How bad is a 647 FICO score?Our apartment lease is almost done and house prices are really good in my area. I need to know if my credit score is good enough to get into a new home.
As long as your credit score is above 620, you should be able to find a lender that will offer you a loan, however, you will not get the best interest rate and you will probably have to put down a significant chunk of change.
An FHA loan will take you with a credit score of 620 and currently their interest rates are great. In PA they are less than 6%. You must however put down 15% and pay closing costs.
Related QuestionsWill an unpaid parking ticket hurt my credit score?
I got a parking ticket for $35 but I lost the ticket so I don't know who to pay it to. How many points will it take off my credit score? It's stupid that I was even ticketed so I'd rather not pay it off and I don't need to get a loan or anything like that right now. I'm just curious about how big of a deal this could become.
Tags: collections, credit score
What can I do to increase my credit score by 30 points in a month?
I don't need a big improvement, but the interest rates on a mortgage loan that I have been quoted would be much lower if my credit score was 30 points higher.
Tags: credit score
What affects my credit score more, a short sale or a foreclosure?
I know both foreclosures and short sales damage your credit score, but how much better is it to sell a house at less than what it is owed on it versus living in it until the bank takes it from you?
Tags: credit score, foreclosure
How long will it take to get my credit repaired?
Home prices and interest rates are really low where I live but according to some sites I've looked at, I'd need to increase my credit score by about 70 points to get a good rate. People are saying that home prices are going to start to go up again this summer so I want to know if it would be possible to repair my credit score in a couple of months so I can get into a house before prices go up.
Tags: credit repair, credit score
Can using a credit repair company hurt my credit score?
I don't want to repair my own credit and am willing to try a credit repair company as long as they don't make things worse. I figure if they don't do anything, I'm out a few bucks and I've learned my lesson. My only concern is if they make my credit score worse, then I'm actually better off doing nothing.
Tags: credit repair company, credit score
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