Mortgage interest rate on 747 vs 773 credit score?

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Hepsta
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Mortgage interest rate on 747 vs 773 credit score?

Postby Hepsta » Sun Jun 03, 2012 2:41 pm

Hello Forum Friends,

First I want to thank some posters for helping me increase my credit number and advice on additional cards. I now have my Discover More, Capital One Venture Visa, and Citi Platinum Select Mastercard. I have worked diligently the past 6 months to improve my credit because I want to purchase my first home.

My credit moved up from 680 to 730 to 750...and finally this morning my last and only negative account was erased from my history bringing my current Experian score to 773. I am very happy that I have no negative account history and have been able to tie up and control my past carelessness when it came to managing my one credit card as a mid-20 year old.

My question is this. I was pre-approved for a home loan of $156,000 from Bank of America at a 4% 30 year fixed with a 4.066% APR while I had the 747 credit score.
My loan is now on the underwriter's desk and I should know in the next couple days if I have received the loan. I have put $39k down (20%) and the home sale price is $195,000.

Should I send an updated credit report to the BofA processor showing my increase in credit score over the weekend? Will a jump from 747 to 773 help me get the loan, even though it is only one of many considerations? Will it possibly get me a lower APR? My loan officer is on vacation this next week so wanted to run this by any of your with experience.

Thanks again, and best regards,

Hepsta
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Postby Money card » Sun Jun 03, 2012 8:48 pm

If I were you, I would go to the bank and tell the loan officer what you told us. Let him decide if he needs to see an updated copy of your credit report.

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Mon Jun 04, 2012 12:22 pm

It's doubtful that you will get a better rate, but it doesn't hurt to ask. Usually 740+ is all the same for rates. Although in some cases, the higher the credit score the less down payment you have to put down.
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Hepsta
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Postby Hepsta » Thu Jun 07, 2012 1:46 pm

Thank you Money and Platinum. I asked my bank loan officer and they said it wasn't necessary right now because the 750 gave a conditional approval when first ran, no need to---if the underwriter finds anything that cautions an approvals we can always add that in.

The increase also will not affect my APR % with BofA.

My loan was approved as of today and I'll be a first-time home owner. Really excited. This would not have been possible, at least at the favorable conditions I received if I hadn't improved my credit score the past 8 months! 680 October 2011 to 773 June 2012 (Experian).

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Capital One Venture - $7.5k Mar 2012
Citi Platinum Select - $500 Mar 2012
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Discover More. 10k (01/01)

Bank Americard Cash Rewards MC 10k 12/12

Capital One Venture Visa. 7.5k (03/12)

Chase Freedom Visa 6k (5/12)
MC Citi Platinum Select. 500 [I]03/12


RTG GE 3.5k 07/12



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