what should be my score to get under 6% mortgage loans

[Anonymous]

I just ran myfico score report and my score with Equifax came to 611 (not sure what score will be for Exp and TU). What score should I set as my target to get <=6% rates? I have ch7 discharged two years ago and some accounts as duplicates, some being reported as derogatory and some charge offs. Any adivse is highly appreciated.

[Anonymous]

A month ago I checked my FICO (mid) score was 726, thru www.lendingtree.com which I can get a $200,000 loan for 15Yr Fixed rate at 5.25% with one point to buy down the int. rate, with NO Doc. and total closing cost is $4323.00 (incl. the one point)

But Now my FICO score drops to 716, which is below 720 mark, then I have to go thru Full Doc. processing the loan, only 4 points away from 720, why is so much different ??? and does anybody know how often do they update the FICO score ??? Daily, Weekly, Monthly ???  

If you need the loan you may check with Jason 800-467-9771 x 311 to get you better int. rate. 

[Anonymous]

The way rates are today, getting below a 6% rate is going to be challenging regardless of credit score. Generally though, you are looking at at least a 660 to qualify for the short term ARM programs with those low rates.

[Anonymous]

My TU changes at the end of the month.

[smallfry]

I would be very careful about taking out an ARM now. IF you are dead set about buying the house get a fixed rate mortgage. If you can't afford the fixed it is probable that you can't afford that house.

[Anonymous]

I don't know if it is because of studies and statistical info but I noticed that the int rates and terms of those loans always does things by intervals of 20. So when you went from the mid score of 720 to 716 you "switched" categories. From what I have seen FICO scores can change anytime based on creditor updates, aging, history, etc. Even after that it is still when the bureau updates. I had one creditor tell me they update monthly after my statement cuts. I noticed it showed up approx a week later on the credit report and I got a alert from myfico because I had a balance increase of more than $5. I think it can be hit or miss. Some creditors for whatever reason update quarterly. Hope this helps. Also, if you have scorewatch it can be set to when you reach a better interest rate, pretty cool.

[Anonymous]

On myfico I believe you have to set to 760 and above. Not sure how often it changes but you can check that on the home page of myfico towards the bottom.