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| *Loan,banking and credit>>>bad credit mortgage |
Is a credit score of 715 good or bad and do you think i would be able to get a good mortgage loan? |
Is a credit score of 715 good or bad and do you think i would be able to get a good mortgage loan? Yes, a 715 score is good. But do not take for granted that just because you have a good score you have good credit. Score is based on the following: 1. Payment history 35% 2. Time in bureau 15% 3. New credit 10% 4. Type of credit used 10% 5. Debt to income ratio 30% I have seen many times someone with a 700+ score that could not purchase a vehicle because their score was based on 1 credit card with a $500.00 balance paid 25 times as agreed and a couple of student loans. Banks look at everything, how much you are borrowing in relationship to what the home appraises for, how long are you borrowing the money for, how much are you putting down, how long have you been at your job, how much money do you make. It's a whole lot more than just score. Source(s): I am a Finance Manager for a Dodge dealer in Oklahoma. Yes, it is fairly good. Credit scores go from low 600's to 850. The higher the score the more money you save in interest. Yes its good. You can qualify for "prime" loans with scores over 650 in most cases. To get the best rates you are going to be right about in the edge. But yes, its a well above average score. you will definately get a good interest rate, your credit is good i have a 690 and that is really good considering we a credit card...a 720 is perfect.. It's pretty good, but not quite excellent. Your best bet is to go to a portfolio lender, such as Washington Mutual, who could give you their best rate. A portfolio lender lends their own money, versus a mortgage broker, who sells your loan to a third party. Since a broker is not loaning his own money, he has tigher rules on what he can do for you. The portfolio lender can look at your history and project that in the future your rating will likely be higher, and you are a good bet. |
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