Relationship between Credit Score and Your Vegetables!
Eat your vegetables! If you don’t eat your vegetables how can you have any desert. How can you have any desert if you do not eat your vegetables first. I Hope I didn’t lose you here.
As redundant as the above statement is. We have all heard the above statements from our parents when we were youngsters and I am sure most of us with children have also repeated the above phrase in one context or another to them.
Well, your credit is like your vegetables. It is also called FICO credit. It will determine if you are approved, how much you may be approved for, how much of a down payment you may or may not have to put down on a purchase and also determine your mortgage interest rate, which will have a direct impact on monthly payment disposable income and therefore how much you may have to spend on desert of life.
Please get at a minimum, annual copies of your credit report so you may stay on top of your credit ratings and also correct any incorrect information on your credit. Mortgage guidelines are getting tougher and tougher. While conforming loans are a lot more stricter than let’s say FHA loans, I have started seeing some lenders raising their lowest minimum credit score for FHA from what was once not an issue at all to the current credit scores of 620 and in the last few days some lenders are rising the minimum for FHA to 640 even 660
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