FICO score of 727?
I'm a 23 year old student with a FICO score of 727. Is this high or low for someone my age? I'm planning on buying a house sometime after graduating and I want to know how high it needs to be for such a large purchase.
Public Comments
- I'm a mortgage consultant and just to let you know you have an awesome score. Nothing to worry about it you're score is high enough keep in mind that there are more factors in buying a house other than just a fico score. I have some free reports that will help you out along with a free first time buyer online seminar that will help you with your new purchase. Just click here www.ktloans.net and go to free reports. PS. Let me be the first to Congradulate you on your new home.(I'm 24 and I bought my first home at 23 felt great that's why i love my job because i get to help others achieve that feeling)
- Mortgage lenders typically will lend to borrowers with FICO 620 or above (prime). Some special rates require higher FICOs. FICO score ranges from 300 to 850, with the US median score of 723 (according to Fair Isaac, developer of FICO). I recommend: 1) Mortgage lenders will look at more than just your credit score. They also consider: a. Your income stability/work experience, b. LTV (loan-to-value of your house, usually 80% or below), c. as well as DTI (debt-to-income, usually 28% or lower for monthly mortgage payment to gross monthly income and 36% or lower for total monthly debt to gross monthly income.) So make sure you have these other factors covered also. Check out the links under Source: Good luck! Just Be!
- are you just TRYING to show off?? lol j/k yes, that's a pretty good FICO!!
- Its a very good score. Especially for your age. However, people have become obessed with credit scores in the last 5 or so years. Always remember that a credit score helps with loans, but there are many elements that go into the home approval process. Your high score is going to give you a nice advantage and help with rates, but you will still need to have a certain downpayment along with a suffiecent income to carry the morgage. I have a friend who got approved for a mortgage with a awful credit score of 528. The reason.. he was able to get 35% down on the house. I also know someone with a credit score of 750 who had severe trouble getting a house mainly because the home they were looking at was a little to expensive for their income. Bottom line is that your score will help. But dont think that you can coast into a home on your score alone.
- That is a very good score, my wife's was 719 (while mine was 802... yes I am bragging as we just bought a car last weekend)... for your age and the fact the only thing that seems to "hold down" your score at that age is the credit history with say a particular credit card. Do what I have done, find a few cards you trust and just keep them, congrats again.
- This is a great score and u can do just about anything with this score and good luck with the house..
