My FICO score is near 780 in all 3 agencies. Is that good?
I forgot what the scale is. I have not checked on the score for about 3 months. How often should I look up the score? How high does it have to be to purchase a house?
A FICO score of 780 is great and would be one factor that qualifies you for a loan home. The other (and more important) factors are your income, amount you have saved up for a down payment, amount of current debt, and the value of the home you want to buy.
You don't need to check your credit more than twice a year. Unless you notice suspicious activity on your accounts or have had your wallet or other personal information stolen, twice a year is plenty.
You will most likely qualify for a mortgage if you have 20% of the purchase price as a down payment and if you've had steady employment for the last two years. Also, you will have to be able to prove your income amount by submitting paystubs or tax returns. The monthly house payment should not be more than 25% of your monthly income and your total debt payments (including mortgage) should not be more than 32%.
I've given you very conservative conditions. If you're serious about buying a house, consult a local lender. They will have more specific details.
A FICO score of 780 is very good. I believe the avg. is 625, so your score is very good.
You should look up your score as much as possible. I have a free access to FICO thru my WAMU credit card.
There is no set limit in regards to getting a morgage, it has a lot to do with credit limits as well. A good score, and consistly payin off your balances will help you get a morgage. Also, the length you had your card helps, as you are more established.
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A FICO score of 780 is great and would be one factor that qualifies you for a loan home. The other (and more important) factors are your income, amount you have saved up for a down payment, amount of current debt, and the value of the home you want to buy.
You don't need to check your credit more than twice a year. Unless you notice suspicious activity on your accounts or have had your wallet or other personal information stolen, twice a year is plenty.
You will most likely qualify for a mortgage if you have 20% of the purchase price as a down payment and if you've had steady employment for the last two years. Also, you will have to be able to prove your income amount by submitting paystubs or tax returns. The monthly house payment should not be more than 25% of your monthly income and your total debt payments (including mortgage) should not be more than 32%.
I've given you very conservative conditions. If you're serious about buying a house, consult a local lender. They will have more specific details.
References :
You have a very good score. The scale starts at 300 and ends at 850. You should not have any problem in purchasing a home what-so-ever.
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