Financing in Menomonie>Question Details

Lynn Sparks, Home Buyer in Menomonie, WI

Can I get a loan with a bad credit report with a good credit history?

Asked by Lynn Sparks, Menomonie, WI Sun Apr 17, 2011

All my credit for the last four years is good but I have a child support collection that I have been paying on as agreed on a court order. It was 25000 and is now less than 10,000.

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The Child support collection / judgement does necessarily mean you have 'bad credit.' As long as it is in some sort of repayment that traditionally is 'ok' with a Government Loan. If you have not accessed a copy of your credit report, I'd highly recommend going to the Government sponsored website: annualcreditreport.com. There is no credit monitoring service or anything you have to sign up for, it's a website that allows you to access a free copy of your credit report every 12 months. Once you have that in your hands, you'll be able to determine if there is anything else on your credit that needs fixed. If the child support is the only issue, then I would have a lender access your credit report to get your credit scores. If you are over the 640 required minimum score, then you are most likely eligible for FHA or USDA financing.
1 vote Thank Flag Link Sun Apr 17, 2011
if you have been paying on the child support and haven't missed a payment in the past 12 months you should be fine as long as your credit score is high enough.

As William Dawes stated get a free copy of your report and see if there are any other items on your credit report that are hurting your score.
0 votes Thank Flag Link Mon Apr 18, 2011
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