credit scores

iNTeNSeBLue98

DIS Veteran
Joined
Jun 6, 2000
Messages
6,854
What do lenders consider to be a poor credit score?

We last tried to buy a home a few years ago and there were some things on our credit report that the broker wanted us to resolve. Here I am again considering buying a house of our own. Those same debts are still out there, but I have been trying to pay the one down. I dpn't think our score has gotten worse, but the debt has increased, though I'm determined to erase unsecured debt.

We have always struggled to pay bills, but since we moved here in July, I've been trying really hard to keep on top of things. I don't want to pay someone else's mortgage for the rest of my life and feel like this is one thing I need to accomplish. Any advice?
 
I believe anything in the upper 600s looks relatively good to most creditors. When we bought our first house, our scores (you each have a different one) were in the low to mid 700s and we didn't have any problems at all...even for a no-downpayment loan.

you can check your score on-line if you want. Its a good idea to pull your reports once a year or so from each of the 3 companies...go thru them and make sure they are correct. Make sure to order a credit score, not just your credit report, if you want to check that out. They will often include tips on improving your score.

http://www.equifax.com/

http://www.experian.com/

http://www.transunion.com/index.jsp


also, check out this message board at ivillage. Its called Real Life Real Estate and can be helpful answering your questions.

http://messageboards.ivillage.com/iv-mlrealestate
 
Yes, here anything in the upper 600s is good although I have seen loans made as low as the mid 500s depending on just exactly what it is that is bringing your score down. Doctor Bills are not looked at as seriously as past dues (say on your house or car note.) High Credit Card bills can be a problem as well. Also if you have a lot of people checking your credit (this car company and that or more than a few mortgage companies) that can also bring your score down. Good luck and definatly check and make sure everything is correct....I actually had a GOOD mistake on my credit report, it showed me paying off a high end loan early (I never even had that loan...LOL) Good Luck!
 
eloan.com will provide you your credit score for free (only once per person though...)
 

We're both mid-500, according to e-loan. Thanks for the links. I wish it was higher, but it could have been worse. It's about where it was three yrs ago. DH just got a raise and I'm up for one in a few weeks. This winter hasn't helped finances, but hopefully increased take-home pay will. We'll just keep plugging away for a whole longer.
 
don't take my word for the upper 600s. For some reason I thought I remembered reading that somewhere. Ask a lender, or ask at the Real Life Real Estate board I linked to you...they seem to know everything there.
 












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