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Evette, Home Buyer in Stonebridge, Norfolk,...

what kind of loan can i get with a fico score of 608?

Asked by Evette, Stonebridge, Norfolk, VA Tue Jun 28, 2011

I need to raise my credit score from 608 to 620... If i pay down a credit card from $830.00 to $300.00 will that raise my fico score to 620 immediately?

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5
Your credit score is an evaluation how responsible you are financially. To make a one-time payment on your credit card will not lower your credit score. Instead if you make regular payments on time you will see a gradual change in your credit score.
4 votes Thank Flag Link Tue Jun 28, 2011
It is best to contact your financial institution of choice and speak with a Loan Officer. They will have specialists within their companies that can tell you what needs to be paid and what needs to be changed to best help your rating. Sometimes what you think will help may not. Best wishes-
0 votes Thank Flag Link Wed Jan 9, 2013
Trying to raise your credit score can often be a gamble. I have had clients pay down their credit cards only to see their scores go up only a few points. There is not an exact science to it. I would suggest you pay down the credit card and always keep your credit card balances under 30% of the limit. Since your score is 608 that leads me to believe there are may be some negative items and possibly some collections. I would ask whoever pulled your credit why they think your score is low. They should be able to tell you. I would also suggest registering with http://www.optoutprescreen.com. It is free and basically takes you off the list for hard credit offers for 3 years. The credit bureaus look at this as a good sign. I have seen it raise scores from anywhere from 2-15 points.
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0 votes Thank Flag Link Sat Aug 27, 2011
That may possibly raise your scores up but it just depends on how many other trade lines you have, the balances in relation to limits and a few other items.

You would not have to wait the full 30 days to see the improvement if you don't want to. Part of what I do for my clients is help them with their credit and in situations like yours I can get your credit report updated and re-scored in about 3 days.

What I would do before hand is run a program that I have at my disposal through my credit reporting service called a "What if Simulator". In this case we would see how much of a possible improvement you would see to your scores by paying that account down.

Paying credit card balances down in usually the best way to improve your scores in the least amount of time. Of course, there are no guarantees but it is worth a try.

If you would like more details on your scenario please feel free to contact me at your convenience. Thank you.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage
202.681.1636 direct
eoliva@envoymortgage.com
0 votes Thank Flag Link Wed Jun 29, 2011
If you bring down your balance from $830 to $300, it can take up to 30 days to be reflected on your credit report. With a 608 FICO you can still qualify for a FHA mortgage if you are paying your bills on time.
0 votes Thank Flag Link Tue Jun 28, 2011
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