Jacque1982, Home Buyer in Travis County, TX

My Mid Fico score is 596 my loan officer wants it up to 620 for the FHA loan.

Asked by Jacque1982, Travis County, TX Mon Jul 4, 2011

I have one credit card that I paid down from maxed out at 400 to a 5$ balance. My credit score simulator on the free credit report actually said it will DROP my score I dont understand..I want ths house so bad and I can easily afford it.Is it realistic to get my FICO score up to 620 in 30 days?..I also applied for a secured card which I will charge somthing on and pay it off immediatly when I get it but will not receive till mid-end of July???..I hope to close by Sep

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22
Brian Nguyen’s answer
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue May 13, 2014
BEST ANSWER
Here is an important FYI... paying off the card right away is not what helps you. Keeping the balance at or below 40% of your limit will. Your credit report is a split second in time snapshot. For example: Many people charge on their credit cards and pay them off in full every month... when a credit report is pulled the charges will still show unless it was pulled after the amount was paid in full.

So if you need that pop the best thing you can do is keep your balances low. If you open up the new card make sure the initial purchase is very small in relation to your overall limit on the card.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Tue Jul 5, 2011
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
2 votes Thank Flag Link Mon Jul 15, 2013
Hi Jacque1982, I can do an FHA purchase loan for you with a Fico of 580. I will need you to put at least 5% down, no co-borrowers allowed, and your debt to income ratio has to be below 45%. . I have an A+ rating on the BBB and some of the lowest deliverable rate and fee combinations in the country. I am not going to give you the hard sell so if you are interested in an honest and highly recommended Mortgage professional please contact me.

All the best,

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764
Licensed in: CT, FL, MD, NJ, NC, SC, TX, VA
1 vote Thank Flag Link Thu Aug 22, 2013
Jacque, I may have a lender who will finance you with a 596 credit score. If you are not yet working with a Realtor, feel free to call me Tuesday or Wednesday after 11am at 512-261-4415. I think I can help!! Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin, Tx.........p.s. hope you had a nice 4th!
1 vote Thank Flag Link Mon Jul 4, 2011
Which credit score is followed? The mid score or the lowest? Mine looks as follows 580....599...649 I am however still working on it every month. Thank you
Flag Thu Apr 3, 2014
24 points in a month may be a stretch. The two largest components of a credit score are payment history and current debt - it's about 2/3 of the total score. Most likely, it will be a few months for the credit scoring companies to adjust the score based on the reporting of the credit card companies.

If you trust your lender, ask for her/his advice and a plan, then work the plan.
Web Reference: http://www.crowehomes.com
1 vote Thank Flag Link Mon Jul 4, 2011
There are now some loans available that are cheaper than an FHA to get into, Check with your Realtor, I know I keep a list of mortgage resources So I can match the needs a Client to the many one of the many different loan programs available.
0 votes Thank Flag Link Tue Aug 27, 2013
It will take more time than 30 days to get the score to where you need it. Possibly 3 months to bump it.
0 votes Thank Flag Link Thu Aug 22, 2013
We work with a trusted credit repair company that could help you!

My name is Alexandra Weishaar, I am a Purchase Coordinator Representative here at Guardian National Bank. I would like to find a time when we could speak over the phone to discuss your situation or we can always discuss it through email so feel free to reply back to me at: alexw@gnblending.com or 1-855-616-8567
0 votes Thank Flag Link Thu Aug 22, 2013
You really do have to focus on improving your credit. Whether you hire someone else to do it for you or fix your credit yourself, you need to start doing something about your credit TODAY. Here'a a few quick credit repair tips to help you get started.

http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html

Good Luck!!
Web Reference: http://www.creditfirm.net
0 votes Thank Flag Link Thu Aug 22, 2013
There is no way decreasing the balance on an open revolving account will decrease your score, the simulator is not accurate obviously. You should be looking for a new lender I know a few that go down to a 580 score with FHA..
0 votes Thank Flag Link Sun Aug 18, 2013
Dear Jacque1982,
I just wanted to follow up and see what happened. Were you able to acheive your goal and buy the home last summer?
Cheers,
Betina
0 votes Thank Flag Link Fri Feb 10, 2012
Jacque,
That many points in one month is a stretch. I have a lender who can possibly help you to get your credit score up and fund the loan as well. If you are interested call me.


