I have no debt, 0 balance credit card, bills paid on-time, 2 banks (1 $15000 CD and 1 $5000 checking in Key and just opened 1 $2000 checking account in B of America)
What should my score be????
higher score = lower interest in mortgage loan??????
can I buy an 0% down house with that estimated credit score?????
Thanks everyone!
Credit Score Question!!!?
YOUR SCORE SHOULD BE HIGH
GOOD FOR YOU
WELL YES PUT THE MORE DOWN PAYMENT THE LOWER THE MONTHLY PAYMENTS WOULD BE
Credit Score Question!!!?
idk
Credit Score Question!!!?
Your credit score will probably be low if your not using your credit .. you need to use your credit card and carry a balance.. make more than minimum payments and your score will go up.
Yes the higher your score.. the lower your interest.
Credit Score Question!!!?
If you%26#039;ve always paid your bills on time and have a credit card or two that you%26#039;ve always paid on faithfully, your credit score should be really good (assuming that you%26#039;re not coming out of a really bad credit standing-- bankruptcy, defaulted payments, etc.)
You can find out what your credit score is for sure at free credit report dot com (all one word; Yahoo! blanks it out if I type it in as a www address). Don%26#039;t worry: it really is free! I%26#039;ve checked my credit report with them several times, and just cancel the account as soon as I%26#039;ve learned what I wanted to know.
When you apply for a mortgage, the bank runs their own credit check, so they%26#039;re not going off of an %26quot;estimated%26quot; credit score. You can get a 0 down mortgage (also called a 100% financed mortgage), but it%26#039;s really not a good idea. If you look at the math, you end up paying tens of thousands of dollars more for the 100% financed loan than you would for the traditional 80% financed loan.
Credit Score Question!!!?
Your score should be pretty high if your credit is just paid off not non-existant. The higher the credit score the more loan programs at higher LTV%26#039;s (loan to value, less down payment) you have. Other than that, scores don%26#039;t really impact rate. A person with a 750 score gets the same rate as someone with a 700 pursuant to Fannie Mae guidelines.
Yes, if your score is as good as it sounds like it may well be, you should be able to obtain 100% financing.
Credit Score Question!!!?
Also taken into account is your depth of credit meaning how many cards you%26#039;ve had int he past, the lentgh of time you%26#039;ve had them, the balances, how you maintained them, etc. The score is not derived from only your current situation so it is impossible to answer that question.
A higher score will get you a better rate, all other things being equal.
Zero down financing is still available but you%26#039;d be better off if you could put at least 10% down. With the recent shakeup in the mortgage industry, those 0% deals are quite expensive now.
Credit Score Question!!!?
Credit score is a tricky thing. I have been doing mortgages for over a decade and I still can%26#039;t figure it out.
Here are some of the basics:
Keep all your bills current and active. Use your credit cards, but sparingly. Keep the balances below 30% of you credit line. Don%26#039;t go crazy and apply for a ton of new things. Keep your accounts open and active for a long period of time. It used to be you could close your accounts and there was no effect, but make sure they stay open for a long time.
The biggest factor is mortgage history. If you don%26#039;t have one, get one if you want. When you do get one, keep it current. PM if you want more info.
Credit Score Question!!!?
you didn%26#039;t mention your income or history of work or age
not having much of a credit history can be better than having a bad history.
0% down,, no way
Credit Score Question!!!?
Sounds like you only have 1 credit card, and no other revolving accounts. Do you have auto loans, student loans, etc? If not, only 1 credit card won%26#039;t be enough credit history to qualify for a mortgage.
Also, 100% financing is now very difficult, and requires good reserves, and full income documentation , as well at least three open lines of credit with 2 year history on each.
So I would say it%26#039;s safe to say you probably won%26#039;t be able to qualify for a mortgage unless you get more credit history under your belt.
Learn more at http://www.thetruthaboutmortgage.com
Learn more at http://www.thetruthaboutcreditcards.com
Credit Score Question!!!?
You must have revolving credit i.e. credit cards being used monthly. Bank/Lenders like to see you use your credit cards but be sure to have them under 50% credit limit.
Your personal bank monies has nothing to do with your credit, although the Lenders will need to see reserves in your accounts. And to answer your last question, typically if you have high FICO scores, your interest rate will be lower.
Credit Score Question!!!?
Your credit score is a number based upon your credit report. As you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more about it at: http://www.credit-card-gallery.com/artic...
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