liv4luv
Mar 23 2005, 01:08 PM
I have been rebuilding my credit and would like to acquire new credit. I know my credit score but would like to know what score would get me approved. Can anyone give me an idea or range?
direwolf4377
Mar 23 2005, 01:58 PM
You can get mortgage financing at almost any score, even down to 475. The real question is how much money you are willing to put down. You can get 80-85% financing with a 500 90% with a 525, 95% with a 540, and 100% no money down with a 560. Good rates typically start at 95% with a 620 score. 100% with a 680. It also depends on what kind of property you are looking for, is it residential or commercial? Mortgage lenders look at the big picture. Credit is only a small piece of the puzzle. To really answer your question, we would need more info. If you are buying in Florida, I would love to help you further.
Rick
Mar 23 2005, 02:40 PM
Your question is quite open ended as you do not say what you are planning. What do you mean by 'acquiring more credit? Do you want to fix your credit in the hopes of buying real estate, lowering interest on loans, buying a car, increasing the limit on credit cards, etc. With poor credit or no credit there is always a way to better your credit score. The easiest is to pay all your bills on time as agreed. If you don't have a credit card, get one (just don't go crazy with it). If you have some, don't use them or use them and pay off the balance monthly (just don't cancel them as that can actually hurt your score particularily when calculating debt to credit).
big_baer
Mar 24 2005, 04:10 PM
I agree with Rick... you are looking to get more credit (lines) right? So the particular credit you wants determins your course of action.
I also, have a group here in NY that specializes in re-building your credit by working with the actual accounts you have now! If you are interested send me an e-mail; there fee is $US395.00 or your money back.
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