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Is credit score of 719 as good as 720?

I know 720 credit is gold and gets you best rates. Is 719 the same? or does it have to be 720 and above? by Sloane_334_646 from Phoenix, Arizona. Feb 1st 2012 Reply


Fernando Albarran (fernando)
#56 ranked lender in Arizona - 26 contributions

It depends on the program. What we do is work with our clients to help them get their scores up that extra point to render the best results.

Feb 1st 2012
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Brian Turner (bturner@bankingunusual.com)
#39 ranked lender in Kansas - 9 contributions

It depends on all the different variables... but once you hit the 720 score it can allow you better rates... not by much but it can

Feb 1st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Hey Sloane.. both scores are good scores, howerver some lenders offer better pricing on 720 or above.. WilliamAcres.com

Feb 1st 2012
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

In morst cases that 1 point difference will be the difference between receiving rates in the "third best ier" versus the "second best tier". The best tier would be 740+

Feb 1st 2012
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Sandy McKee (smckee)
#40 ranked lender in Arizona - 23 contributions

The answer is, it depends. On an FHA or VA loan you are probably not going to see an adjustment in rates below 740 but on a conventional you might see a small adjustment. The best thing to do is to run a credit analysis prior to doing anything to see where you stand and where you can improve. For example, we provide a free plan that will tell you specifically what to do and how many points you stand to gain. Please feel free to call me with questions. Thanks and good luck! Sandy520-907-3225

Feb 1st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,242 contributions

It depends on the loan program, with some programs the 720 would get you a better rate.

Feb 1st 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Hi Sloane, the answer in serveral cases is no, as lenders have LLPA's loan level pricing adjustments and they usually run like 740+, 739-720, 719-700, 699-680 and so on. So rates are adjusted very slightly for each tier. Also if you had to put PMI on your loan due to an LTV over 80% 720 allows a max of 90% as 740 would let you go to 95%....

Feb 1st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

No, 719 is not as good as 720. Yes, a 720 is just as good as a 719. The correct answer has to do with the loan product you are looking for. For a VA or FHA loan, you don't get anything extra for a 720, but you don't lose anything for having a 719. In the conforming loan products, lender overlays or pricing adjustments usually split at 720 and above. This can mean that a loan with a 719 score can cost you a little more than the same loan with a 720 score. There are too many factors that determine how much more to discuss in this reply, and there are potentially many things you can do to goose your score up that one extra point nd save a few bucks. Best advise is to work with a local Mortgage Banker/Broker rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation, including what you can do to bump your score. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 1st 2012
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