hi, my credit at 609 there aking for 620 on 110,000.00 ate 500.00 mo. with 2,800 dowm plus closing! if the cost was 89,000.00 of less value would

Asked by Mr. Brandy Dudzinski, Carson, CA Tue Feb 7, 2012

the credit score of 609 get me in the door? and or does the credit jump avery 3 mo.s?

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5
John Bender, Agent, Corona, CA
Thu Mar 1, 2012
A 609 FICO generally reflects a credit profile that can be improved. If you are slammed with collections and charge-offs, your FICO will usually be lower. I'd recommend having a good loan officer look at your credit report an make suggestions on how it may be improved. There are lenders that will work with your score, but you're not going to like the rate/fees of the loan. Oftentimes, spending a little time and/or money to get your FICO better will save you a bunch of $$ down the road.

And to answer your last question, your FICO does not automatically jump at any interval, 1-month, 3-months, 1-year, etc. You need to take a hands-on approach to managing your credit and you'll see that the FICO will jump based on the actions you take.

-John
0 votes
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Sun Feb 12, 2012
Dan,
1, it all depends on your lender.
You might want to check around with another lender.
2. You credit score actually changes every time something is reported on it and as well over time such as monthly.
Usually, and be careful talk to your lender before fixing it yourself, if you pay your debts down to 30% of high limit if you can you should see your score jump.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@lakeelsinorecaliforniahomes.com
http://www.lakeelsinorecaliforniahomes.com
California Department of Real Estate Broker License # 01312992
0 votes
Jose Zepeda,…, , Lake Elsinore, CA
Sat Feb 11, 2012
Hi Dan!

There are banks that might do it with 580 at $110,000 or at $89,000.
580 or higher gets you in the door!
Web Reference:  http://www.josezepeda.com
0 votes
, ,
Wed Feb 8, 2012
The price probably doesn’t matter, it sounds like your lender has a minimum threshold of 620 for a credit score.
Your scores can change daily, but only if you manage your finances properly will they go up.

Check out the web sites for all three credit repositories and read about how credit scores work, then follow the path that will bump your scores. Good luck,
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Feb 7, 2012
Dan,
Your credit score is a function of your credit history, current balances, past high credit, number of inquiries and judgment or collection activity. Your score can go up if you pay your bills on time, keep your balances low and don't have any collections.
Credit scores will adjust as new data is reported. Talk to your lender about suggested credit repair for your report and see what they suggest.
The amount you borrow isn't affected by your credit score but by you income and down payment, so getting a less expensive place won't help.
0 votes
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