does anyone know what the average is? ie--how high your mortgage is for specific credit ratings
thanks
kpny622
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Re: personal ?? re credit scores?
I'm told that to get the best rates you have to have at least 680
btrflygrl
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Re: personal ?? re credit scores?
the highest beacon score is 800
BethGail
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Re: personal ?? re credit scores?
thanks girls...i am trying to figure out where we stand or if a lender will LAUGH at us!
marymoon
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Re: personal ?? re credit scores?
I've heard 700 is considered a good score for getting good rates etc.
nov04LIbride
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Re: personal ?? re credit scores?
I had 760, FH had 720...They all said those were great for our ages (mid 20s).
Johnny&Maur
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Re: personal ?? re credit scores?
I actually have a question...can a mortgage company go by one persons score or are both taken into account? I wasn't really sure...but i do know that my fiance has a score about as good as you can get..while mine is lower b/c of debt i had in college :( (but have been working on building up for a while now!) Thanks..any info would be great. We don't plan on buying for at least a year but it would be helpful to know now!
ddunne23
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Re: personal ?? re credit scores?
Don't hold me to this, but I believe if you are applying for the mortgage jointly, both credit scores will be looked out.
Check out www.suzeorman.com for some good info on credit scores and what to do and what not to do to improve them.
Johnny&Maur
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Re: personal ?? re credit scores?
Thanks for the info, I'll check her site out now...i have just heard a few different things and wasn't really sure.
Thanks again :)
nov04LIbride
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Re: personal ?? re credit scores?
Posted by ddunne23
Don't hold me to this, but I believe if you are applying for the mortgage jointly, both credit scores will be looked out.
Check out www.suzeorman.com for some good info on credit scores and what to do and what not to do to improve them.
This is definitely true. Unless the mortgage is in just his name, they will look at both.
bride04
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Re: personal ?? re credit scores?
our mortgage company looked at both of our credit scores. they had 3 scores for each of us (transunion, experian, equifax) and then they took the middle score for each of us and went by the lower middle score to determine the rate. i'm sure other places have different methods for determining what score they go by, but if both of your names are going to be on the mortgage they will need to look at both of your scores.
btw...if you have a lot of student loan debt (like me ) you might want to look into consolidating your student loans. i owe tons of money, but i still have an excellent credit rating. DH also has excellent credit, but mine is actually even higher than his, go figure. i consolidated my loans a few years ago and now i can repay them over 30 years. not that i'm planning on doing that (i pay more than the minimum), but now my required monthly payment is way lower than it would have been if i was repaying over 10 years. it helps to lower your debt to income ratio and you can still make higher payments to pay it off as soon as you want to.
swags1016
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Re: personal ?? re credit scores?
Also before you get to that point you might want to contact the three agencies and run your own credit and make sure there is nothing on there that shouldn't be. CC that you thought you closed but didn't. DH did this with both of ours and we now have near perfect credit!!
