Financing in Wadsworth>Question Details

Mary, Other/Just Looking in Wadsworth, OH

First time home buyer qualification. RN with work hx of 13 years same hospital. Income to debt ratio 28%.

Asked by Mary, Wadsworth, OH Mon Jun 15, 2009

trying to get my credit score up to qualify. Had paid off any/all negatives on my credit. HELP! Seems to take forever to get it raised versus how fast it goes down. Am even interested in paying a higher interest rate with credit repair option. Suggestions?

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6
Mary,
Establishing some good credit will do more to improve your credit scores than paying off your old collections. However, you do need to pay off any judgements or leins, like income taxes.

You need at least 5 good tradelines (credit accounts). Let's assume you have a car payment and you are making those payments on time. Then that is one good tradeline. Maybe you have a student loan that you are making payments on. Then that would be another good tradeline. Good being that you are making these payments ontime every month.

Maybe you have a credit card for which you are making ontime payments. Then let's look at that credit card. Your balance needs to be no more than 35% of your credit limit. If it is, pay it down or you might even call and get the limit increased. You might also get another credit card and transfer a portion of the balance to the new card so that both cards have a balance no more than 35% of their limits.

Other types of credit that you might consider getting are retail store credit cards or gasoline credit cards. Just be sure to use well know companies that you are sure report to the credit bureaus.

The key is to make your payments ontime.

If you are in a position of having to establish new credit then it will take approximately six months for all of this to really kick in and begin to impact your credit scores in a positive manner.

Hope this helps. Stay your course and your scores will get better.

Adelle
0 votes Thank Flag Link Sat Jun 27, 2009
Hi Mary-
Spunds like you have a great deal of good things going for you!
If you forward me a some contact information, I could put you in touch with a couple of lenders that have access to a wide variey of programs.
Being a nurse opens up a whole other set of possibilities.
Please shoot me an e-mail at jwirsing@kw.com or call me at 440-487-2193 and I can get you the names & contact info for very good, honest mortgage brokers.
Look forward to hearing from you!

Sincerely,
John Wirsing
Realtor
Keller Williams Realty Greater Cleveland
0 votes Thank Flag Link Mon Jun 15, 2009
There are a lot of simple things you can do to raise your credit score in a minimum amount of time. I have a lender that is excellent in working with prospective buyers in this regard. Depending on what your score is and where you want to live the FHA or USDA programs are excellent. It is getting tougher to get a loan as we are working through this tough financial market, but your best option right now seems to be connecting with some one that can walk you through raising your score. Sometimes common sense ideas are not the best to increase that score. If you would like a referral or if I can be of any further help, please send me an email or give me a call.
Web Reference: http://www.lremington.com
0 votes Thank Flag Link Mon Jun 15, 2009
Hi Mary, I know someone that can help you, and like Tim said, there are programs for health care givers that you may be able to take advantage of. Let me know by email or call me when you can.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Mon Jun 15, 2009
Mary,
First a good mortgage broker will help you work up a budget. I am going FHA as well. As a fellow RN, also look to your nurses' association (long shot, but worth looking) and your union if you have one.
Tim
0 votes Thank Flag Link Mon Jun 15, 2009
A FHA loan would be your best option. What is your score?

I can pull your credit if you like and see if we can qualify you today or if not I can help guide you in improving your credit and I can them provide you a timeframe in which you can buy. I'm not too far away if you would like to come in also or just give me a call directly.

Good Luck,

Lindsey Bishop
Sr. Mortgage Consultant

P:216-236-7270
F:216-236-7271
E: lbishop@crefco.com
0 votes Thank Flag Link Mon Jun 15, 2009
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