Credit Score in Plano>Question Details

Anja, Home Buyer in 75024

I need help!! My husband and I are looking to buy a house next year and I am really concerned about my credit. My senior year of college I maxed out

Asked by Anja, 75024 Wed Mar 24, 2010

my credit card and didn't bother making any payments (I know, totally stupid). I paid it all off three years ago.
I believe my husband's credit is pretty good and we've been making all of our payments on time. We have no debt, therefore, carry a zero-balance on our credit cards.
I keep thinking we'll never qualify for a loan because of my low credit score. What would be our options? We just feel like we're throwing away our money, paying $1,000 a month for an apartment in Plano.

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Answers

18
Good morning Anja,

First step:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today.

If your credit is less then outstanding here are some steps to help fix your credit:

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Tue Apr 23, 2013
Anja:

My company offers guaranteed credit score improvement services.

Best of Luck;

Christina Solorzano,
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue Apr 23, 2013
Hi Anja,

Please call me soon, I can refer you to a company that will work with you to improve your credit score for free. I agree with you as far as throwing your money away by renting.

Thanks,

Mario Rios, Realtor
Global Realty
214-202-8415
0 votes Thank Flag Link Sun Apr 21, 2013
I wonder how things went for Anja......
This is 3yrs old.
0 votes Thank Flag Link Sat Apr 13, 2013
Anja:

You can look at your credit scores for free (no credit card needed, no first month trial) by going to:

http://www.creditcarma.com (Trans Union Score)

http://www.creditsesame.com (Experian Score)

Unfortunately Equifax hasn't joined the free party yet...

If you need help boosting your scores, this is something my company offers.

Best of Luck;

Christina Solorzano;
Everlasting Credit Repair
0 votes Thank Flag Link Sat Apr 13, 2013
Dear Anja

its not true , if you do not have debt you are much better off than having many open line of credit

We have a great loan officer in our office that can help you to improve and qualify for loan

our service is free for you , we get paid by seller


please contact me at
http://www.johnhamidi.kwrealty.com


or
469-252-4677



Thanks
0 votes Thank Flag Link Mon Apr 1, 2013
I would pull your scores from http://www.myfico.com and pay to see the fico score! Then you know exactly where you stand it isn't so expensive and it is pretty quick to get the answer. If there is something on there that shouldn't be you can easily work for free to get it fixed. (There are books in the library that explain how easy this is and we are actually having a speaker come by the office in April for a current version of how to do this all for FREE. If you want more info. Shoot me an e-mail and I would be happy to share my notes or even invite you to join us that day. It is a Thursday in the morning but, I will have to check the dates. Tommorrow? ) It is probably not a huge issue by now but, you need and want to know! In the future you will probably keep a better watch on the finance issues so that you can maneuver when you choose to do so. Just a part of that getting older and wiser thing.
I have lender friends who would do the Fico check for you if that is of interest. Let me know how we can help.
I too live in Plano and work in the area. Office is in Richardson but, I'm pretty technical so can work from almost anywhere.
0 votes Thank Flag Link Tue Mar 30, 2010
Generally speaking; you should be ok.

Best thing for you to do is to start working with on a pre approval with a competent banker, and see exactly where you stand.

If there are still some issues you can start addressing it ahead of time. There are first time homebuyer programs you can take advantage of.

Let me know if I can help.
0 votes Thank Flag Link Thu Mar 25, 2010
This is totally different than I think what you will get from others, but here is my recommendation. Go to
http://www.daveramsey.com/ and sign up for Financial Peace University. It will really give you great insight to start into your first home. The fact that you are debt free is FABULOUS. Stay that way. Also, do not fall for "clean your credit" scams. This is a 40 BILLION dollar a year industry now and is a scam. However, you can go to Transunion, Equifax and Experian free once a year and get your credit report. Now, check this out, if you see anything that is incorrect, you send them a letter, certified return receipt, telling them to correct it. Don't have to say what is wrong, just to correct it and.. that they have 30 days from date of receipt of your letter to get your proof that they have corrected it. (That is a federal law by the way, I'm not making this up. )
NOT info is in the mail, NOT we are trying etc, BY LAW they have 30 days to correct it. So, they will send the company reporting a letter that they now have to respond to your challenge. IF THEY DO NOT GET A RESPONSE IN 30 DAYS THEY HAVE TO REMOVE IT FROM YOUR REPORT. Now, if the lender does get back to them and says the report is correct, then you have to take it up with the lender.

Anyway, I didn't make this up. I am a Dave Ramsey fan and this info about how to clean your credit came from, you guessed it, Dave Ramsey Financial Peace University.

Try it.

Best wishes to you!
Helen
0 votes Thank Flag Link Thu Mar 25, 2010
Anja,
From the responses below, you have gotten some good information. Here are the steps you should take now:

1. Call a mortgage professional. Get your credit score and find out if you qualify. If you don't qualify, they will advise you on what can be done to get you where you need to be. If you do qualify, they will tell you how much home you can afford and help you determine your price range based on what you feel comfortable with for your monthly payments. A mortgage professional will also help you understand how much cash you will need for a down payment and closing costs.

2. If you are not qualified for a loan at this time, work with the mortgage company to get everything in line and then proceed to step #3.

