(Closed) What was your credit score when buying house? *Poll*

posted 6 years ago in Home
  • poll: What was your credit score when you bought house?

    High 500's

    600's

    700's

    Higher

  • Post # 46
    Member
    2570 posts
    Sugar bee

    Our bank told us you had to have a min credit score of 600 in order for them to even start an application for a mortgage. We both have over 800 mine is just shy of 900 so credit was not an issue. We are in Canada so I am not sure if it is different than the states.

    Post # 47
    Member
    2664 posts
    Sugar bee
    • Wedding: September 2015 - Ketchum, ID

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    SithLady:  Good to know that our scores won’t be affected. Though, our scores are only within 15 points of each other, so it wouldn’t have been that big of a deal anyway. 

     

    I’ll look into getting a raise on the limit!

    Post # 48
    Member
    789 posts
    Busy bee
    • Wedding: November 2015

    I don’t have any advice for OP on this thread, but just wanted to comment that this thread made me breathe a sigh of relief. I am still rebuilding my credit from my reckless early 20’s (“This round’s on me!), and it feels like 700 is just impossible. I’m at about 650 right now, but this is giving me hope!

    Post # 49
    Member
    1934 posts
    Buzzing bee
    • Wedding: March 2014

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    mrspinesol:  I got a mortgage with just my credit score in the US- we left my husband off due to some student loan issues he’s been trying to correct.  The important thing to note is that I got a conventional loan-   to get an FHA loan, we would have had to apply together and probably would then not have been approved.  The “catch” with what we did is that the partner applying has to make enough income to cover the mortgage alone because that’s the only income being considered just like it’s the only credit being considered.

    Post # 50
    Member
    2664 posts
    Sugar bee
    • Wedding: September 2015 - Ketchum, ID

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    Andthepupmakes3:  That’s cool, because right now he has a *slightly* better score, and a higher income. But we’re nowhere near ready to buy a house. 

    Post # 52
    Member
    5940 posts
    Bee Keeper
    • Wedding: May 2014

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    Chelsiex0:  Ah, okay. Thanks for the info!

    Post # 53
    Member
    483 posts
    Helper bee
    • Wedding: May 2016

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    Chelsiex0:  Im in the process of trying to close on a house, my credit score is good, 728, but my FH had less than 620, he was denied the VA loan as a result, and he wouldnt qualify for the First time Homebuyer program here which had the minimum at 620. So in the mid 600s seem to be ok when buying a home.

    Post # 54
    Member
    3173 posts
    Sugar bee

    I’m 29, and the highest I saw when we were purchasing a house was 804. The average was always in the high 700s. I have always been crazy about keeping my credit score high. My husband didn’t have credit when we were engaged, so I cosigned a car for him (two months before our wedding). His score was 649, but once we were ready to buy a house a year later, his score was in the low to mid-700s. 

    Post # 55
    Member
    889 posts
    Busy bee

    Update: my score went up 48 points !! Thanks to getting some more mediCal debt off collections WOOT!

    Post # 56
    Member
    1972 posts
    Buzzing bee
    • Wedding: October 2013

    Mine was around 790. My DH was about 805 

    Post # 57
    Member
    683 posts
    Busy bee

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    Chelsiex0:  when fi and i bought our house mine was mid 700s and his was low 600s. It had to be 640 to get a mortgage so we had to get it in my name only. 

    Post # 58
    Member
    544 posts
    Busy bee
    • Wedding: May 2015

    620 is the minimum score for an FHA loan, and I believe traditional loans require a higher score.

    A secured credit card is a way to build credit for people who have no credit or very bad credit and can’t get a regular credit card. The customer gives, say, $300 to the bank, and then their monthly limit on that card is $300–so the bank knows that no matter what they’ll be repaid, and in the meantime you will be building credit.

    Some credit unions have special savings accounts you can set up where you sign a form saying you “owe” $50 each month to your savings. Then that’s counted as a debt, and you’ll build credit every month. But it’s a legit agreement, so if you don’t pay your monthly amound that goes on your credit report too. 

    Sorry if other people have already said this! I didn’t read each page.

    Post # 59
    Member
    544 posts
    Busy bee
    • Wedding: May 2015

    Also, for me personally, I am eligible for credit cards but I don’t like using them. Thankfully, I have built credit through being a user on my parents’ account (plus my student loans), but I don’t have my own personal card. I wanted to build more credit though, so I got a Target RedCard–it’s a credit card but only usable at Target. So it shows up on my report and I build credit, but there’s not the risk that I’ll go crazy and charge a vacation on it or something. So store cards might be a good option for others too. 

    Post # 60
    Member
    432 posts
    Helper bee
    • Wedding: November 2015 - Winery

    We live in California, both 25yrs old. I have 3 credit cards (NOT MAXED! Just wanted to build credit faster.) I’ve bought 3 new cars the past 6 years. FH didn’t have ANY credit when we met, has only bought one car and has only had his credit card for a year. My credit history is longer than his but he has less debt than I. We just applied for a mortgage a couple of weeks ago and my credit was in the 690s and his was in the 710s. Credit history and credit debt go hand in hand for your credit score. You can build it up really quick but you can also bring it down really fast.

    The earsiest way to establish credit is to get a credit card through your bank. They usually offer a 12 month no interest rate which is awesome because you can build your credit within that year. Keep your payments on time and make sure you don’t miss any!

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