Understanding FICO® Scoring

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cba
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cba
Posts: 2
Registered: ‎07-16-2007

credit score

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‎07-16-2007 12:50 PM

I believe my credit score is probably low.  All my credit cards are maxed out.  I am considering selling my house and purchasing a much cheaper one.  What are my chances of getting a mortgage?
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Super Contributor
MidnightVoice
Posts: 8,091
Registered: ‎03-25-2007

Re: credit score

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‎07-16-2007 12:54 PM


cba wrote:
I believe my credit score is probably low.  All my credit cards are maxed out.  I am considering selling my house and purchasing a much cheaper one.  What are my chances of getting a mortgage?

The very first thing it tp pull all 3 credit reports and scores, (for you and DW/DH if applicable) and see exactly where you are.
 
You can get one free CR from each agency every year, but it does not have your score, and you need your score
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
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ilovepizza
Posts: 3,071
Registered: ‎05-17-2007

Re: credit score

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‎07-16-2007 06:22 PM - edited ‎07-16-2007 06:25 PM

As long as you are not late, once you pay back your credit cards, score goes WAY UP right after you pay off your CCs!!! But if you intend to buy a house right away with out paying off debt from the sale of your house, I would discuss this with your mortgage broker. Low credit scores alone will not kill a mortgage opp. Being late, missing payments, this will effect it.

Message Edited by ilovepizza on 07-16-2007 06:25 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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