Real Estate Q&A: Bad Credit Score?

 

What's a bad credit score?




Your credit report will list your FICO score, which is what potential creditors will look at before giving you a loan. A score above 620 is considered good. A score lower than 580 will likely give you trouble when you try to get a loan without a down payment. About 35 percent of your score is based on your payment history; any old late payments (that nasty college phone bill!) will stay on your record for seven years after the original due date (this date holds even if your debt is transferred to a collection agency).

The best way to improve your score is gradually: Make all your current minimum payments on time, pay any past debts, and keep card balances under 40 percent of your credit limit. Your score improves both as debts are paid and as negative history falls off your record. To raise your score in the next few months, don’t open any new lines of credit and keep paying your loans on time.

by The Nest Editors
1/31/08

See more: buying a home, Real Estate


related content

related resources

Apartment and House Rentals

>> Village Green [Chicago]
Village Green brings you a lifestyle for rent with nearly 25 luxury apartment...

>> Parkmerced [Northern California]
Parkmerced has undergone extensive renovations with new kitchens and bathrooms...

>> Halstead At Guilford [Dc Area]
In the midst of this magnificent neighborhood setting, we have created an...

>> Presidential Towers [Chicago]
Four elegant towers occupying two city blocks, Presidential Towers is around the...

>> Halstead Tower Apartments [Dc Area]
Pure luxury! Granite countertops, hardwood floors, Berber carpets, rooftop pool...

Real Estate Agents

>> Darian Cochran - Keller Williams Realty [Dc Area]
Congratulations on your new life together! I am recently married and understand...

>> Restaino Bunbury & Associates, Realtors [Milwaukee]
Your trusted homepurchase advisor, Shannon has her finger on the pulse of real...

>> Open House Lane [Baltimore]
Visit Open House Lane for open houses in your area. We've made a commitment to...

>> Keller Williams American Premier Realty -- Deanna Zaganas [Baltimore]
As your 'Recipe' Realtor, I know what's 'cooking' in area neighborhoods! Wheneve...

>> Coldwell Banker Bain - Galya Itkin Kirstine [Seattle]
Congratulations on your wedding! Having just been married, I know the joyand the...

>> See resources in another market

related discussions

>> Extra costs for moving into a new construction?
Posted by: Jennylea525 5/8/2008

>> Did you include a letter with your offer?
Posted by: PhDIBe 5/8/2008

>> What are the average home prices in your area?
Posted by: BrownLatinMami 5/7/2008

best of the nest

25 beautiful bathrooms
Submit your decor photos!

Eco chic
Effortless ways to go green

Organize your life!
Download our checklists