Credit Score in Farmville>Question Details

Bangieb, Renter in Farmville, NC


Asked by Bangieb, Farmville, NC Fri Jan 21, 2011

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My credit score is 549 and my goal is to own a home. I've become better with managing money and being responsible. I got my credit report pulled and just about everything there is medical bills. I'm thinking of filing bankrupcy, so that I can start over fresh. Should I?
0 votes Thank Flag Link Sat Nov 22, 2014
Even if you could get approved for a loan (which I do not think will be possible), the interest rate is going to make your payments very high and will probably exceed your debt to income ratio anyway.

While you are cleaning up your credit score, try to save every cent possible to put toward a down payment. Down payments that are over 20% can help offset a poor credit rating.

We all know that getting approved for a home loan is a bit more difficult due to the strict lending standards imposed by banks after the real estate market crash. As a result, it’s crucial to understand what banks look at when approving a home loan. This article can help you see what they look for in a credit score.
0 votes Thank Flag Link Thu Nov 15, 2012
Score requirements might vary from state to state, but here in NJ my experience has been that scores need to be around 620 or 640. Beware of some lenders who might try to attract the buyer with offering lower requirements, usually It involves some other stipulations. Most of the time the realtors have close relationships with lenders who are reputable, be sure to trust your real estate agent....if you don't have one, contact me, I can put you in touch with top agents anywhere in the US...thank you..
0 votes Thank Flag Link Thu Nov 15, 2012
Many times it is best to print those reports off and go thru them in detail...just a few reporting errors can pull you down, and with getting them removed you could be seeing a better score in as few as 2 months. There are also tips and tools available to help build up your credit. What the lender will want to learn is what on your report is current and causing harm and what is dated way back and possibly has been resolved but not removed. Each individual has their own set of circumstances. Credit is a critical item for getting a good rate BUt there are FREE resources to assist you and lenders willing to help as well. If you are wanting to talk about taking steps to repair your credit , simply call me. Michele 252 342 7066
0 votes Thank Flag Link Thu Nov 15, 2012
You might consider doing a lease-option.
0 votes Thank Flag Link Fri Jan 21, 2011
Feel free to contact me: I have alot of resources to help get your credit score raised quickly.
0 votes Thank Flag Link Fri Jan 21, 2011
Consider improving your credit before considering a purchase--the better the score the better the interest rate...not knowing your overall financials and debt, do visit with any qualified loan officer--after reviewing your information, he/she can make a determination on qualification, the type of loan, how much, etc.; if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future.
0 votes Thank Flag Link Fri Jan 21, 2011
I can't say no, but I can say none that I'm aware of. Under the best case scenario most lenders will only consider a loan if your score is 580 or higher. Even during the days of very easy financing 5 years ago, 560 was the lowest number most of the secondary lenders would consider.
Your best bet is to go to work on your credit. Start with a realistic budget and stick to it. You need to set aside money for unexpected expenses such as car breakdowns and medical expenses.
You can go over your credit report and dispute items which are reporting inaccurately. Paying down credit card balances to around 1/3 of their limit can help raise your score. There are lots of strategies you can work on to improve your credit, but it will take effort and time. The sooner you start, the sooner you'll be positioned to buy. As a lender I've done this with many buyers over the years and it can change your life. Best of luck to you.
0 votes Thank Flag Link Fri Jan 21, 2011
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