hey...did you check the site?
I am with them for 60 days now and I already have 3 items deleted...
its worthy to check..

Fri Mar 28 2008, 15:19

Oops, I am really sorry. I looked at your question again and see that you wanted a line of credit not a home loan. The same link will be helpful but my long rant sounds really stupid now. Hope the link helps.

Thu Mar 27 2008, 19:56

Anthony,

I don't know which broker my brother ended up using. But here is a link to a mortgage broker site that works with people with low credit scores in California. I have no idea if they are good or not and most likely they will be sure that they profit out the arrangement more than you do. But, the end result is that you really want to buy a house and now is a great time to buy a house IF you can afford it. If you have the discipline to fix whatever you have done wrong to cause that credit score to drop in the first place (maybe a bad student loan, maybe some late credit card payments etc) your FICO score will soon be good enough for you to get your new home refinanced at a better interest rate than you will be getting right now from a mortgage broker like the one I linked to. You will save 10's of thousands of dollars over the life of the loan if you can get that credit score up and then refinance with the same banks that are not giving you a loan right now. Find someone in your family, work, school, church etc who can be your mentor. I felt so bad for my brothers and the advice they were being given. They had good jobs, decent savings but were young with little credit history and no idea of how stupid it was to let payments be late even by a few days month after month after month. They have since figured it out but not enough time has past. for their scores to get high again. So they were going into bank after bank after bank and being denied over and over again. Often being told to just wait, your credit will get better, then buy. In the meantime they are throwing aways 1000's on rent every month. They found a home priced well below comps and now spend have the money they were spending on rent and already have decent equity in the house even if the market falls another 15%. I really hope the best for you. Here's the link I promised before I went into big sister mode on you.

http://www.alliancemtg.com/credit/imperfect.htm

if that company doesn't work ask the bank loan officers that have turned you down if they know anyone who can help you EVEN if you have to pay much higher interest.

Thu Mar 27 2008, 19:51

Hello April can you give me that Mortgage Broker Name ?

Thu Mar 27 2008, 16:04

Anthony,

My brother has poor credit (his numbers are slightly lower than yours) and Wells Fargo needed his score to be 620 or higher.

Bank of America told him that recent changes in their rules now require a score of 620 or higher.

BUT, he is having much better success with mortgage brokers who are able to hook him up with lenders who will lend to him with his score and even less.

The interest rates are of course higher.

A higher downpayment is usually needed.

There are even some who will give 100% loans (I know it's crazy with the mortgage crises we are facing) but....they exist if the numbers (appraisal, wages, work history all fit what they are looking for)

Plus, don't forget FHA. Your credit score will work with FHA with a very low down payment as long as you can qualify on all their other qualifications.

Hope this helps.

My brother has purchased a home but it took him some work to find a lender. It's a lot harder than it was a couple years ago. Which is a good thing. You don't want a lender giving you a loan that they know you won't be able to afford. They get the commission. You end up losing your house and your credit score drops from the low 600's to where nobody wants to touch you and it sticks with you for years.

Good house hunting. Just avoid the regular banks with your scores until you get to 620. Then even they will give you a loan.

Thu Mar 27 2008, 15:59

hi,,,the web link is http://www.ucan2credit.com/Default.aspx
if you need help is really easy...
i downloaded the pdf form to apply and just fax the complete application to them
i have the pdf form in my computer...if you need just email me.

Thu Mar 27 2008, 13:58

Hey George what is that company Name that you paid 575 flat fee & they are improving your credit and deleting the negative items ?

Thu Mar 27 2008, 13:39

With the sub-prime mortgage mess, lenders are getting fussier on what they consider a "good" credit score. Generally, they like the minimum to be around 650-680. Obviously, the higher the better your rate will be. Credit is KING to lenders and it is in your best interest to improve your score as much as possible.

Thu Mar 27 2008, 13:39

well...you can still be approved for a loan...but the interest will be much higher...
the Higher the FICO the lower the interest.
I have a company that i paid 575 flat fee and the are improving my credit and deleting for real all the negative items i have....you can do the same for yourself...geafreitas@aol.com

Thu Mar 27 2008, 13:27