Question

Is 705 a good credit score?

I'm 22 years old, married, and have a son. Within the next year, we hope to purchase land and build a house. Pending nothing changes, is that score good enough to get a lot loan that would convert to my permanent mortgage?

6 years ago - 6 answers

Best Answer

Chosen by Asker

Credit scores are on a scale from around 300 - 850, with 850 being the highest credit score possible. The average credit score is 680, and you are above average. Your score is really good, you should be proud to be so young and have a score of 705.

6 years ago

Other Answers

Very good.

by Purple - 6 years ago

705 is pretty good! Yeah, it is enough!

by Nicole Lynn - 6 years ago

Before you apply for your mortgage do not use your credit card for 3 months. If you do, make sure that you "pre-pay" the card so that you have a credit balance on it.
This will give you the ultimate credit.
Now is a good time to order your credit reports for free - no credit card required at annual credit report . com Dispute or remove anything on the you want. They will make a decision and send you a reviewed report. Enjoy your life. And I wish you many more babies.
.

by Judy - 6 years ago

It depends on your income as well, man.. U are only 22... Unless you have a decent job that will be stable and safe.... I would not buy a house when I'm 22 with 700ish credit...my friend he got paid 6000 and his gf got 5000.. They both worked at hyatt hotel..then they bought a 400,000 house.. This year they both got fired becuz of the economy... Then... They were crying to me and nothing could help.. They wanna sell the house but nobody wanna buy.. The house only worthes 250,000now!!! What could they do! I told them just to rent a condo and prepare enough cash.......

by lexchen86 - 6 years ago

It will depend on your debt/income ratio. If you are reasonably debt free, you will, in this market have a lot better chance of getting a loan at the lowest interest rate.

Pay off all credit cards, and destroy all but the bare necessity.

You can calculate your own debt/income ratio by calculating what percentage of your income is used to make time payments. The ratio should be very low.

by Cat Lady - 6 years ago