Reply
Valued Member
Posts: 39
Registered: ‎11-09-2012
0

620 score exactly - what lenders.?

[ Edited ]

I had my scores pulled today & I have a 620 mid score.  I have a pre-approval through FGMC, but rate is in the 4's so I'd like to shop around.  Contacted WF & they told me they just raised requirements to 640.  Amerifirst told me they also need to see 640 - possible a 620 but didn't sound very likely.  Anyone else know of any lenders with a competitive rate at 620?

 

I do have a chance that score will be up to 640 once myvalances are updated to zero on a couple of cards....but would like some options in the meantime.


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: 620 score exactly - what lenders.?

I would wait it out till you get over 640, the trip from 620 to 640 is very quick.

New Contributor
Posts: 74
Registered: ‎06-11-2012
0

Re: 620 score exactly - what lenders.?

seconded....I sat at 639 for a few weeks, talk about nerve wracking. I'm almost to closing for on a USDA Guaranteed loan; my experience has been that you have to get to 640. My score on the loan app was 640; spouses was 700. We are locked in at 3.25%.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy
Regular Contributor
Posts: 133
Registered: ‎03-29-2009
0

Re: 620 score exactly - what lenders.?

Once you get up to 640 I would talk to a few mortgage brokers. In my experience they can help find the best rates!

Highlighted
Valued Member
Posts: 39
Registered: ‎11-09-2012
0

Re: 620 score exactly - what lenders.?

I know you guys are all right....best thing to do is wait until I'm at 640.  There is a house we love though, so I was hoping we could put in an offer while were waiting for my scores to go up, but I also don't want to get locked in to purchasing at a higher rate!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
New Contributor
Posts: 74
Registered: ‎06-11-2012
0

Re: 620 score exactly - what lenders.?

We put in an offer before my score reached 640 (it sat at 639 right up until the day it was sent to the underwriter--and then went to 640). My loan officer is amazing and did automatic rescores to get me to the 639. If you have credit card balances that are lower than what is reported, and have a loan officer worth their salt--you should be able to get the auto rescore. Once she pulled my credit report, she was able to tell me exactly what to do to get to 640.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy
Valued Member
Posts: 39
Registered: ‎11-09-2012
0

Re: 620 score exactly - what lenders.?

Thanks Hopeful - what Lender did you go through?


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
New Contributor
Posts: 74
Registered: ‎06-11-2012
0

Re: 620 score exactly - what lenders.?

I'm in Ohio and our lender is American Mortgage Service Co.. Good luck Smiley Happy

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: 620 score exactly - what lenders.?

I would find a broker now and have him run you thru DU and see what options you have. You might be much closer then you think, dont wait to talk to the bank.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.