Please Don't Act Like Oprah If You Have a 695 Credit Score
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.
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.
************************************************************************************************************Houston Tops In Home Appreciation!
We close more than one home a week - Top dollar for referrals - Buyer & Seller incentives.
We Sell more homes than 99% of the 27,000 Houston Association of Realtors members, brokers, affiliates and real estate salespersons. Stats for 1st, 2nd and 3rd Quarter of 2010. We sell homes.
The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.
Comments(2)