Asked by Mariana  |  Submitted April 21, 2017

My credit score is 594. Should I rent or buy a home now or wait to raise my score?

I'm paying off my student loans and have several credit cards.

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  Answers  |  2

April 25, 2017

Hi Mariana. Your score is right on the edge of qualifying, as FHA requires a minimum middle credit score of 580 to qualify for maximum financing. Most lenders have somewhat higher score requirements, for instance I write FHA and VA loans with scores as low as 600. It's critical to note there are MANY different scoring models, and if you got your score from a credit card company, it's highly likely it's not the same as the scores a mortgage lender would pull. Lender-pulled credit reports typically show the potential score improvement, and I find I can help most borrowers raise their scores some. For instance, I had a VA borrower with a 588 score. We got him to 602, and were able to close his loan. Hope this helps. Do you have any more questions? I write loans nationally, so feel free to contact me through my profile.

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May 12, 2017

If you want to consolidate your debt, try the free Debt Optimizer by MoneyTip. Our credit monitoring service enables you to keep track of changes in your credit reports and scores.

$commenter.renderDisplayableName() | 10.01.20 @ 22:43