my credit score 636 will i be able to get house loan starting to build my credit 5 credit cards

Asked by Sherry Lynch, New Castle, PA Tue Nov 1, 2011

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Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Tue Nov 1, 2011
Hello Sherry,

You can get a loan with a 636 credit score but buidling the score will definitely help you secure a lower rate. Make sure that you are doing all the right things. What do you mean "starting to build my 5 credit cards"? If you are creating more debt that is not good. If you have opened credit cards to build your score, it may take several monthsfor it to take effect as opening new credit will initially send your score lower. Lenders typically require three tradelines for twelve months but I have seen less accepted.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Nov 1, 2011
Good evening Sherry,

It appears that based on the score you should qualify for mortgage financing, probably FHA Insured Mortgage financing. Most Lenders require a minimum score of 640, but others will allow a minimum score of 620.

When you say "starting to build..." I'm hoping that doesn't mean your credit is all brand new (less than 12 months old). Many Lenders require at least 2 accounts to be open and active for 12 months or longer.

It couldn't hurt to compile some alternative credit references for when you meet with a local Mortgage Banker to get prequalified. Good sources of credit references: car insurance, cellphone provider, utilities (gas and electric), and the ubiquitous 12 months' cancelled rent checks showing you paid your rent on time. I don't know that you need these credit reference letters, but it sure couldn't hurt to be prepared.

Find a local licensed Mortgage Banker and sit down face to face to get thoroughly prequalified. Verify a license at

Trevor Curran
NMLS #40140
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