I have to renew my mortgage in 5 months. My credit score is 692. I owed around 30,000 in credit debt . Last week my brother paid all the money he took it from my cards and I was able to pay off 90% of the debt.
I have a clean credit history and all the payments were made on time.
What is a decent credit score and what are the ways for me to bring it up?
Thanks
Sam
Location: carl sagan's universe
Posted on: 02-02-08 08:30:24
692 is a very good score. Anything above 680 will get you what you want basically within reason.
With a score of 692 I wouldn't lose any sleep over it.
Is this your score after paying down your $30,000 debt or before?
I imagine it's before as your bro paid off the debt last week.
If you check a month or so (maybe even 60 days)later after all the postings have been reported your score should be higher
Location: Toronto (416-7305795)
Posted on: 02-02-08 16:10:34
Quote:
Originally posted by sameer03
I have to renew my mortgage in 5 months. My credit score is 692. I owed around 30,000 in credit debt . Last week my brother paid all the money he took it from my cards and I was able to pay off 90% of the debt.
I have a clean credit history and all the payments were made on time.
What is a decent credit score and what are the ways for me to bring it up?
Thanks
Sam
HI Sam:
When it comes to renewal of your mortgage,credit score ( Beacon Score) is of less significance,although it is important .
What the lender verifies is how you have paid your existing mortgage,whether you have any missed payment or delayed payment etc.
And if you are renewing with the same Financial Institution it's much simpler pro gramme- often termed as Brand to Brand.
During renewal you also have an opportunity to refinance your debts at a lower interest cost if you wish.
Discuss with your Banker and they would guide you the best.
Hope this helps.
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