Is credit score a big factor in your first investment purchase?

[Ana Masifilo]

Hi everyone 👋🏻

I have been working on my personal finances lately, and I have consolidated some credit card debt within the past couple months. I still have two credit cards pending that’s scheduled to be paid off at the end of March. With what I’ve paid off so far, I was hoping my credit score would Sky rocket, but sadly the increase to my credit score was subtle. (+21 points)

Would it be best to have a credit score at 800+ with a low debt to income ratio and apply for a FHA loan OR apply for a FHA loan with my credit score as is and still have a low debt to income ratio (I still plan to pay off the last two credit cards) Also, my current credit score is in the early 700's.

I am looking to make a purchase for my first income property within the year (by January) either long distance or within Sacramento, CA.

Thank you all in advance!