Question:

Is 620 credit score good and if I have 650 credit score, can I get a better loan?

Answer:

A 620 credit score and up to 650 credit score or even 660 is considered a good score. If you applied with a 620 score and got rejected, a 650 credit score now will probably get you qualified. A score above 680 will probably qualify you for any loan you may think of. Once you get above 700, lenders won't even care what exactly your credit score is.

As for the difference between 620 and 650, it depends on the type of loan program you are qualifying. Under FHA or VA, 620 or 650 does not make a big difference. However, in subprime loans rates may change significantly down, since they are basically score driven.

If you already have a mortgage with your 620 credit score, it makes sense to refinance it as a 650 score will give you access to better rates. If you find a loan program significantly below the rates you have, and you qualify with a 650, refinancing may be the way to go.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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