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DH and I are looking to get preapproved next week when his credit card hits 1-year mark for the possible score jump. His scores are around 650 & 658 and mine are 700 & 702 (at last check). Does it even matter if we see a jump since we are above the 620 mark? I am just being impatient because I am so excited, so I would really like to go ahead and apply if it's not going to make a difference anyway.
Any thoughts?
@Anonymous wrote:DH and I are looking to get preapproved next week when his credit card hits 1-year mark for the possible score jump. His scores are around 650 & 658 and mine are 700 & 702 (at last check). Does it even matter if we see a jump since we are above the 620 mark? I am just being impatient because I am so excited, so I would really like to go ahead and apply if it's not going to make a difference anyway.
Any thoughts?
It's like a scale. The good items in your file go on one side, the bad elements in your file go on the other. If the good outweighs the bad, you get the loan. Having a higher credit score helps you get through underwriting because it could offset something weak in your file on the other side (like low reserves).
Basically, the stronger your overall file, the better your chance at being approved - so yes, it does make a difference.