If you’re like most people buying a home for sale in Tampa Bay, you know that it’s important to have a decent credit score – but how good does your credit have to be to buy a house?
What is a Good Credit Score?
Most credit scores fall between 350 and 850, with 350 being on the low end. While different lenders may vary a bit, here’s what the ranges look like:
- Excellent credit: 750+
- Good credit:700-749
- Fair credit:650-699
- Poor credit:600-649
- Bad credit:below 600
All lenders have their own definitions of what is a good credit score, which means your experience may vary from one lender to the next. Some may approve mortgages for people who have credit scores of 680 or higher, while others only work with people with scores of 700 and up. Typically, though, the lower your credit score is, the higher your interest rate will be.
To make things a little more confusing, there are major credit scoring models that look like this:
- FICO Score range:300-850
- VantageScore 3.0 range:300–850
- VantageScore scale (versions 1.0 and 2.0): 501–990
- Experian’s PLUS Score: 330-830
- TransUnion New Account Score 2.0:300-850
- Equifax Credit Score: 280–850
Are You Buying a Home in Tampa Bay?
If you’re thinking about buying a home in Tampa Bay, call us at 813-961-6000. In the meantime, check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
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- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000