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I am worried about my current credit score please advise

I am looking into purchasing a home. I obviously will need a mortgage, and am looking at FHA home loan. My current credit score is right around the 620 mark, the minimum for an FHA as i Understand. If I begin negotiations with a lender and they need to run my credit, will this negatively impact my score enough to cause me to be unqualified? by brianmc2950 from Scottsdale, Arizona. Jun 24th 2010 Reply


Nic Netherton (ColoradoLender)
#17 ranked lender in Colorado - 57 contributions

As long as the inquiries are all recognized as mortgage inquiries they will only impact your score as one. Let me know if you need a good referral for a loan officer in Arizona. Email at netherton@nc-mc if interested.Best of luck.

Jun 24th 2010
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Akali Dennie (adennie)
#55 ranked lender in Florida - 196 contributions

Hello Brian. The most IMPORTANT thing would be for you to get approved NOW since the approval is good for 90 days. In that time, DO NOT do anything credit related. ie...run more credit reports, take out new debt, run up credit card bills etc. We are National Direct Lenders and I would be happy to get you approved TONIGHT. adennie@fmbranch.com

Jun 25th 2010
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Gerald Sajor (Gerald Sajor)
#14 ranked lender in Arizona - 5 contributions

Hi Brian,Thank you for your question. Yes, you are correct that 620 is the minimum credit score that most lenders require for an FHA home loan. However, if you're shopping for a mortgage loan, then it will not negatively impact your credit score especially if you're shopping within a short period of time.Please let me know if we can be of assistance. Have a great day!Thank you,Shawn SajorExecutive Vice President GS Capital LendingAZMB# 0910135633 E Ray Road, Suite 135Gilbert, AZ 85296Office (480) 699-8813Fax (480) 899-1028Email: shawnsajor@gscapitallending.comWebsite: www.gscapitallending.com

Jun 24th 2010
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