score is above 580. In order to increase your score, I would concentrate on paying your bills on time and if possible paying down your debt. If you have any more questions or concerns, please feel free to contact me. Thanks and good luck :)

Best regards,

Stan Bril

Chief Operating Officer
Mortgage Unlimited, LLC
222 Outwater Lane Suite 4B
Garfield, NJ 07026
973.478.8444 x 1 Office
215.681.2444 Cell
215.689.0957 Fax
NMLS # 181322
0 votes Thank Flag Link Tue Jan 31, 2012
Yes, I'd focus on getting your score up to 640 asap (or at least 620). Have your trusted lender and or trusted credit guy advise you on the quickest way to get your score up. I'd be happy to help. Feel free to call or email.
Chad Bahnsen

Visit me on Facebook: http://www.facebook.com/ChadTheMortgageMan
View my blog: http://www.trulia.com/blog/themortgageman/
Chad E. Bahnsen- Mortgage Professional
Mortgage Network, Inc.
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com NMLS # 127719
0 votes Thank Flag Link Mon Jan 30, 2012

You have some great answers here, but keep in mind it is not just the score, but really what is making the score drop? We do FREE credit simulations to see if there is a quick fix. I have seen scores increase from just a simple decrease in a credit card balance.

That being said , the score will still allow you to obtain an FHA loan, but you will not recieve as good of an interest rate as you would if your score was > 640.

Check out the video from my blog below.
0 votes Thank Flag Link Fri Jan 27, 2012
Nicole, You want to get your score up to around 640 if you can (then you will get the best rate with an FHA loan) If your score is 617, what was the reason for the drop. Your loan officer or credit guy should be able to give you basic/free tips to get your score up within a month or two. Some lenders can pre approve you with a 620 score or maybe lower but to get the best rate you'll want a 640 score (typically). The biggest thing you can do is find out what's on your report and get advice on what to do right away to improve your score. I've had clients improve 40-50 points in a month or two. Make sure your affordability ratio and assets, etc are still in order to purchase. If your score is the only hold up and you are motivated to buy you should be able to do so very soon. If you'd like me to help I'd be happy to do so. My contact information is below.

Chad E. Bahnsen- Mortgage Professional
Mortgage Network, Inc.
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com NMLS # 127719
0 votes Thank Flag Link Sat Jan 21, 2012
How do you know it dropped to 617?
0 votes Thank Flag Link Wed Jan 18, 2012
Good credit score is important to get the mortgage, but there are some exceptions so you may talk to a mortgage banker to find your situation.
0 votes Thank Flag Link Mon Jan 16, 2012
There are some quick frixes to your score depending on why it droped. This will affect your preapproval. Did you call your agent so he can help fix any problems before it gets out of hand.

Phil Cunningham Sr
V.I.P. Realty Corporation
215-725-5700 X49
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Jan 16, 2012
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