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At FICO Score of 630, can I get mortgage or improve score?

Posted on: 02nd Feb, 2006 11:06 am
My FICO score is 630. I have credit card debt of 70K. Mine used to be 690 couple months ago(50k debt). I had to take money for personal investment(95% of credit line used).

I was thinking of buying an house(340k). What would you guys suggest? Will I get a mortgage with this score?

Wait until my score improves? I was thinking of paying off 90% of debt in 3-4 months.

Thanks
you can get FHA loan provided you are able to fulfill other specified conditions
Posted on: 03rd Oct, 2009 12:22 am
I was shocked to find that my credit score was 630. I have no debt, have paid my bills regularly, and my gross income is about 8K/month.

On my credit report, I found that there was one derogatory transaction resulting in an unpaid credit card balance of $200, but resolved it. I was unaware of a charge (automatic charge) and it had accumulated 5 months of late fees.

I expected my score to be in the 700s. Would this bring my score down that much??
Posted on: 02nd Dec, 2009 05:14 pm
Hi TMan!

Welcome to forums!

Late fees for the the past 5 months can definitely affect your credit score. I would suggest you to pay off the late fees. This will help you in rebuilding your credit to some extent.

Sussane
Posted on: 02nd Dec, 2009 09:15 pm
tman, there are lots of other factors that come into play in your score, of course. but lates over a protracted period of time that accumulate will certainly have quite an adverse effect. you ask "would this bring my score down that much?" i guess the answer is "yes." you'll want to review the other factors, which i presume you would have been provided when you received this score. there may be other things you can do to enhance your score at this time as well.
Posted on: 03rd Dec, 2009 07:42 am
I had tried apply for a new car loan threw a bank I been with 12 yrs.
They rejected my loan. So I went to a local cedit union.
Right on spot they ran my fico score I'm a 730!
Was approved for the best rate offered. So maybe others should also try
Credit Unions over banks. Worst part was tho after bank ran my score
They wouldn't give me my information on the fico! Made me feel I had bad credit.
Posted on: 31st Mar, 2010 07:04 am
marla, if i did any more advertising for credit unions, they'd have to pay me! i worked at one formerly, and i firmly believe in the credit union movement. i'm not surprised at what happened with you; banks are not exactly what we might call "user-friendly" and credit unions are all member-based...so obvious why they're more likely to help someone.
Posted on: 31st Mar, 2010 09:50 am
my credit is 630 and i want to get a mortgage loan i have no debt and make about 40000 a year
Posted on: 03rd Oct, 2010 11:28 pm
Hi bobby!

Welcome to forums!

You'll be able to qualify for a FHA loan with a credit score of 630. You should contact the local lenders offering FHA loans and check out whether or not they can pre-qualify you for a mortgage.

Feel free to ask if you've further queries.

Sussane
Posted on: 04th Oct, 2010 11:46 pm
i have 629 andtwo 631 scres wtith buraeus and nothing bad on credit for couple years can i get fha mortage
Posted on: 03rd Nov, 2010 02:06 pm
Hi george,

With the credit score that you have, you'll be able to get a FHA mortgage in your name. You should contact the local FHA lenders and apply for a loan.
Posted on: 03rd Nov, 2010 10:25 pm
Posted on: 14th Feb, 2011 07:44 pm
Hi pouta!

Welcome to forums!

With a credit score of 630, you can qualify for a FHA loan. You should contact the local FHA lenders and apply for a loan with them. They will check your financial situation and let you know whether or not you can get a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 14th Feb, 2011 09:06 pm
Pouta, the extent of your medical bills could easily prevent you from qualifying for a mortgage. Are you in the process of repaying those bills? Are there judgments or collection accounts that appear on your credit report? You need to address these issues before you apply for a mortgage.
Posted on: 16th Feb, 2011 10:36 am
Posted on: 26th Feb, 2011 04:33 pm
With a credit score of 630, you'll be able to qualify for a FHA loan. In order to get a conventional loan, you should have a credit score of 700-720. You can apply for a FHA loan of $500k and check out if the lenders will be ready to give you the loan.
Posted on: 28th Feb, 2011 01:55 am
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