3. If you are qualified, contact a Realtor that you feel comfortable with that you can trust. There is no cost to you as a buyer to have a Realtor represent you - and your agent will help you with all aspects of buying a home (which is quite a process to go through).

Your Realtor can begin sending you emails of homes available for sale that meet your needs. They can take you to personally tour homes. They will help you negotiate the sales price, get a home inspection, process the contract and other paperwork, and get you to the closing table where you will get the keys to your new home.

As stated below - if you are qualified, it would be great to purchase by the end of April so that you can take advantage of the federal tax credit of up to $8000. That money could help you buy new furniture or anything else you need.

If you would like more information, please visit our website at http://www.NorthTexasTopTeam.com or call me directly at 214-418-0180. Our team of agents would be happy to help you in any way.
Melissa Hailey
Coldwell Banker Jane Henry Realtors - North Texas Top Team
Melissa.Hailey@ColdwellBanker.com
0 votes Thank Flag Link Wed Mar 24, 2010
Hi Anja,

Do you know your score?

If you paid off those debts 3yrs ago and have new credit cards, you might be ok.

Tom Burris
DallasLoanGuy.com
214-763-4629
0 votes Thank Flag Link Wed Mar 24, 2010
Best thing we can do is get you with a loan officer. Let them run your credit and let them advise you the best course of action and help you set goals.

Feel free to call me at the office or drop me an email and we'll get you connected.

Bruce Lynn
Keller Williams Realty
972-350-5000
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Mar 24, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hello Anja,

I was just having a conversation with a lender about credit repair and several buyers that I have right now who need that service. Credit repair companies are definitely not equal and most are just in business to help their own credit line.

Dean Todd is the Regional Director in Texas for Cherry Creek Mortgage. He is a client and a preferred lender. Dean can refer you to a credit repair specialist who has proven results. Dean's cell number is 936-499-3239. Tell him I referred you.
0 votes Thank Flag Link Wed Mar 24, 2010
Anja,

There is more than one way to get a deal done. Do you know your credit score? If it has been three years there has been ample time to recover from that episode. To qualify for a home - most need only a base credit score and the income to prove you can pay for a mortgage. The federal government is offering a 8000 dollar tax credit for first time buyers and there is state monies allocated to help first time buyers even if they have low scores. Look up http://www.myfirsttexashome.com or call 18007921119. Check it out. With that you get a MCC and you can get an additional $2000 a year up to your 30 year mortgage thats equals $68000 tax credit.

Let me know if I can help. I specialize in helping first time buyers and I am a resource for Affordable Housing. Just because you made a bad decision in the past doesnt equate that you absolutely cant get a house. Now is the time to buy... and you could be living in a house for less that $1000. If you have zero debt and stable jobs - some down payment money - lets get going and find you a house.
0 votes Thank Flag Link Wed Mar 24, 2010
Good afternoon. I assume with this question you have an idea of what your credit score is. There are so many options you can do, as in only use your husbands credit to buy the house and then if you want you can add your name to the title. You can work on your credit with a specialist and see what areas will improve your score the fastest and by the most points. The best thing to do is to first see what you and your husbands credit is, look at your income and what price of home your are looking for. It is not necessary the price of the home, but more of the monthly payment which is calculated into the debt ratio. In a year, you can -dramatically increase your credit score and improve your chances in buying a home. Call me or email me and we can sit down and talk about options and how to proceed. My office is just off of 75 and 15th and we have a lender in our office. I also recommend talking to various different lenders and credit repair companies (a lot of credit repair companies help short term, but do more damage in the long run). I look forward in talking to you soon.

Mark Bouchard
Keller Williams Central
mbouchard@kw.com
972-322-1717
Web Reference: http://www.mb-realty.com
0 votes Thank Flag Link Wed Mar 24, 2010
Anja,

There is more than one way to get a deal done. Do you know your credit score? If it has been three years there has been ample time to recover from that episode. To qualify for a home - most need only a base credit score and the income to prove you can pay for a mortgage. The federal government is offering a 8000 dollar tax credit for first time buyers and there is state monies allocated to help first time buyers even if they have low scores. Look up http://www.myfirsttexashome.com or call 18007921119. Check it out. With that you get a MCC and you can get an additional $2000 a year up to your 30 year mortgage thats equals $68000 tax credit.

Let me know if I can help. I specialize in helping first time buyers and I am a resource for Affordable Housing. Just because you made a bad decision in the past doesnt equate that you absolutely cant get a house. Now is the time to buy... and you could be living in a house for less that $1000. If you have zero debt and stable jobs - some down payment money - lets get going and find you a house.
0 votes Thank Flag Link Wed Mar 24, 2010
Hi Anja,
You have lots of options. Call me for a face-to-face detailed confidential discussion. We'll be able to help you and guide you a successful home ownership.

Regards
Saral Kundu
(469)734-6114
Web Reference: http://www.eskayRealty.com
0 votes Thank Flag Link Wed Mar 24, 2010
Happy to assist you I am exception to the rule. :

Credit Repair Consultant ( owned a credit repair company 10 years)
Active Dallas Realtor
Active Dallas Loan officer

"one stop shop for all your real estate services"

Great for you be thinking ahead with any credit repair it takes approx. 60 -90 days on issues deleted from credit reports. However best plan this activity now therefore you can move ahead on purchase.

You receive annual tax benefits owning any type of home

Lynn911 Dallas Realtor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Mar 24, 2010
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