What is ideal credit score to buy home?

[Anonymous]

My current scores:

EQ: 758

EX: 757

TU: 749

I want to purchase a home late next year. What score should I strive for to get the best interest rate possible?  I have zero negative items on my report.

[Anonymous]

The higher the better.  But your acores are still good now to get you good rates.

[Thomas_Thumb]

---

@Anonymous wrote:

My current scores:

EQ: 758

EX: 757

TU: 749

I want to purchase a home late next year. What score should I strive for to get the best interest rate possible?  I have zero negative items on my report.

---

A good goal would be 780. Typically best rates are available for scores over 760.

Not sure if the scores you list are Fico 08 or Fico mortgage scores which are EQ score 5 & TU score 4 (both Fico 04) and EX score 2 (Fico 98) - these are the ones you need to key in on.

At 780 you have a little buffer in the event your score drops due to some unplanned event.

[Anonymous]

The scores I listed are Fico 8.  I will purchase all FICO reports in January.  Thanks

[Credit_hawk]

You're just fine where you're at. After about 760 its totally irrelvant if your score is any higher. It just becomes bragging rights.

[Thomas_Thumb]

Incorrect statement.

Best interest rates generally require 760 + Fico mortgage scores. The majority of profiles show lower Fico mortgage scores than Fico 08 classic scores - and you do want a buffer in your score

[Anonymous]

I agree with TT that your scores are arguably a bit close, and with his observation that your mortgage scores are the ones that matter, and that yours could conceivably be significantly lower than your standard scores.

Therefore, until the house is yours, I'd avoid doing anything that has a chance of lowering your score. For example, you have several nice credit cards right now, so I would not open any more cards.  If you have no more inquiries and no more accounts, the next year will just bring you more age and more points.

[Anonymous]

I agree with those who say the higher the better to give yourself some wiggle room. I would shoot for 780-800 for Fico 8 and close to that for your mortgage scores. You have a soild basis to achieve this. 

I am very sick of seeing people say after 760 is irrelevant. Nothing is irrelevant. The higher the score the better. You may get a great rate or the best rate at 760, but anything well above that could help in other regards. Don't discount how people can help you with exceptional scores. Some doors open with exceptional scores that are not open to others. And it seems that those who don't have 760+ scores who ae the ones always proclaiming it's nothing more than bragging rights. Far be it. 

Go for the highest score you can achieve.

[Anonymous]

+1
Agreed. Mortgage inquiry, new account to AAoA, new installment at high util will all hit when the deal is closes. Then you might find that you want to remodel or update appliances. Build whenever you can.

[Credit_hawk]

Sorry if I wasn't clear. I meant 760 mortgage scores. For those of you who say that above a 760 is not irrelevant I'm not seeing what the benefit is besides a buffer. Please educate what benefit having an 800 vs a 780 would bring. This person has great scores.