Credit Score in Lubbock>Question Details

Shannon Campo, Home Buyer in Lubbock, TX

My boyfriend and I are wanting to purchase a home in the $80-$100,000 range.. Our credit sucks. Is there any hope for us?

Asked by Shannon Campo, Lubbock, TX Wed May 8, 2013

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15
If your credit score sucks, you may want to work 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
Depends on what your definition of sucks is.. There are some lenders that can go down to a 580 credit score with nothing else major on your report and you can show some financial responsibility. I would be happy to help if you want to email me or visit our website.
0 votes Thank Flag Link Tue Aug 20, 2013
Good evening Shannon,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Aug 5, 2013
Shannon, there is always hope. Here are a few tips for improving your credit scores. http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html
0 votes Thank Flag Link Thu Aug 1, 2013
Not only can I help you get a great mortgage loan, I also have the technology to ensure you can qualify with the healthiest credit file possible. Did you know your credit file may contain errors or other issues that are holding down your credit score? Instead of simply qualifying based on your current credit score, we’ll use our credit proofreading software to give your credit file a checkup and ensure your credit score is as strong as it can be.

Our technology can analyze how you use your credit cards and suggest slight changes that will strengthen your credit score. We can even detect and remove any errors in your credit file that have been working against your credit score. Our easy to follow, step by step plans can improve your credit health in as fast as 72 hours. Since healthier credit profiles often result in higher credit scores - we may be able to help you qualify for better rates and lower down payments. So before you apply for a mortgage loan, let us ensure you have the healthiest credit profile possible.

Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Take 3 minutes to view the attached video and make a decision as to whether or not you need my help http://www.availcoach.com/avail/

Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Sun May 12, 2013
Good morning Shannon,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu May 9, 2013
How bad is your credit? We're able to finance FHA (3.5% down) loans for folks with credit scores as low as 580.

Apply online: http://www.rhlapps.com/kjones

K.C. Jones
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Thu May 9, 2013
Shannon,

There's always hope but if your credit is now "beyond hope" for an immediate mortgage, you'll have to address this issue first. Debt consolidation, doing whatever is necessary to settle judgments, and creating a plan that has you paying your bills on time will be instrumental in rehabbing your credit.

Good luck,

Bill
0 votes Thank Flag Link Thu May 9, 2013
Agree with the rest they are all excellent recomendations. The best advice i can share is for both of you to commit to yourself this what we need to do and start working on it. To some 90 days is all they need. Hope it help. Henry Bobadilla Realtor/Mortgage Broker "my goal for you is to have you debt free including your mortgage in 6-10yrs" guaranteed in writing.
0 votes Thank Flag Link Thu May 9, 2013
Shannon,

I've seen some good answers here. It really does depend "how bad" your credit score is. Some lenders can work with lower score, while others cant. Usually, using a lender with a lower score does mean higher interest rates. Going through a credit repair person will help, however not all are good. Lenders are getting strict and are even declining people that just came out of credit repair.....with a "good" credit score. Its all confusing and tricky. I recommend getting with a Realtor that knows about working with people with lower credit scores and knows a good credit person to help. I personally have helped a handful of people get into a home that were turned down from everyone else. Please note, I'm no better than anyone else answering your question here. Thanks and feel free to contact any of us with questions. We don't charge for questions...nor do we bite. :)
0 votes Thank Flag Link Wed May 8, 2013
We can look for 'owner finance' homes but they are few and far between and required a minimum of 10% of the sales price to be paid up front. Sometimes it is quicker to repair your credit than to find an appropriate owner finance home. In the meantime if you want to try owner finance be saving for the down payment. And you know, I am in the business of selling homes, helping buyers find homes, but sometimes leasing is absolutely the best plan. If you want more information on Owner Finance homes in Lubbock, contact me via email - marybenton@kw.com.
Mary Benton, REALTOR - Keller WIlliams Realty
0 votes Thank Flag Link Wed May 8, 2013
Hi Shannon, A lot depends on what your credit score actually is. Sometimes if you have a lower credit score it doesn't mean that you can't buy; it means that you can still get a loan, but you might have to pay a little higher interest rate. There are some teriffic bankers and loan officers in Lubbock that can help you determine where your starting point actually is on home ownership. I would love to help you find a loan officer that could work with you.
There are several things that you can to that would help bring your credit scores up too. Look at your credit report and make sure there are no errors or inaccuracies. If there are contact the credit company and dispute them. Make sure your balances are correct, your limits are showing correct on the reports, delinquencies that should have been charged off due to age are not on the reports. (Delinquencies should age off your report after 7 years, (usually.)
Pay off the right things. An example might be if you have any state or federal taxes, or defaulted federal student loans. This is where a mortgage pro can help you undestand how to prioritize what to work on. They can also have programs like Rapid Rescore that within a few days can revise a credit score if you have paid off, or down on accounts.
Please contact me if there is any way I help you. Good luck on your house hunting.
Renita Freeman
TODAY in Lubbock Real Estate
0 votes Thank Flag Link Wed May 8, 2013
Shannon, Tim and Joy Daniel are excellent advisors and Agents. Get with the lender they recommend and they will tell you what you need to do to improve your credit and actually help yourselves out for the rest of your life.

Get onto a good program of getting rid of debt.
0 votes Thank Flag Link Wed May 8, 2013
Shannon: wellll it depends on how 'sucky'. Contact me at WestMark and I can help walk you through the process to determine all your options. If you can't buy now, I have connections that can help you map out a plan to where you can buy.
Thanks,
Tim Garrett
tgarrett@westmarkrealtors.com
0 votes Thank Flag Link Wed May 8, 2013
Shannon, absolutely but you will have to clean up your credit first. I can refer you to a lender that will review your credit & advise you on a good plan to home ownership. If you have a plan and stick to it you can reach your goal!
Joy Daniel
WestMark Realtors
jdaniel@westmarkrealtors.com
806-535-1206
0 votes Thank Flag Link Wed May 8, 2013
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