Home Equity and Refinancing
Home Buying

What should your credit score be for a first-time home purchase?


Top Answer
User Avatar
Wiki User
2005-11-25 00:31:07
2005-11-25 00:31:07

The higher the score, the cheaper your loan will be. 700+ will get you the cheapest prime rates advertised in the paper. Around 520-620 will get you subprime rates meaning increased fees and or a higher interest rate. Sometimes subprime points and "junk" fees can be as much as 4 points depending on the lender. Below 520 and even the subprime lenders start looking away for you.


Related Questions

No, your score is something that you'll have to purchase separately.

you should never by your score you can get it for free I mean really free no credit card required from the bureaus find out how at

The average credit score need to purchase a home is 620.

When you are getting a home they like to see your credit score 620 and above to get preapproved for a loan. But in order to get better rates for loans they usually want to see your score in the range of seven hundred. They may be more forgiving if this is your first home purchase.

If you have a bad credit score, you can get credit score advice. You should go to credit counseling. Bad Credit Genie,, is one company that can help you.

One can get their credit rating for free from three credit reporting companies. Equifax, TransUnion and Experian will all be able to provide one with their credit score.

No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.

Consumer credit can be considered to be a complicated work of art. When a credit purchase is made it affects the credit score. Having good credit is essential to making huge purchase such as a house or a car.

Someone with a poor credit score should be able to lease a car.

There are many websites online that allow someone to check their credit score: is one of them. One free credit is allowed annually; otherwise, one of the three credit bureaus must be contacted (Equifax's ScorePower, Experian's PLUS score, and TransUnion's credit score). Another option is to purchase the score from FICO.

Yes, 766 is considered a good credit score. It is not a perfect credit score, but should be able to get you lower interest rates and approved loans.

One has to purchase their credit score which is different from a credit rating. The credit score is purchased from FICO which is the only place to buy if from so you do not get two different scores.

When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.

Credit score ranges are relative, and there are a couple different ones, so the true answer depends on whether your 663 is a FICO score. If it is, it falls within the rating of "fair" or "average" credit, and a loan to purchase a house will likely come with higher interest rates.

I dont think there is.. because in order for you to get a high credit score you have to pay on time or in full payment then to increase your credit limit you have to purchase more but you have to pay it in full. so better purchase on things that you are able to pay it in full. that will make your credit score increase. first premier will and if you pay each month on time in 6 months time youll see your score increase rapidly so it does help.

Initially it may decline, due to the numerous recent inquiries but it should eventually increase significantly.

To improve you credit score for an auto loan, you need to pay off your bills on time. You should pay off your debt. You should not take out additional credit and you should check your credit report.

When people are in credit debt, they often wonder what their score is. The best score you can get in credit debt depends on many different things. You should ask your credit card company for this type of information.

You cannot purchase your personal credit record from someone else. It is your credit history that has been reported by your creditors to the central credit data gathering agencies. It's like asking, "Where can I purchase a good dental record?"

There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.

Credit score will affect your interest rate when buying a home. If you have between 800-700 your score is high and therefore you should be able to receive a great interest rate. If you are lower than 700 but higher then 500, you should be approved too but the interest rate will be higher.

In a time when most people need to borrow money from a bank to own their own home or purchase a new car, knowing what a credit score is and how it affects your borrowing ability is very important. A lender will use your credit score to deny or approve your credit application, as well as to determine how much interest they should charge you. The lower your score is, the higher your chances of a denied application or an unfavorable interest rate. Understanding how lenders view your credit score will help you assess your chances of a successful loan.

A credit score of 629 is not a very bad credit score, but it is not a great credit score. A great score will be 700 and above.

Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.

583-619 is bad credit score in credit score range

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.