Profile picture for heatherj ross

I rent now. I just got a car and my credit score was 600, should i wait to buy?

Would i qualify for a loan at that low of a score?
  • February 02 - Columbus
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Answers (8)

This is a question where you need to call and talk to the right people. If you are looking to buy in the columbus area I would love working with you and helping you out. Feel free to grab my contact info in my profile.
  • February 19
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Profile picture for gator70
Be careful, credit scores for car loans is not the same. They use another rating system.
  • February 05
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Your credit score is acceptable for a mortgage! The lowest credit scores lenders like myself are able to do, is a score of 580. Since your scores are above 580, then you should be good to go when it comes to credit. Also there are other financial factors that would need to be analyzed include your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • February 05
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Profile picture for Ofe Polack
The credit score by itself is not totally descriptive of your ability to buy a home.  I suggest that if you are interested in purchasing a property, you should talk with at least two mortgage brokers who will research your financial profile and advise you.  The important part is the ration between what you earn and where the money is spent.  Hope you can find a property in the near future, until then, enjoy your new car! 
  • February 03
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You have received some great advice and it's tougher to get a great loan and rate at your current credit score and also a loan officer looks at your debt to income ratio as well. Which means you must have more coming in than going out. I have had several of my clients speak with my loan officer to provide free advice and suggestions on what they need to do and time frame to raise their credit score, sometimes it may only take a few months to get to this point. [self promotion and contact information deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 03
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Hi Heather, while in terms of lending the higher your score the better the options and costs, it is possible with your current score. The overall profile of the person(s) applying that is heavily considered, not just a score. If you have add'l questions or would like to research this further, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.
  • February 03
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With a credit score of 600, you CAN get a loan, but in general I wouldn't recommend it.

The main problem with your score is you won't have the best options when it comes to the loan.  FHA is the only loan that will allow a 600 and unfortunately what used to be a great, inexpensive loan has become a very expensive product due to massive increases in the FHA required mortgage insurance premiums.

Personally, I would wait until you can boost your score and build up some savings.
  • February 02
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Profile picture for wetdawgs
You may qualify for a loan (though not guaranteed), but with the debt added by car purchase will you qualify for a loan of the amount you wish?   have you  saved up down payment, closing costs and slush fund?
  • February 02
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