What can I expect if my credit score is below 650?
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mohandas
Apprentice
Joined: 30 Dec 2005
Posts: 3
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 Posted: 10/14/08 - 08:19 Post subject: |
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| I have recently taken a mortgage. I was looking to buy a home, but with all the turmoil in the mortgages market I am having second thoughts. However, since that is the only way, I would like an advice. What can I expect if my credit score is below 650? Thanks in advance for any help. |
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maximilien
Apprentice
Joined: 12 Oct 2006
Posts: 6
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| Posted: 11/13/08 - 01:35 Post subject: |
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| The mortgage system works as any loan. You need to have enough money to make a deposit, and good enough salary to follow up with the payments. With a good credit rating, and a good history, you should get good deal because of your credibility. But before you apply, you should know whether you have a high enough credit score (over 650 is ideal). However, if it is lower, you need to boost your rating, because rates are not too favorable and may be difficult to follow up. You can increase your rating by closing some accounts you do not use, or the accounts which are not stable. Also, increasing your salary, settling debts should also help. Best of luck. |
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