Credit Score in 10801>Question Details

ivytilson, Home Buyer in New Rochelle, NY

need a mortgage wtih a 550 credit score

Asked by ivytilson, New Rochelle, NY Thu May 24, 2012

Help the community by answering this question:


You may want to consider renting until you can repair your credit. Locking into a higher interest rate over 30 years can cost you considerably more than waiting it out.

Debby Frank
Keller Williams
(914) 498-5443
1 vote Thank Flag Link Thu May 24, 2012
Consider improving your credit a bit as most lenders prefer 640....
1 vote Thank Flag Link Thu May 24, 2012
think there are a few things that you can do to increase your credit score.
A. Try to increase your credit card balance if possible
B. Try to use cash
C. Pay down debt if possible
Last but not least, review your credit report for errors and omission. I believe you can obtain 50 points just by correcting errors and omission.
0 votes Thank Flag Link Fri Sep 21, 2012
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

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.…

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
You can contact a mortgage broker that specializes in difficult cases. I had a client who used someone like this. If you need his contact...AskRey.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
0 votes Thank Flag Link Thu May 24, 2012
Hi, Contact Christian Babcock at Mortgage Master Ince and he will advise you accordingly.

0 votes Thank Flag Link Thu May 24, 2012
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