All your questions about credit and debt consolidation answered.
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Question by woohoo: should i apply for a mortgage with a 630 credit score or wait?
in general, how long would it take to raise my score 100 points?
I have the 10-20 % down payment, as well as a more stable career (salaried, not based on unstable commission)
Best answer:
Answer by Ava
Wait..get your score to a 750…your rates will be so much better!
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Credit Score Scale strategies to get your scores high
Have you checked your credit score scale ranking lately? You should if you are thinking of applying for a loan to ease out a tight financial situation. Start by paying attention to your historical credit transactions before you visit banks and other financial lenders. If your records are negative in the credit score scale you are at a disadvantage as you will be requested to make a hefty down payment in addition to being levied higher than average interest rates on your loan. When the credit score is significantly depreciated there is also a possibility of your application being turned down without consideration.
Knowing the credit score scale.
Credit score is a determining factor when it comes to passing eligibility for credit card applications, loan or any other financial resource. You can either make money or loose money depending on the level of your understanding of credit scores and its functions. A credit score is calculated depending on a persons historical credit transactions and is shown by a three digital numeric number.
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The Fair Isaac Corporation has established a scale where a credit score can range anywhere between 300 to 850. Credit score scale is this numeric grading scale that will reflect a person’s credibility and risk factors according to the specific numeric position in the scale.
You can check out your credit score by requesting for a copy of your credit report by contacting any of the credit bureaus empowered for the purpose. If your credit score scale reflects a position below 500 you should start paying immediate attention on credit repair measures. This will be a red light to lending companies showing them you are a high risk borrower with bad credit history. However, if the credit score scale reflects a score over 700 you can easily sail away with an optimal loan facility. If you notice that your credit score range from 600 to 700 then your score is at average levels and you can pursue ways of augmenting the score to reach a higher level in the scale in order to achieve a healthier credibility.
Credit eligibility and credit scores act in a contradictory role. Meaning if your credit score is high you are charged lower interest rates taking in to account the low risk factor and vice versa.
So rather than being disappointed later due to rejected credit card applications or being encumbered with higher interest rates plan your credit movements wisely and don’t forget to check out where you stand in the credit score scale.
Visit http://creditscorescaleinfo.com/ to see where you stand on the credit score scale today.
Article from articlesbase.com
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Question by Oriana: do you know if my husband can get a mortgage with a 630 credit score if so where should we start?
Best answer:
Answer by falsi fiable
Minimum qualifications to obtain a mortgage is a 620 FICO score. Make sure that is not a credit bureau or Vantage score.
Get your Equifax or TransUnion FICO score for $ 19.95 each at myfico.com.
Good luck.
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Question by inKed*meXican: Can someone tell me what the credit score rating scale is..?
or where i can find this info…like what is considered to be a poor, fair, good, score….
Best answer:
Answer by golferwhoworks
each company has their own scoring system. Most range from 850 down to 350. any thing over 720 is excellent average is 660 fair is 620 ok is 580 poor is 575 down in most cases but any thing under 500 is the death penalty so to speak
I am a mortgage banker in TN & KY
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Discover If Your 650 Credits Core Will Get Your Loans Approved!
Your credit score other known as FICO, is classified within the ranges of 300 to 850 Credit score. Many individuals who have any type of experience with credit report comparison already know that most financial institutions will not accept any consumers with a finance report with a score lower than 620. Most lenders recognize individuals with these types of credits scores as higher risk and will not approve their loans in most cases. If you are an individual whose credit score is around this 620 Fico report range, you should really strive to raise your credit to a 650 rating. It’s obvious that the better the score on your credit report, the better chance you have in being approved for a loan. Lenders recognize the financially responsible and these individuals are often approved for loans and other services that include a FICO score check.
There has been a study which proves that working to improve your rating around thirty to forty points will have a drastic affect in many different aspects. Consumers who work hard to improve their consumer scores have a chance to change their financial report status from high risk individuals to responsible consumers. Improving your FICO score to a higher range takes some work to achieve but is not impossible. If you have a 350 score work to improve it into 408 score. If you have a 550 FICO rating, strive to take the necessary steps to reach a 600 score. If you’re an individual with a 600 credit rating, try to improve towards reaching a 660 score. Improving your credit report score to achieve good credit may be the difference between you being approved for your home loan and you being denied on various loans. Making that extra effort to increase your financial score will take a little hard work but is certain achievable for everyone.
This may mean that you may have to refinance your home or get rid of your credit cards, but remember it’s only for the best. It may help you in your high finance score range efforts if you know exactly how your credit scores are calculated. Your payment history will play a big part in your 650 credit score. Make sure that all of your accounts are up to date and you should be fine. Another factor that plays a part in your credit report scoring is the amount of money you owe to various lenders and business. The length of your credit history and the type of credit that you have applied for in the past plays a huge role as well. If you’re a little under the 650 score, take the extra step to increase your credit score. It will pay off in the future.
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Question by zajenishom: credit score scale is upto 950 :S ?
this is in reference to my other question
http://answers.yahoo.com/question/?qid=20080509140609AAe4Jqx
I got my score from annualcreditreport.com which is the website clark howard recommends. on my report the score scale is from 350 to 950 but a lot of people are telling me that maximum possible score is 850 ? does that mean 950 is just a hypthetical score or have they changed the scale
Best answer:
Answer by Tim
You might check with annualcreditreport.com. I haven’t heard of anything other than 850 being the highest.
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