Julia Smith
Keller Williams Realty
512-966-4319
0 votes Thank Flag Link Thu Feb 9, 2012
You don't get your FICO up in 30 days, but in 90 you can, Never pay completely off, this is not wise, you need to show how you handle credit not how you pay it off!
0 votes Thank Flag Link Mon Jul 25, 2011
The magic number for max credit score is to keep each credit card at 1/3 the given credit amount, so for $1000 available you need to stay at $335 balance, $400 should have rested at the $135 mark, by something for $130 and you will raise your score, go figure
0 votes Thank Flag Link Mon Jul 25, 2011
Dear Jacque,
I think getting your score up 24 points in one month may be a challenge. I would contact an experienced lender to have them run your credit and see what you can do to have the most positive impact on your current score. You should do this BEFORE you go look at homes, because you don't want to fall in love with a house and not be able to try to buy it. Get approved first and then contact a Realtor to help you find the perfect home.
Sincerely,
Betina

Betina Foreman - Realtor, C.N.E.
512-771-6318
Austin Home Girls Realty
0 votes Thank Flag Link Mon Jul 25, 2011
Jacque that is a loaded question. There are so many more things to consider on your credit report than one single credit card. For example, is that the only credit card you have? If it is then opening an additional line of credit may help. Why is your score so low? Are there delinquencies? Charge-offs? Or just a lack of credit? If it is a lack of credit then there are lenders that will work with that issue at your current score. I actually work with a lender that will do a 580 FICO score. Just be wary of any "credit simulator," as they are not always accurate. There are many questions that need to be asked.

I have been doing this for a long, long time, so, if you are not represented by a real estate agent, please feel free to give me a call and we can discuss your situation.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Sat Jul 23, 2011
You have options at that credit score, minor things can be done to get you over the 600 mark.
Web Reference: http://www.realtordamon.com
0 votes Thank Flag Link Sat Jul 23, 2011
We can help you obtain financing down to a 580 fico score on a FHA loan. Thru out extensive network of lenders we are able to provide the program. If you are still seeking financing give us a call at Newbridge Home Loans.

John Broussard
Account Manager
713-777-9996

http://www.newbridgehomeloans
http://www.twitter.com/nbhomeloans
0 votes Thank Flag Link Sat Jul 16, 2011
Jacque,
Sounds like you have a plan, stay with it. The basics of getting a loan are pretty much the same for all lenders.
I do have a lender that can get loans with a 600 credit score. The "list" of requirements grows significantly. The benefits of having a Realtor on your side are many and the commissions are paid by the seller. If you do not already have a Realtor representing you, I suggest that you interview a few. When you find one (other than the "listing" or "sellers" agent they work for the seller exclusively) let them go to work for you. They should have the ability to help guide you through the process from now until the day they hand you your keys..
I be pleased to interview with you.

Bill Austin ~ Team Price Real Estate ~ 512-709-6343 ~ baustin.realtor@gmail.com
0 votes Thank Flag Link Tue Jul 5, 2011
Is it possible to get your score up 24 points in a month, yes but not likely. Most loan officers, such as myself have a tool with their credit report company that allows to plug in a what if scenario. What if I used $X towards a debt or debts or what if I needed X amount of points increase. Although not 100% accurate to the point its as good a starting point as I know. Is the current credit card of $400 the only tradeline you have? If you need a 2nd opinion I would be glad to help. Are you looking for an FHA or USDA mortgage?
0 votes Thank Flag Link Mon Jul 4, 2011
Jacque,

Why don't you work with the seller and arrange a short term lease, with an option to purchase. This is a viable solution to your problem. You should have someone negotiating on your behalf so that you get the best deal, but this seems like a triple win. You get to live in the home, you pay a lease rate that might be similar to your new payment (or maybe less), and you get the house you want.

If the owner's can't move out, you could still structure a deal that is an future date purchase. You can structure this pretty easily too.

Call me if you want to discuss.

Jeffrey
512-913-7480
0 votes Thank Flag Link Mon Jul 4, 2011
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