credit score question?

Question

I recently found out my credit score was 642 is that a good score?I only ask because i am looking in the near future to try and get a mortgage for a home.Or at the least to try and rent a house.Can anyone offer me any information on this because this will be my first time trying to purchase a home or will trying be a waste of time.I would really appreciate it thanks

Answer 1

642 credit score? I should warn you each credit reporting agency has their own score, so they will be different for each one. The only way to know is to get a complete credit score from myfico, which shows you your complete score from all 3. -- as you know 642 is not good. 700 is good, so aim for that and higher there are plenty of things to do now that will help you build you score, so until you have a score thats going to help you get a good interest rate dont worry about buying anything big or fancy.. yet...

Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read more here:
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score

Answer 2

642 Credit Score Mortgage

Answer 3

Great move checking your credit on your own before you applied for a mortgage!

642 isn't great and it isn't awful. Your credit score will not prevent you from getting a mortgage. Two comments on that. 1 - Your score will result in an interest rate that is slightly higher which will either increase your payment or reduce the amount of money they will lend you. 2 - Credit standards at mortgage companies are getting tighter and it will be more difficult than it was in the past.

What I would suggest is identifying the issues that have kept your score down, fixing them and then checking again in six months. A high credit score (above 720) will result in a lower interest rate and save you a considerable amount of money on a mortgage AND on your insurance!

Good luck!

Answer 4

642 is not an excellent score but it also isn't bad at all. You cant definitely buy a house with that score and that will help your score in the long run too. Good Luck!!

Answer 5

This is a great question, and one that made me curious for quite a long time.

Answer 6

This is an interesting question, and one that has intrigued me for a long time.