Typical minimum FICO scores and Tips to Increase your Score

Typical minimum FICO scores by mortgage

  • FHA Loan – 580+ credit score (500-579 score is possible but unlikely)
  • VA Loan – 620+ credit score (may vary )
  • USDA Loan – 640+ credit score
  • FHA 203K Loan – 640+ credit score
  • Conventional Loan – 640+ credit score

There are a few reputable websites that give you all three credit reports and scores absolutely free. These companies even have an app that will alert you when something on your credit profile changes also check with your bank, they may have a free credit check system in place.

  • WalletHub
  • Credit Sesame
  • Credit Karma

Tips to increase your credit score quickly:

  • Pay down your credit card balances, but don’t close them
  • Pay for a delete; a pay for delete is an agreement that you agree to pay the balance and in return the creditor agrees to remove the account from your credit report. If a creditor will not agree to this, there is no reason to pay off collections unless your lender tells you to.
  • Become an Authorized User, If you have a family member or close friend with a credit card, that pays their balance off and on time on a monthly basis.
  • Make your payments on time
  • Avoid 30 day lates
  • Open a New Credit Card account, use for small purchases only and pay the balance off each month