Credit Score in Carson City>Question Details

Jason And Ta…, Home Buyer in Carson City, NV

I currently have a mid score of 620 for a VA loan. I have past collections years ago, what are my chances of getting approved

Asked by Jason And Tana, Carson City, NV Sat Mar 26, 2011

I have not acquired any new debt since 2007. What is in collections are old from older accounts most on the verge of being beyond the SOL for legal reprocussions. Going through credit repair and a LO is reviewing my file. I usually get turned away with having a low score but apparently it has gone up and meets the min now.

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First of all, an inquiry isn't a big deal - and any lender you work with will require that they pull your credit; it will hit your credit for about 3-5 points but it needs to be done (inquiries from multiple mortgage companies will only effect your credit score as if there were one inquiry as long as it is within a 45 day period - 30 days just to be safe).
Secondly - do not get a new credit card. New credit negatively impacts your score because there isn't an established history for that account AND you'll have another inquiry. A new account will have a negative impact to your credit score for about the first 6 months and a neutral impact for months 7-12 after which the history of the account - assuming it's good - will positively impact your score.
VA guidelines do not have credit score requirements but there are requirements regarding credit history. The investors who buy the loans have guideline overlays that often implement score requirements. 640 is quite common. It would probably be good to work on getting the score up before you secure a loan since you may otherwise have to pay for a loan-level pricing adjustment due to your lower score. I have a credit repair company That I work with who has done a good job for many of my clients. Feel free to contact me if you would like me to put you in touch with them.
0 votes Thank Flag Link Wed Apr 6, 2011
If you let any lender run your credit reports, you will show an inquiry. Not good. Have your credit reports that you obtained directly from the 3 credit bureaus, not an inquiry, and get an opinion before you sign authorization for the lender to run anything


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes Thank Flag Link Sat Apr 2, 2011
I would suggest you talk with a lender or two and get their advice on improving your credit score.

Darlene Bardsley
Broker-Agent
Coldwell Banker Best Sellers
123 W. Second Street
Carson City, NV 89703
Cell: 775-771-1380
Office: (800) 352-4452 or (775) 883-8500 - Ext. 1111
jbards1129@att.net
http://www.darlenebardsleynvhomes.com
0 votes Thank Flag Link Sat Apr 2, 2011
Why not acquire a new credit card, charge something, and pay it off. Nothing builds a credit score better than current accounts from recent credit.


David Cooper Las Vegas Foreclosure Investor in Bank Owned houses with Cash Flow. FReee List +1-7024997037 not a real estate agent Ask about limited partnerships
0 votes Thank Flag Link Thu Mar 31, 2011
The credit score quite oftendepends on the bank.. MetLife home loans is goiing as low as 620 on FHA while others are requiring 660 and 680. Talk to an experienced Realtor for a lender recommendation.
Mike Enright Valley Realty & Mgmt.
Web Reference: http://www.mikeenright.com
0 votes Thank Flag Link Sat Mar 26, 2011
As a member of the military you should check out your benefits at USAA. They also provide VA Financing.
http://www.usaa.com
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Mar 26, 2011
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