In relation to mortgage loans what constitutes a low credit score?
I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.
Tags: constitutes, Credit, Loans, Mortgage, relation, Score
Anything lower than 620 is low. You need 720 or higher to get the best rates.
A score under 640 is going to make it more difficult, the higher the score the better interest rate and terms you will get.
To insure a good rate you need to be in the upper 600′s… to reserve an EXCELLENT rate.. the upper 700′s…
What I would do is to go this website, and get all 3 credit reports at once, then go down the credit report and dispute anything you think is in error with the credit agency that is showing the erroneous mark..
Housekeeping can make your FICO score go up 20-50 points, because I know, I’ve done it….