What credit score must I have to qualify for a prime home loan?

Right now I qualify for a sub-prime loan but want to get a better interest rate, so that means I need to improve my credit score.

Public Comments

1. you need to be over 720
2. a 700 score would get you a great rate. rates change daily and by company some companies have higher limits for what is referred as A paper or A credit. credit scores are broken down by brokers and lenders into A B C D credit 700 would get you what you want! i know of only one company that will guarantee your credit score will raise or your money back. you can find the company on www.directlendingplanet.com site they also once your score is raised and you finance with them they will credit the money you paid to raise your score to you at closing.
3. I am an account executive for a large mortgage company. All I do are loans.... you could have 640+ still but it depends on the bank and the loan officer. They are the ones that aren't always honest. The worse the interest rate they give you the fatter their pockets become... The bank kicks them back a bonus for them getting you to agree to the bad rate!! Also, if your looking to raise your credit here is how: 1) Don't go to these so called credit repair agencies..They rip you off and CANNOT guarantee anything!! 2) If you have a $1,000 credit card and the balance is maxed or close to it then pay it off over 50%..... so that would mean bring the balance down under $500! That would bring your debt ratio down. This dramatically increases your credit if you do this with all your cards. 3) Don't ever pay off a card and then close the account!!!! If you pay off the card the account becomes current i.e. GOOD ACCOUNT....then if you close it all that goes bye bye!! Keep the account open and cut up the cards. You will eventually forget the card is there and it will stay as a good account on your credit. 4)People say they cant afford to pay off there credit cards because they have a bill due....well use the money to pay off your card first and then use the card to pay your bill. The money doesnt disappear once it goes to the credit card company...its still your money. Your card is paid off, then you pay your bill with the card, so your bill is paid. And both accounts are up-to-date. You know have a balance on your card but no late fees or higher interest rate because you paid it on time!!!
4. As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don't have a lot of opportunity now as it stands, but that's not to say there isn't hope. First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won't take as long so focus on that for now. Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- : # Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.) # Never Miss a Payment, Starting Today # Never use more than 20% of your Available Credit # Keep Credit Cards that Have No Annual Fees Open For as Long as Possible # Extend Your Credit Limit on Cards You Already Have before You Get New Ones # Get Credit Cards that Have CashBack Rewards to Contribute to your Balance # Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- # If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan # Take out a Small Personal Loan and Repay it Over a Year # Ask Someone With Good Credit if They will Account Shadow you Read more here: 10-Ways to Boost Your MyFico Score http://millionster.com/articles/debt/increase-fico-credit-score/ When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: 35% - Payment History 30% - Credit to Debt Ratio 15% - Credit History 10% - New Credit 10% - Credit Types in Use If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score