Credit Score in 28540>Question Details

knk9957, Home Buyer in Jacksonville, NC

my credit sccore is 578/575/580 my husband is 549/535/529 and we have altogether 5 things on report that altogether not over 1,200

Asked by knk9957, Jacksonville, NC Fri May 25, 2012

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17
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
5 votes Thank Flag Link Tue Jul 16, 2013
We help folks with similar scores in NC all the time. The first step is to begin adding POSITIVE information to your credit file. We normally recommend that folks do that using a Secured Credit Card. For the time being, let the "old" stuff just stay there. With 2 or 3 secured cards, you can usually see a 40 to 50 point increase with 6 months of on time payments.
Good Luck!
0 votes Thank Flag Link Tue Mar 25, 2014
My credit score is 679 and my husband is 549. I just payed a loan off last year but it is still on my report. I would like to know if it is possible for me to purchase a home with no money down.
0 votes Thank Flag Link Fri Mar 21, 2014
Hi there, There are many loan programs out there for people with scores over 600. Are you military? Relocating? Have your spoken with a lender?
Flag Tue Apr 22, 2014
You are definitely within the Minimum Credit Score needed for a USDA Home Loan. You husband, however is not. My suspension is that you guys have not been using credit recently - credit cards? Revolving Credit is actually the FASTEST way to get his credit scores up. We would Ideally like a 620 score. Can he be added to any of your accounts?
http://ncfhaexpert.com/usda-loans/credit-score-requirements-for-usda-loans/
Flag Tue Mar 25, 2014
Fair. Perfect credit is like 800. Bad credit is in the 400s. To buy most companies require a 600 to 640, however, I know a company that you can buy with a 580 depending on what's on your credit.
You can rent with that score at most real estate companies but some require no problems on your credit with the heating company. Let me know if you would like the number to some lenders.
We have homes for sale or for rent.
Good Luck, Denise, Century 21
0 votes Thank Flag Link Wed Nov 6, 2013
My credit score is 575 is that good credit, fair credit , are bad credit
0 votes Thank Flag Link Wed Nov 6, 2013
Fair. Perfect credit is like 800. Bad credit is in the 400s. To buy most companies require a 600 to 640, however, I know a company that you can buy with a 580 depending on what's on your credit.
You can rent with that score at most real estate companies but some require no problems on your credit with the heating company.
Good Luck, Denise, Century 21, Jacksonville, NC
Flag Wed Nov 6, 2013
Century 21 Mortgage does not have any minimum credit score for USDA loans. You can buy a home in the country with NO MONEY DOWN with a USDA loan. The minimum credit score for
VA loans (for the military) is only 600. CALL me for more information or for a list of bank foreclosures at 860 917 0778 cell. Denise, Century 21 American Prop., Jacksonville, NC
0 votes Thank Flag Link Mon Sep 10, 2012
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.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w…


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
0 votes Thank Flag Link Fri Jun 1, 2012
We are currently in escrow now and our loan feel through. We were pre approved and now we are trying to find a lender that can help us. We have a 600 Fico score and paid off a lot of debt. The sellers are giving us more time to find a lender. We need help asap! I know having a low credit score and a recent late in 2011 is against us. Just praying that we can find the help and help will be guided our way.
0 votes Thank Flag Link Thu May 31, 2012
Hi Nanae! I would love to help you and your family. I deal with families pcsing here all the time from California. Please feel free to give us a call at 858 205 5876. That is a cell number. Looking forward to helping you in anyway I can!
Flag Thu Apr 24, 2014
All the above a great answers.. I would suggest that you seek a mortgage lender that has s credit repair component to it. With the information provided in your credit report, a good lender should be able to make recommend as to which debts to pay and which to leave unpaid to better increase you in building your credit score. It could be a simple matter of paying down your high balance credit cards to less than half their max credit limit to increase your scores to exceptable lending levels.

Mortgage companies; like realtors, are not all created equal. When seeking assistance, find a professional that is qualified to assist you in your unique circumstances.

My name is Keith Lawrence of Century 21 American Properties. Please give me a call at 910-915-5661 if you require further assistance.
0 votes Thank Flag Link Fri May 25, 2012
Collections, when paid, are much easier to delete through disputes. I mentioned rapid rescoring them off if you were to obtain a deletion letter. With the collection removed, and you have positive credit also (open and active credit accounts) you WILL see you scores go up quickly.

When dealing with collections, you have to look at motivation of the collection company. They want their money, and will continue to update the collection on a credit report every month. Once the collection is paid, the stop updating the account on your report. They will also lose interest in answering disputes, because they got what they wanted.

Deal with your collections one way or another, this will give you the best positive effect to your credit for the long haul..
0 votes Thank Flag Link Fri May 25, 2012
I am sure that you would be able to pull your credit score up if you corrected some of that are pulling your score down. I would be glad to help you find a lender to help you with that. Please contact me at EllenHough1@yahoo.com if you are not already working with a REALTOR.
0 votes Thank Flag Link Fri May 25, 2012
Paying collections off and Rapid Rescoring isn't likely to boost your score to an Approvable level without adding new trade lines that are reporting positive information to the Bureaus.

While one can ruin a credit score overnight by simply being 30 days late it typically takes 3-6 months to repair derogatory credit profiles and the best way to do so is to simply have open and active tradlines that report all your on time payments to the Bureaus each month.
0 votes Thank Flag Link Fri May 25, 2012
I work with a lender that can help you. He has free credit repair specialist that can tell you exactly what you need to do to get the extra points you need. I can be reached at 910-787-7834. Respectfully, Sonita Dickerson Coldwell Banker Fountain
0 votes Thank Flag Link Fri May 25, 2012
Pay your collections off, request a "deletion letter" prior to giving any money. If you can get one of these letters, we can Rapid Rescore them off your report which may help bring up your scores tremendously in a week.
0 votes Thank Flag Link Fri May 25, 2012
Most lenders look for 600+ in credit scores. Give a call or email when you get a chance if you're not working with an agent now
0 votes Thank Flag Link Fri May 25, 2012
Get a couple secured cards open and active in your names ASAP and you could be in your new home by this time next year, if not in time for the holidays.

Have your loan officer review the other 5 things to see what they recommend doing about them.
0 votes Thank Flag Link Fri May 25, 2012
It is not completely out of the realm of possibility but it may prove difficult. Are you VA loan eligible? And have you spoken with a mortgage consultant? I may be able to help in this situation. Let me know if you would like my help.
0 votes Thank Flag Link Fri May 25, 2012
You can contact me @ james.hose@century21.com
Flag Fri May 25, 2012
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