just checked my credit score. it was 652 is this a good score? could I get a home loan with this?
2007-02-25 12:19:34 · 4 answers · asked by fejji 2 in Business & Finance ➔ Credit
This is a bit below average. Credit score alone will not qualify you for a home loan. Having a 652 score will not stop you from getting a loan.
Most lenders will require that you have a "good" job, 6 months of savings, and a down payment (5% to 20%).
These items are recommended and would help you get the best loan. If you don't qualify, other lenders can get you a loan, but the interest rate and terms will not be as good.
2007-02-25 12:25:03 · answer #1 · answered by MR MONEY 3 · 2⤊ 1⤋
Is 652 A Good Credit Score
2016-12-24 14:17:12 · answer #2 · answered by obyrne 4 · 0⤊ 0⤋
I hope this helps you:
FICO Credit Score And Your Loan Approval
If your credit score lies between 600 – 620, you might be easily approved for 100% financing. Even in this case, you have to approach a subprime lender.
For a credit score of at least 620, you can easily avail of 100% financing, along with a reduced rate of only 1 - 2 percentage points more than the prime rate.
2007-02-25 23:00:24 · answer #3 · answered by queen i 1 · 1⤊ 0⤋
You should have 3 credit scores: equifax, experian and TransUnion. Once you see all 3, you'll see 3 different scores. 652 is not fantastic but it's decent enough if it's your middle score to likely qualify for 100% financing for a home mortgage.
2007-02-25 12:23:17 · answer #4 · answered by Venita Peyton 6 · 3⤊ 1⤋
You should be stating your debt to income ratio if you want a good answer. Your score is good enough, however, one of the most important things looked at is your debt to income ratio. Some people have a great credit score but if they pay out a high % of their monthly income on, for example cc's and auto loans, they will be considered high risk.
2007-02-25 15:39:58 · answer #5 · answered by Brandon 2 · 1⤊ 0⤋
You don't need more than 2 cards, that's good enough. Plus when you apply for new credit it makes your score go down. Like someone said, just call the companies on your existing cards and have them increase your limit.
2016-03-17 06:25:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It's a fair score, and you can get a home loan with this. You will be paying higher interest rates though. For prime rates you want your score to be above 700 (720 for some companies).
2007-02-25 12:45:31 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
Do not get cheated. Go to this website - KNOWYOURCREDITOPTIONS.COM
Educate yourself about all of your credit choices. Identify best rated solutions in the field. It really is a necessity read for anything related to lending products, credit, along with debt.
Best Regards
2014-07-05 09:41:09 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Is this a FICO score or is it some other score?
FICO's are the only scores that matter.
All the three credit reporting agencies sell their own scores or Vantage scores, but the only ones that matter are FICO scores.
If this is a FICO score, it is definitely below average, probably consider poor or at best a fair score.
2007-02-25 12:27:26 · answer #9 · answered by bladerunner6 2 · 1⤊ 2⤋
I've been surfing the internet more than 2 hours today seeking the answer to the same question, but I haven't found a more interesting discussion like this. It's pretty worth enough for me.
2016-09-19 17:29:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