Hi and thanks in advance! I’ve been working on my credit scores after making some bad financial decisions. I have resolved most of the issues and now my score is jumping up each month by 20+ points. Should I wait longer to buy when my score gets up and over a certain number?
A score of 640 is not too low to get a mortgage. Although, it will affect the interest rate you are quoted. Most lenders will quote a rate based on a range of credit scores, such as 620-639 / 640-659 / 660-679 and upwards. In other words, your rate quote will be much better the higher your scores are. However, be careful not to have your credit report run too often because each time it’s run, you will take a small hit to your score. If you are using a credit monitoring service, wait until you see the score level off and then allow your credit report to be run by a lender.