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credit score

Posted on: 11th Jun, 2006 07:12 am
What is the perfect score for applying for credit cards? and what kind of score is needed to purchase a home?
Hi, annamarie

For credit cards, I think the bank can give you their requirement and for home any kind of credit score will do but better the score better the loan terms you will get.
Posted on: 11th Jun, 2006 07:51 am
Hi annamarie,

In case of credit card, banks consider the credit score below 620 as poor credit score. Generally, the banks will prefer to give credit card to the person having the credit score more than 660.

While for purchasing a home the average credit score is 650. But it varies lender to lender. But if you have good credit score then you will get home loan at lower rate.

Thanks
Posted on: 12th Jun, 2006 12:23 am
"what kind of score is needed to purchase a home?"
In my opinion, ideally if you have a score around 700-720 or higher than any lender would agree to provide you a mortgage with the best rates available in the market.

That is the reward for having such a splendid credit profile and disciplined financial planning. :)

Best of luck
Rosenstein
Posted on: 19th Jan, 2007 12:37 pm
I have about 23,000 in credit card debt. What can i do to lower my interest rates? About 24%
Posted on: 02nd Nov, 2008 12:21 pm
Hi casey,

You can either go for debt settlement or debt consolidation. In debt settlement, your outstanding payments will be reduced by around 40%-60%. Thus, it will be easier for you to pay off the loans. You can also go for debt consolidation which will lower the interest rates. I think you should consult a financial coach for this purpose.
Thanks.
Posted on: 03rd Nov, 2008 02:13 am
Will a home loan modification lower your credit score by 250 just as a foreclosure?
Posted on: 14th Aug, 2010 03:01 pm
Hi Renee,

Your query has been replied to in the given page:
http://www.mortgagefit.com/credit-rating/about42307.html#177290

Take a look at it. Hope it helps you.
Posted on: 15th Aug, 2010 11:14 pm
We can pay our mortgage and our bills, but are choosing to let the house go because we're throwing our money down the drain. Our house was just assessed at half of what we paid and at an annual growth rate of 6.2%, which was the average high between 97'-05' we're looking at breaking even around year 12. If you wanted to be more conservative and factor an annual growth rate of 2% annually over the history of the loan (30 year fix, 20% down by the way) it would take 35 years to break even. My question is this, my FICO is 786 (Equifax) and 762 (TransUnion), what do think will be the point hit on my score?
Posted on: 20th Aug, 2010 11:16 am
welcome jossel,

you can apply for a deed in lieu of foreclosure in order to get rid of the property. it will lower your score by 250 points.
Posted on: 22nd Aug, 2010 10:49 pm
As for the post above, having a fico of 720 is great for both getting a credit card and getting a loan for purchasing a home
Posted on: 30th Aug, 2010 11:26 pm
To give you a general view, here are the different credit score ranges: the excellent credit score range is from 700 and above. If your credit score falls under this category, applying for credit cards and a home loan would be a breeze. The good credit score range is from 680 to 699. If your credit score is in this range, chances of you getting approved of new credit and a home mortgage are still high. The average credit score range is from 620 to 679. With a credit score in this range, being approved of new credit is still likely; however, not all home lenders will approve your application.
Posted on: 19th Apr, 2013 04:44 am
There is really a perfect score for applying for credit cards. If you have a high credit score then you will qualify for credit cards with higher limits but if you have a poor score then you will qualify for secured credit cards. Regarding home loans, just as the first commenter said, any score will do. But if you have a low score, you may have to pay extremely high interest rates and deal with less favorable terms. So before you apply, monitor your credit scores first. When it becomes good or excellent, that should be the right time to apply for credit cards and obtain a home loan.
Posted on: 18th Jul, 2013 09:49 pm
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