Is a credit score of 715 good or bad and do you think i would be able to get a good mortgage loan?

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8 Comments
  1. Reply
    KDoll
    February 3, 2011 at 10:50 pm

    Yes, it is fairly good. Credit scores go from low 600’s to 850. The higher the score the more money you save in interest.

  2. Reply
    iceman
    February 3, 2011 at 11:26 pm

    Yes its good. You can qualify for “prime” loans with scores over 650 in most cases. To get the best rates you are going to be right about in the edge. But yes, its a well above average score.

  3. Reply
    JenJen
    February 3, 2011 at 11:30 pm

    you will definately get a good interest rate, your credit is good

  4. Reply
    The Smile Says it All...
    February 3, 2011 at 11:56 pm

    i have a 690 and that is really good considering we a credit card…a 720 is perfect..

  5. Reply
    Denise T
    February 4, 2011 at 12:14 am

    It’s pretty good, but not quite excellent. Your best bet is to go to a portfolio lender, such as Washington Mutual, who could give you their best rate.

    A portfolio lender lends their own money, versus a mortgage broker, who sells your loan to a third party. Since a broker is not loaning his own money, he has tigher rules on what he can do for you. The portfolio lender can look at your history and project that in the future your rating will likely be higher, and you are a good bet.

  6. Reply
    spifiman1
    February 4, 2011 at 12:24 am

    Yes, a 715 score is good. But do not take for granted that just because you have a good score you have good credit. Score is based on the following:

    1. Payment history 35%
    2. Time in bureau 15%
    3. New credit 10%
    4. Type of credit used 10%
    5. Debt to income ratio 30%

    I have seen many times someone with a 700+ score that could not purchase a vehicle because their score was based on 1 credit card with a $ 500.00 balance paid 25 times as agreed and a couple of student loans.

    Banks look at everything, how much you are borrowing in relationship to what the home appraises for, how long are you borrowing the money for, how much are you putting down, how long have you been at your job, how much money do you make. It’s a whole lot more than just score.

  7. Reply
    Smoovy Loco
    February 4, 2011 at 1:12 am

    Let me first say, congratulations for having an outstanding score. Most lenders will definitely take that into consideration. One thing that might help you get a good mortgage loan is having a supplemental BPS (Bill Payment Score) through PRBC. PRBC is a reporting agency that acts like the “big 3” bureaus only they report recurring payments made, current and historical. Under the FCRA you can have this score taken into consideration when you’re applying for credit. How it works it that you can sign up for free, obtain documentation to verify payments that you’ve made (i.e. car payment, rent, utilities, day care, insurance, etc) There’s too much information for me to tell it all on here, so I’ll just provide a link where you can research it yourself.

  8. Reply
    nj2pa2nc
    February 4, 2011 at 1:28 am

    it is good, excellant is 750 and above.

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