Posted on: 26th Jul, 2006 12:50 pm
Is 640 really so bad or I can go ahead with it in applying for a home loan?
Not a bad score. Below 580 things start to become difficult for you I believe.
Hi Perez,
It's a decent score for a home if not a great one. Your credit options, especially in the home mortgage loan area, begin to open up at a mid score of 620.
You can move ahead with it if you need the loan now but if there is no urgency you can wait for some time and keep improving on your score so that you can get a lower rate on your home loan.
Whether you do it now or later, don't forget to shop around with different lenders to find out the offers and rates that you can get.
God bless you.
For MortgageFit,
Samantha
It's a decent score for a home if not a great one. Your credit options, especially in the home mortgage loan area, begin to open up at a mid score of 620.
You can move ahead with it if you need the loan now but if there is no urgency you can wait for some time and keep improving on your score so that you can get a lower rate on your home loan.
Whether you do it now or later, don't forget to shop around with different lenders to find out the offers and rates that you can get.
God bless you.
For MortgageFit,
Samantha
Hi Perez,
You will get a home loan definitely with that score with other things let you qualify. 640 - 720 is considered as a good score. A great or perfect credit score is of course between 721 and 850.
Blue
You will get a home loan definitely with that score with other things let you qualify. 640 - 720 is considered as a good score. A great or perfect credit score is of course between 721 and 850.
Blue
I would like to advise you to work on your score for some more time so that you can get a much affordable interest rate on your loan.
Pay off your credit cards and lower credit limits and see the improvement in a few months time.
Pay off your credit cards and lower credit limits and see the improvement in a few months time.
Thanks for the replies.
Hi,
Colin is absolutely right. You will get a home loan with a credit score of 640. It is not a bad score but if you wait for some time and try to improve your credit score to some where 700 then you will get a good interest rate and also the down payment will be less. Try to pay all your bills on time to improve your credit and also check your credit report. If there is any negative history then try to remove it.
All the best.
Colin is absolutely right. You will get a home loan with a credit score of 640. It is not a bad score but if you wait for some time and try to improve your credit score to some where 700 then you will get a good interest rate and also the down payment will be less. Try to pay all your bills on time to improve your credit and also check your credit report. If there is any negative history then try to remove it.
All the best.