I have credit score of 740 is that good?

Question

how big of a loan could that get me?

I am thinking of buying a house

Answer 1

It's a great score! If you could get 760+ you would get the best possible loan.. I have 755 myself =-P

Here are my 10 steps 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:

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

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.

You can read more about these tips on my blog: How Can I Increase My Credit Score

* http://millionster.com/articles/debt/increase-fico-credit-score/

Maybe these tips can help you boost you score right over that last ledge!

hehe good luck =)

Answer 2

Is 740 A Good Credit Score

Answer 3

740 Credit Score

Answer 4

Your score is only ONE factor. A 740 credit score is good and will probably have you qualify for the better rates and lower down payments. But for your score to be really considred most lenders like to see a minimum of 2 years of good credit history.

Along with the score another thing considered is income. That is will you be able to pay back the loan. Most places want to see a total debt-to-income ratio of under about 45%. With no more than 28% going to the mortgage. So depending on your income will determine how big of a mortgage you can qualify for. So for example if you earn $1000 a month you probably will not get approved for more than a mortgage with a monthly payment of $280.

Answer 5

It's very good, but you have 3 scores. Since you're looking to buy a home, the score that a mortgage lender pulls is your actual FICO score. This is the only way you can get your actual FICO without buying it direct from FICO. The scores you get from credit agencies are their scores, and not your actual FICO.

With a score that good, you should have no problem getting an FHA loan. These are some of the better home loans and are capped at $417,000. If you need more than that,you could probably qualify for a Jumbo loan with a score in the 700's. Good luck.

Answer 6

Average FICO score is 725, so your score is good.

The amount of mortgage you would qualify for really depends on your income and your debt. Talk to a mortgage broker to get an idea what price range you should look at.

A good rule of thumb is your house payment should only be 25% of your monthly income. Don't buy more house than you can afford.

You should also be putting some money aside for downpayment, closing cost, etc.

Answer 7

The FICO numbers determine what makes a good credit score as a range that generally lies amid 300-800. Usually higher the number, better the score. E.g. a person whose score is 700 can easily answer what a good credit score is by considering the interest on loans they get. Usually they get excellent offers because of their rating.
http://get-out-of-the-debt-trap.com/category/What-Is-A-Good-Credit-Score.html

Answer 8

If you mean FICO score from Fair Issac, yes it's a good one. Shop carefully for a home or auto loan. Too many inquiries into your credit history will bring down yoru score.

Answer 9

Yes, that is a good score.

The type of loan you get depends on a lot of other factors including your income, how much debt you have, your credit history, etc. So many things have to be factored in.

Answer 10

yes.but dont keep giving out your social .. it takes up to 5 points each time it is reviewd ..but with a credit score over 700 u have a very great chance of way better deals than most people that have credit scores undr 700..ok