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Fico Score of 580

Date: Tue, 09/28/2010 - 16:06
Submitted by on Tue, 09/28/2010 - 16:06
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I have been working with a person at Bank of America. She said she could get me a home finance with a median score of 580 since I had good rental history and no negatives in the last 8 months. I am working for 9 months now, and was hopeful this woudn't be just a dream.

She pulled my scores, which are different than what I get from Truecredit, Experian, Equifax and MyFico. She said I had one that was over 600. But I dont see that on anything I review.

So my question is, can I get a home loan with this score? I don't have any negative information for the last 8 months. Another question is, why did the person at the bank said that I have a score of above 600 but I can't find?


The 3 credit bureaus (Experian, TransUnion and Equifax) use different methods to formulate credit scores. That is why each credit bureau may show you different scores. As far as qualifying for a mortgage is concerned, it depends on the type of mortgage you want to take out. You may qualify for a FHA loan with a credit score of 580. Since you don't have negative information for last months, it may help you to qualify for the loan. However, you will need to fulfill the other FHA loan requirements.

If you want to qualify for conventional loans, you'll need to have a credit score between 700-720. Since, your credit score is much below than that, you won't qualify for a conventional loan.


Submitted by Good Nelly on Wed, 10/13/2010 - 04:06

Good Nelly

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