Repair Credit Score

Archive for February, 2007

Question: Will I qualify for any mortgage with a Credit Score of 548?

Will I qualify for a mortgage with a score of 548? This would be for a purchase, not a refi.

Answer: No, you do not qualify. You need a score of at least 620 to get an FHA mortgage and one of 720 for a conventional one.

7 Steps to a 720 Credit Score: Part 2

Question: Will lenders look at my wife's Credit Score for mortgage application in NJ?

My wife is a stay home mom and she does not have any income. She does not have bad credit history but she does have some debt. Will banks run her Credit Report when I apply for a mortgage? I want to apply for the mortgage based on only my FICO, my income and the outstanding credit in my name.

Answer: They will only pull her credit if you put her on the loan. If you think that her score will hinder getting the loan just leave her name off. We do that ALL the time.

Dan The Mortgage Man - Credit Scores 101

Question: how fast can i improve my credit?

HI! I have just been approved for a student loan thru a private loan company, and I also have had a cell phone I have been paying early for 6 months. How quickly can I see an improvement in my Credit Score paying on these 2 things, on time or even early?

Answer: You can improve your credit overnight simply by paying everything on time. As more and more creditors report your on-time payment history your credit and credit scores will improve.

Improve Your Credit Score