Please Don't Act Like Oprah If You Have a 695 Credit Score

Mortgage and Lending with Be My Neighbor Mortgage 206672

I would like to point out that credit scores can vary based upon the range used by the credit agency the customer obtains the credit score from. Credit reports pulled for mortgage purposes generally have more stringent guidelines than your average free credit score website. Scores pulled for an auto or furniture purchase are not as strict. Some credit websites use a different range than the one Greg mentioned in his blog. If the range is 500-1000 points, well then someone with a crappy score might think they have a 700. Always important to check with a mortgage professional and don't waste your time showing homes based on a verbal credit score from a buyer.

Original content by Greg Nino 0524642

I have my own perception about credit scores. Often potential buyers and tenants will say they have "okay or decent credit."


A 300 is the absolute LOWEST credit score you can have while an 850 is the highest. So tell your buddy who brags about having a 990 credit score to have another while he's at it. A "bitch please" can be used if necessary.


When you say "I have okay credit" you should understand that a 640 is about the LOWEST score you can have to still qualify for a home loan. That means a 580 is POOR and so is a 600. You will easily find ads that read "580 credit score APPROVED with ZERO DOWN." If you have a 580 and buy a home with these guys then PLEASE tell me about it! I have thousands of buyers for any lender that can achieve this.


A 740 or better means you are more likely to get the best interest rate available. Please don't act like Oprah Winfrey if you have a 695 mid score. That's a safe score that will get you a decent rate in most cases. If you want Cart Blanche, you have to earn it.


A 599 doesn't mean you are on the tip of greatness. Most lenders won't even attempt to pre-approve you if you mumble anything that starts with a "5"


A 400 range score means you are a very interesting person. It's HARD to get a 465. I've only seen a 400 credit score type ONCE. Believe it or not, that tenant had over $60,000 in his bank account! We actually approved him to lease a home. Of course he was required to pay 6 months in advance. And HE DID!


A 300 range credit score means you should fire your head coach, general manager and entire training staff. Throw the towel in for 7 years because your credit report belongs in a museum. I have NEVER seen a 300 credit score before. Your credit repor is as rare as Chupracabra sightings. There are more UFO sightings than 300 mid-score credit reports. Even Bigfoot has a score of 400 plus. As soon as I find him I'll collect his application fee and prove it. Odds are he'll attempt to write me a check for $35.00.






I am not a loan officer and I don't play one on the telly. For more information contact an awesome lender.









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Posted by

Melissa Anderson
Texas Loan Officer

210-849-9030 cell

NMLS 206672

Amcap Mortgage




Comments (2)

Mary Jo Quay
EXP Realty - Minneapolis, MN
I Move You Home

It was pointed out to me recently that a credit score is really a debt score.  There are thousands who are  repairing credit towards being both debt and credit card free.  Although it sounds like heresy to real estate professionals, being a hostage to credit card companies is bad for both personal and national economy.  We are all going to have to start working with our clients to develop liveable budgets and affordable lifestyles.


Oct 28, 2010 03:10 PM
Michael Delaware
North Sky Realty LLC - Battle Creek, MI
As usual, very excellent advice Melissa. Thank you!
Nov 03, 2010 05:40 AM