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what is a good credit score number

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John Bunyea

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Post Posted: Sun Dec 13, 2009 7:10 pm    Post subject: Refi
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My son is trying to refi his home loan his home appaised at $300,000. He is trying for a loan with his current lender Chase for $280,000 He received his credit score of 713,721 and 735. With the report he received a letter from chase stating, " Request loan amount exceeds Maximun". His income , loan to debt is all good. He workes for the state of Californis for the past 3.5 yrs. so how can they denie him this loan? Help
Icon Mini Profile Niicss
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Post Posted: Mon Dec 14, 2009 1:58 am    Post subject:
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In order to refinance a conventional loan, your son should have a credit score of 720-740. As per the information that you've given here, your son has the required credit score. I think your son should contact the lender immediately and check out as to why they are refusing the loan to him.

If required, your son can even refinance the loan with other lenders. He may speak to other lenders in order to know the rates and terms that he may get. This community also has a number of lenders. Your son can seek a no obligation free mortgage consultation from them and get to know whether or not he would qualify for a loan.
Icon Mini Profile cupplesjonathan71





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Post Posted: Mon Dec 14, 2009 9:08 am    Post subject:
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in general, mortgage companies prefer to give 80% of the appaised value. in yor case it will be $240, 000 max. i think this is the valid reason.
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Post Posted: Fri Jan 01, 2010 5:01 am    Post subject:
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A good FICO score is more than 700. After getting a good FICO score, many options open up to you that will not be available otherwise such as it is easy to open a business if you have a good credit score, as it gets you low interest small business loans.
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Icon Mini Profile fdisale





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Post Posted: Fri Jan 01, 2010 5:07 am    Post subject:
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I would also like to add here that you can improve your credit score by always paying on time. It does not matter how much you pay as long as you fulfill the minimum balance due.
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Icon Mini Profile gmakerley
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Post Posted: Sat Jan 02, 2010 7:40 pm    Post subject:
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you're right about that, but it is always advisable to pay much more than the minimum amount due. doing that will eventually jeopardize a credit score, as usage relative to credit limits is one of the contributing factors used in computing scores.
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Dick

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Post Posted: Thu Jan 14, 2010 9:09 am    Post subject: mortgage
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My mortgage balance is higher than the value of my house. The rate is 8.25%. I don't want to move. What can I do?
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Post Posted: Thu Jan 14, 2010 9:20 am    Post subject:
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if you're struggling with your payments, you can seek out a modification from your mortgage lender - that's one thing. if you can afford the payments, and are unable to refinance, then simply keep paying the payments. eventually, your value will exceed your debt.

let's remember that real estate is cyclical. we've had crashes before, and we'll have them again. if you can stay the course, sometimes it is for the best. that's not to say i don't understand the dire circumstances some people are in and their need for immediate assistance or closure.

nevertheless, if you can and do keep paying, sooner or later the balance drops low enough that you're in decent shape again.

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Fancy

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Post Posted: Fri Aug 20, 2010 10:37 am    Post subject: Should I go through my bank for my first credit card
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Hi, My credit score is now 701 and I'm trying to buy a home within the next 2 years but my credit score is 701 and i don't have any credit cards or department store cards...I am paying for a truck that will be paid off in May 2012. What do u suggest I do b/c I was told if I get a credit card that would make my scire go up a little more?
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Post Posted: Sun Aug 22, 2010 10:55 pm    Post subject:
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Hi Fancy,

Your query has been replied in the given page:
http://www.mortgagefit.com/credit-rating/about42613.html#178456

Take a look at it. Hope it'll help you.

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Post Posted: Mon Sep 06, 2010 4:36 pm    Post subject:
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Yes getting a few credit cards and using them wisely and always pay on time and dont use up more thne 30% of the entire credit line and paying off the truck will also help in your score going up.
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Post Posted: Sat Sep 18, 2010 4:47 am    Post subject: Credit Scores
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If your credit score is 700+ that means very good or excellent credit. You will get the best deal.
A credit score in the range of 680 to 699 means good. You can be pretty sure of getting good deal.
Score from 620 to 679 is ok. You can still get a loan but don't expect that terms and condition will be too generous for you.
FICO score ranging from 580 to 619 implies that you are the most sought after person by banks and brokers because you will get loan but on their terms and conditions. You will be asked to pay higher interest rates. They will ask for fat commissions.
If your score is in between 500 to 580 then you are in trouble. You will get loans which you don't want.
Any thing below 500 is considered as poor/bad credit score and you should think seriously about this. You need professional help for bad credit.

[Link deleted as per forum rules. Thanks.]

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fab2be

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Post Posted: Sun Apr 17, 2011 2:40 pm    Post subject:
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im trying to buy a house and i have three cars on my credit which all is paid on time and me and my husband makes good money so would it still be hard to buy a house
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Post Posted: Mon Apr 18, 2011 2:40 am    Post subject:
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If you have the required credit scores and income, then you'll be able to qualify for a mortgage. You should have a credit score of around 700-720 in order to get a mortgage. Apart from this, you'll have to offer a down payment of 20%.
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Post Posted: Thu Apr 21, 2011 3:02 am    Post subject:
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fab2be, you haven't supplied anywhere enough information for anyone to say whether or not it will be hard for you to get a home loan.

For starters, what's your total income/debts, credit/credit scores/, purchase price of home you are looking to buy, available funds for down payment/closing costs?
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