Is 680 consider a good credit score?

Question

I am in the process of purchasing a home, but my mortgage broker stated that my credit score is not that great. He said if I let someone else run my credit it will go down and I will not be qualified for a mortgage. (reminde you he ran my credit alot himself.) Can I have another broker run my credit without affecting my score or if it does go down will I be qualified for a loan.

Answer 1

its not a bad score just keep in mind every time you have an inquiry on your credit it affects it and it will go down.

Answer 2

Do not run your credit any more. you have the ball park information on your credit score. 680 is good like a solid C+.your credit score will determine your interest rate.
Now you might want to go and find a home you can afford that means you will need to know how much you make and how much you spend. These are called ratios or debt to income ratios. These will indicate how much you can afford to pay each month. If you get pre qualified you will know what you can afford.
Always try to get a 30 year fixed.
In Houston typically you can assume you will pay 1% of the asking price of the home in other words if the home cost $150,000. you will pay 1,500 a month. That payment will include your mortgage, insurance & taxes paying this way is called an escrow account.
I think your broker is not very experienced or not very good with people. You need to always have a broker that is on your side for the best information & the best deal. This one might just be in it for the commission.

Answer 3

Your broker is partially correct. It's an OK score but won't get you the best rates. Although when an inquiry is run it does slightly lower your score, he's NOT correct that applying elsewhere will affect your score. Multiple inquiries for the same type of loan product (mortgage, car loan, credit card, personal loan, etc.) over a short period of time (usually a month) are treated by the system as a single inquiry.

It sounds as if this broker is being a bit dishonest with you to suit his own interests. That's NOT a good sign. I'd think seriously about either dealing directly with a local bank or looking for another broker.

Answer 4

I think your mortgage broker is trying to pursuade you to not talk to other mortgage professionals. He isn't being totally honest with you about how credit works.

Having your credit pulled by a mortgage broker or lender in multiple months will effect your credit score. However, if the pull is done in the same month, then your credit score will not be effected.

680 is a decent score and you should be able to get a loan from the majority of lenders. However, it never hurts to improve your credit, so here are a few tips:

1. Pay your bills on time.

2. Keep credit card balances low.

3. Check your credit report for accuracy through one of the credit reporting agencies: TransUnion, Experian or Equifax. If you see a problem, let them know immediately.

4. Pay off debt rather than moving it around. Despite what you may have heard, consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run.

5. Keep your credit cards - but manage them responsibly.

6. Don't open multiple accounts too quickly, especially if you have a short credit history.

7. Don't open new credit card accounts you don't need.

8. Don't close an account to remove it from your record.

9. Shop for a loan within a short, focused period of time (I mentioned this above).

10. Contact your creditors or see a legitimate credit counselor if you're having financial difficulties.

Good luck and feel free to contact me through my profile if you need more information.

Answer 5

There is a reason he is telling you not to let someone else run your score; he doesn't want to let someone with a better deal for you steal the business from him. You definitely need a 2nd opinion and it will not hurt your score. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.

Answer 6

The credit world is getting very tight right now. With you score it would be likely that a bank would lend you for the funds (if you income supports the payments needed) Go to a bank and ask the question ~ also, get enough on the loan (if at all possible) to pay the balance on the credit card as well and don't use your credit card like that in the future. Only pay the balance each and every month in FULL.

Answer 7

When you are purchasing a home all credit checks within a 30 day period should be considered as 1 total from the credit people since they know the process of buying a home takes a toll on your credit. If you have a 680 credit score you should be able to buy a home no problem as long as you DTI (Debt to Income) ratio is not really high.