Profile picture for lamigra

most important for mortgage loan approval? high credit score or long history?

Hello, can some one advise me what is more important in securing a mortgage loan either an acceptable credit score 690 and or up to 1year plus positive credit history with atleast 3 credit tradelines? Discharged bk7 (02/2006)
i am looking to be in the market to buy a home within a year or 2 but only have 2 secured  credit cards 500 max and a 8k car installment loans. will have 100k avakl funds for downpayment soon but wanted to know what else shpuld i do to guaranteeda loan 
  • September 01 2012 - Orlando
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Answers (2)

Best Answer

It depends on what type of financing you use.  Based on your down payment, and your credit score, you would most likely be using conventional financing, in which case I would recommend trying to get your score over a 720, which will help your rate.  You are not too far away, so you just need to make sure you keep your balances low, less than half of the total credit line, always make your payments on time or early, make more than the minimum payment, keep a small revolving balance, and perhaps open up 1 more revolving credit line, but again, maintain a low credit limit to balance ratio with a small, revolving balance.  
  • September 01 2012
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Profile picture for Ofe Polack
I suggest that you talk with at least two mortgage brokers, who can look in detail at your financial profile and recommend what you need to do to accomplish your goal.  The best of luck, when you are ready!  
  • September 01 2012
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