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Diva | My credit score is 620. Is it really bad? |
I'm planning on buying a condo. Should i wait for my score to be better? I have 2 credit cards now and don't want to apply for more. Should i get a car to help build my credit story or get the condo first and buy the car later. I will really appreciate some clear and detailed explanations about how to go about it. Thank You. |
 |
 
Dani
|
Hmmm, how to phrase. No, your score is BAD persay, but you don't have a great credit history either. A home is a big purchase, whether house or condo, and even a few percentage points difference in a mortgage can make HUGE differences to your pocket. At that score I'd anticipate a lot of rejections from more traditional lenders, so unless you want to venture into something freaky like interest -only loans(which are very risky, just check the forclosure market) you should definately start trying to build your credit up first. |
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methodos
|
Listen, do not close any accounts that is a bad move. The reason is because of the credit to debt ratio will knock off point on your score. My advice to you is improve your score by paying off your bills and paying them on time.
Just so you know if you pass over 30 days of paying your monthly statement be prepared for your score to drop by 100 points. It can take months before you can bring up your score to a good score. I have seen scores go up by 8 points a month so do take care of your payment history.
So just wait till you get a better score it will save you more money in the long run. |
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Mr. RN
 |
do NOT consolidate into one card no matter what. that will push your ratio too high. you can still get financing for a home purchase, but you will pay a little more in interest. plus you may be required to have a little more down payment money. if you don't need the car right now, don't get it, try to get the house first so that it don't pull down your income/debt ratio. |
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ron d
 |
@ 620 you still can do a no money down loan PRIME......
Lower the balance on your credit cards, wait to buy your new car, for it may lower the amount you would qualify for.
good luck on your home search. |
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beauty s
 |
yes !! wait till its like 670 or more... Good luck |
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RAY KENNEDY
 |
My credit score is 603 and I just purchased my first house last month. Until that point I had only one debt my car to GMAC. I have no credit cards. I think what most home loaners look for is if the loan is fisable for you and your situation and they just want to make sure your not over extending yourself. I've found out it never hurts to try. So try it and see what they say.
P.S. Credit Cards are the Devil. Only one good debt to have and that a House. |
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just me
 |
it's really not that good...if you do it now, you will be paying more because of it...get your credit cards paid up first, and dump one of them...can you consolodate into one card?? |
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AliciaC
 |
Is sounds to me the only thing hurting your credit is time. Meaning the less amount of time that you have actual credit lower your credit score. If you have nothing delinquent on your credit profile then you should just wait.
Also are your cards maxed out? Cause if you have credit cards that are over 50% of their limit then that can lower your score. Try paying your cards down to lower than 50% of your limit and that could up your score a little. The lower the score the more you save on interest.
Don't do the 100% loans either unless it is ONE loan not a combined loan cause the mixed interest rate may seem low but what it is really is 2 separate loans one for a majority (80%) of the loan and then the rest (20%) of the loan the part that would normally be your down payment. Usually the interest on one of these is really high and the other one is moderate. They then combine them to get your interest rate. not a good way to go. The best is just wait don't ruin your credit getting into furthur debt. Wait to establish more aged credit lines and then try to make your big purchase. A few points on your credit credit could mean THOUSANDS in interest. |
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iceman
|
No --620 is not that all bad. Its not great either though. It will fall just below average in reality. An average score range is from 630-680.
As far as what you want to buy first that all depends on you. If you get a decent rate on a car or mortgage you should do both. Both of them will help your credit score if you pay on time. |
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johncondo2001
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mine 588 and I got to refinance my mortgage |
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~~kelly~~
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a score of 620 will probably not qualify you to get a condo. my score is 720 and my husbands is 690, and we couldnt get approved for a 25,000 car loan. we could only get approved for a used car, and my credit is clean, all paid off, and the only thing on his is 1600 more dollars on his student loan. good luck. |
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