Financing in Grand Blanc>Question Details

Pill0wxtalk, Home Buyer in Holly, MI

Need help getting mortgage with low score!

Asked by Pill0wxtalk, Holly, MI Fri Nov 30, 2012

Please spare me the "score too low, clean it up" I have been working on my credit for more than a year now and it hasn't budged.. anyways.. 620 eq, 560 ex, 568 tu.. I have a car loan with perfect history, and two credit cards which have been open a year with no lates.. however I have a chapter 7 that was discharged in dec 2010. Looking to get a home, sick of paying 800 in rent for a house the landlord refuses to fix.. after looking at my reports, apparently I have a 25 dollar medical which I am going to pay and ask for delete and then a dte collection for 130 which I can pay and ask for a delete.. I never got the bill when I moved and forgot about it. I have a job, not long history but same field as my last one and took time off to stay home with my daughter after she was born and go to school.. I wanna speak with someone who is actually going to help and has lenders who will work with these kind of situations!

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7
People who file bankruptcy are bad credit risks, period.

There are excellent reasons to file bankruptcy, but it still comes down to: I owed money and I couldn't pay it back.

So . . . you tell us: why should somebody lend money to someone who has a history of not paying their debts?
1 vote Thank Flag Link Fri Nov 30, 2012
"Please spare me the "score too low, clean it up"

OK I will....I will think it, but not say it..........

So..........how much of your allotted credit have you used on the 2 credit cards? - what percentage of the total? You may not have been late, but you will be hurt if you're using up too much of the credit.
You should keep it under 50%, or it brings down your scores......
Once you "clean up" the other 2 outstanding items.....and make sure the credit card balances are under 50% of the total...........and let more time go by following your chapter 7............you might see the scores increase.
A lender can certainly advise you and point you in the right direction.

Also - you didn't mention what your income is - or what your debt ratio is...that also figures in and should be dealt with. Is your income high enough to qualify you for the loan you want?
.
Do you have a down payment? Any savings?
These are also important components that need to be addressed.

You want someone who is "actually going to help"..but, lenders aren't magicians, and can only do what they can do.........
Lending requirements are tighter than ever...as they should be so future borrowers don't fall into deep holes they can't get out of like so many did following the "bubble bursting"..

You don't want to continue to pay rent - you want to get into a house......ok, I understand.....I want to get into a pair of size 8 jeans, but I will have to continue my diet to do so.....
Eventually, it will pay off for me....and you...........patience and a plan will get you the desired results.

Best wishes..............
1 vote Thank Flag Link Fri Nov 30, 2012
I can't imagine a lender who would work with your credit scores.
0 votes Thank Flag Link Fri Mar 15, 2013
I head up the credit coaching effort at my company (free of charge) and work with people in your situation regularly. I'd be happy to help you.
0 votes Thank Flag Link Fri Mar 15, 2013
Have you raised your score up yet? I have a client all she had to do was pay down her credit cards to less than 50 percent of its total allowed limit and it raised her score up enough to purchase. I can refer you to a mortgage person who can help you get it raised up, and I sell in the area your looking. Call me , 810-691-6440.
0 votes Thank Flag Link Thu Mar 14, 2013
I filed bankruptcy after losing my job for no fault of my own... I was pregnant and had medical bills and just couldn't pay them all. I didn't bankrupt a house or any loans...I make about 40k a year, and would like somewhere along 45-50k house. I have 3k to put down for sure, great rental history.. My credit cards are at 40% utilization... It is very frustrating for someone like me who tries to increase scores and nothing works
0 votes Thank Flag Link Sat Dec 1, 2012
You may talk to a mortgage banker. They are the one who can give you important advise.
0 votes Thank Flag Link Fri Nov 30, 2012
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