Property Q&A in Rockford>Question Details

Ahomgnt6, Home Buyer in Rockford, IL

My credit score is currently at 599. Will have 1 car paid off next month. Will that increase my score enought to get financed? Also, could I rto?

Asked by Ahomgnt6, Rockford, IL Thu Jun 23, 2011

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Your score probably won't change right away, but that will have a positive effect eventually. There are lenders that will work with a credit score under 600.
Charlie Roos
Gambino Realtors
0 votes Thank Flag Link Thu Jun 23, 2011
Most Lenders in the area will tell you that a score of 640 is needed to get financing for a home. There are options that will allow us to go below 640. Paying off your auto loan could have a positive increase to your score; however each credit report is different. It is hard to tell how the other parts of your credit will effect the over all score once you pay off the auto loan. The best option is to have a Mortgage Lender take a look at the full report and full application once the auto loan has reported as being paid off.

Randy Foss
Vision Mortgage Group
(815) 289-2256
0 votes Thank Flag Link Thu Jun 23, 2011
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