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'What Credit Score Do I Need to Fix My Credit?'

  • By Credit Diva of Dallas
  • 09 Jul, 2020
  • 0 Comments

You probably hear about how important it is to check your credit score, but what does a credit score do? If you're asking yourself, "How can I fix my credit?" you're already suffering from the results of bad credit. It's a cruel reality that your credit score could actually keep you from doing some big things in life. Whether you see yourself buying a house or renting an apartment, your credit score means that lenders or leasing agents may be evaluating your financial history harshly.

  • Low credit scores can disqualify you from getting a loan for that new car or the apartment you want.
  • Even fair to good credit scores can open more financial opportunities available for pursuing the life that you want!

With that in mind, what do you need to know about your credit score numbers? Keep reading to gain some wisdom from your Divas here at Credit Diva of Dallas!

What Is a "Good" Credit Score?

Having a good credit score helps lenders feel more confident when considering you for a loan. Good credit tells them you manage your money well, pay your bills on time, and can probably handle a new car loan or monthly mortgage payment. 

When understanding credit scores:

  • A "good" score is typically between 670-739
  • "Very good" credit scores are between 740-799
  • "Exceptional" scores land between 800-850.

While a score below 670 can raise red flags for lenders or creditors, you can still qualify for some loans with poor credit. However, if you want better interest rates for the house or car of your dreams, repairing your credit can help you achieve the credit scores you need to realize that future! This is what makes asking questions like "How do I fix my credit?" so important.

What's the Best Credit Score to Buy a House?

Unless you have the cash to cover the sale price of a new home, you'll need a mortgage to buy a house. To qualify for a mortgage and purchase a home in McKinney, TX, for example, you needed a credit score minimum score of 620 before COVID-19. Now, restrictions are even tighter.

In some cases, lenders will offer a home loan to borrowers with lower credit scores. However, those loans often come with high-interest rates that can make it difficult to afford a monthly loan payment. Before applying for a mortgage, know your credit score! If you're afraid to check into these numbers yourself, you won't be prepared for what the loan officer has to offer. 

If your score needs improvement to help you qualify for better mortgage interest rates and terms, It's time to work with a professional credit repair agency to fix your credit! However, be sure you're working with someone who has your best interests at heart and is actively engaged in coaching you on how to maintain good credit habits.

Happy african couple with dealer buying car in auto show or salonWhat Score Do I Need to Buy a Car?

Is it time for a new car? You've been working hard; we know you deserve it! However, get ready to repair your credit if it's below 700, and you want a loan with the best interest rates for new wheels.

  • An auto loan officer looks for credit scores of at least 700 to offer the best financing on a new car.
  • A lower score can still get you into a vehicle, but you might have to settle for a used car—and higher interest rates.

High interest rates are one of the top reasons you might be asking, "How can I fix my credit?" Nobody wants to be saddled with a seven-year auto loan.

Adorable little boy playing with cardboard box at homeWhat Score Do I Need to Rent an Apartment or Home?

Most apartment leasing agents look for a credit score of at least 650 when considering you for an apartment. While a lower score won't necessarily keep you out of an apartment, the leasing agent can require a cosigner and first and last month's rent as a deposit to grant you a lease. 

Repairing your credit can open up more apartment options for you! You can also save some money upfront with a better score when applying for a new apartment lease. 

Don't Let Your Credit Score Keep You From Life!

If you can't qualify for the loans you need, your credit score could be keeping you from experiencing the life you want! Make checking into your credit a regular habit. Let the professional Divas at Credit Diva of Dallas help you repair your credit and—improve your credit score! Get in touch with your personal Diva to take charge of your financial future.

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