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Credit score needed to buy a house and car
Posted on 10/19/14 at 9:52 am
Posted on 10/19/14 at 9:52 am
What's the minimum score to have to buy a house and what's the minimum score to buy a car?
5
Posted on 10/19/14 at 10:09 am to TechDawg2007
There's no "minimum" necessarily.
Your score will affect your interest rate. Your debt to income ratio and your income will affect getting a loan or not. Are you putting money down? There's more to it than just a score.
Your score will affect your interest rate. Your debt to income ratio and your income will affect getting a loan or not. Are you putting money down? There's more to it than just a score.
Posted on 10/19/14 at 10:27 am to TechDawg2007
quote:
What's the minimum score to have to buy a house
I've heard you won't get a look under 640, but not 100% sure on that.
quote:
what's the minimum score to buy a car?
I really don't think there is one on this end. I've read about people in the 500's getting auto loans, of course, the rates were ridiculous.
Posted on 10/19/14 at 12:46 pm to Lsut81
I have a 760 score age 26 and I Bought a used car with 30k miles for 2.1 % ..
I have co workers with scores in th 500s with interest on cars at 18 % and up .
Bottom line , pay your shite on time !
I have co workers with scores in th 500s with interest on cars at 18 % and up .
Bottom line , pay your shite on time !
Posted on 10/19/14 at 3:09 pm to BearCrocs
Anything above 675 and you should be "ok"
Posted on 10/19/14 at 3:38 pm to TechDawg2007
One million
Posted on 10/20/14 at 9:44 am to Lsut81
quote:
I've heard you won't get a look under 640, but not 100% sure on that.
Depends on the lender. You can get financing at almost ant credit score. However, the rate will reflect the risk associated with that score.
Posted on 10/20/14 at 11:22 am to TechDawg2007
620 for FHA, 640 for Conventional Mortgage
You can get an auto loan with any credit score, but interest rates vary.
For example, Nissan will give you promotional rates with a 620, but Ford you need a 640. Honda will finance you at 580 in the 8% range. Credit unions will give you a good rate on a used car with a 600.
You can get an auto loan with any credit score, but interest rates vary.
For example, Nissan will give you promotional rates with a 620, but Ford you need a 640. Honda will finance you at 580 in the 8% range. Credit unions will give you a good rate on a used car with a 600.
Posted on 10/22/14 at 4:29 pm to TechDawg2007
Posted on 10/22/14 at 4:33 pm to anc
quote:
620 for FHA, 640 for Conventional Mortgage
I don't want to even know what the interest rate would be with that score relative to a good credit score.
Posted on 10/22/14 at 4:40 pm to Teddy Ruxpin
I have north of a 770 and just had a lender want me to have a cosigner because I have never purchased a home or car previously (only have a revolving line of credit). I eventually got them to back off the cosign requirement and currently am approved at 1.99%.
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