This is SUCH a personal question, I'm doing it as a poll for obvious reasons.
I had crappy credit in college, now its much better than it used to be, but I'm not sure what kind of score I need to get a good rate on a mortgage (FH's credit is perfect)
Especially for those of you that bought houses already (or have gotten mortgage rate quotes), what was your credit score range? What kind of score do I need to get the best rates?
TIA ladies!
TJ22908
Posted:
Member since
Re: SWR: Credit Scores
I believe over 700 gets you the best rates
MrsHtobe
Posted:
Member since
Re: SWR: Credit Scores
Posted by TJ22908
I believe over 700 gets you the best rates
Ok - I don't care who knows - I'm just under 750, but wasn't sure if that was in the higher range. It says I'm about average (56th percentile or something), so I wasn't sure.
MrsHtobe
Posted:
Member since
Re: SWR: Credit Scores
I should have added an option for 'I have no clue what my score is'
Papillon25
Posted:
Member since
Re: SWR: Credit Scores
I think 700 was the base level in the past...but now with the credit crisis, its really hard to get credit with anything under a 720.
We are in the process of buying a coop and the morgatge lenders are being really really tight right now (maybe this will change in a few months when the dust settles). They are also looking for significant down payments.
Just an FYI, I learned through this process, they go by the person's who's score is lower, not an average of the 2. So anything you can do to improve your score would be great.
If you are close to 750 then it's definately considered 'good' credit, so I wouldnt' worry about it too much.
HTH morgatages suck
MrsHtobe
Posted:
Member since
Re: SWR: Credit Scores
Posted by Papillon25
I think 700 was the base level in the past...but now with the credit crisis, its really hard to get credit with anything under a 720.
We are in the process of buying a coop and the morgatge lenders are being really really tight right now (maybe this will change in a few months when the dust settles). They are also looking for significant down payments.
Just an FYI, I learned through this process, they go by the person's who's score is lower, not an average of the 2. So anything you can do to improve your score would be great.
If you are close to 750 then it's definately considered 'good' credit, so I wouldnt' worry about it too much.
HTH morgatages suck
That helped a lot - thank you! I have to look into how to raise my score. My report says I'm not doing anything positive or negative, but it hasn't budged in months no late payments or anything, no large outstanding amounts other than student loans / my car.
I'll have to do a little research . . . .
Papillon25
Posted:
Member since
Re: SWR: Credit Scores
one thing that we got a little bit of negative on was our credit card balance, which was annoying - we pay it off every month and don't have a balance.
BUT, they pulled it in march right after our honeymoon, so it was a high payment that month. They look at the % that you owe on each card, for example, if you owe 2,000 but your limit is 3,000 you will get a little bit negative on your score because of that. Someone who owes 8,000 but has a limit of 15,000 would actually do better even though they owe more!!! Crazy, right!
It sounds like you are doing everything right, unfortunately a big part of it is time, so there is only so much you can improve in the short term. Pull your report and make sure everything is accurate - we found DH's father's credit card still listed on DH's report from when he was a college kid and was an authorized user....you could have little errors like that
MrsHtobe
Posted:
Member since
Re: SWR: Credit Scores
Posted by Papillon25
one thing that we got a little bit of negative on was our credit card balance, which was annoying - we pay it off every month and don't have a balance.
BUT, they pulled it in march right after our honeymoon, so it was a high payment that month. They look at the % that you owe on each card, for example, if you owe 2,000 but your limit is 3,000 you will get a little bit negative on your score because of that. Someone who owes 8,000 but has a limit of 15,000 would actually do better even though they owe more!!! Crazy, right!
It sounds like you are doing everything right, unfortunately a big part of it is time, so there is only so much you can improve in the short term. Pull your report and make sure everything is accurate - we found DH's father's credit card still listed on DH's report from when he was a college kid and was an authorized user....you could have little errors like that
Will my credit score be higher if I leave a small balance on my card every month instead of paying it off?
