Home Buying in Los Angeles>Question Details

Lizsublime, Home Buyer in Los Angeles, CA

I have a 589 credit score and have 4 unpaid late credit cards. If i paid the accouts and close the credit

Asked by Lizsublime, Los Angeles, CA Sat Jun 27, 2009

cards will my credit score somehow get higher? I want to purchase a home thru FHA Loan and would like to know if i would qualify after paying the debt? I have 13K of loans that have been on deferred because i was in school.

Help the community by answering this question:


The agents have offered some great advice. You may also want to go to http://www.creditinfocenter.com and explore all the credit advice there.

Best of luck to you!
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Sat Jun 27, 2009
Hi there,go to a mortgage broker, in many cases it will be a free interview after your initial phone call and they think they can help you or at least get you started in the right direction. A score of 580 isnt the end of the world, just plan on moving up as quickley as possible. start buy paying down your cards to at least 1/3. make sure to make regular on time above min payments. If you pay off your cards it looks like you came into some money or maybe borrowed it and now possibly have another debt to pay. you need to show regular on time payments. you must be sure your total payments are no more then 30%and your home and upkeep are no more then 30%
A good broker will show you the issues with your FICO score and give you a plan on how to pay it in such a way that will correct the issues usually with in 6 months. I'm sure this isn't the standerd but It is certainly worth checking into. Go to the actual people who make the decisions, let them give you the correct answer. good luck, melody
1 vote Thank Flag Link Sat Jun 27, 2009

These are all questions that you need to ask an expert in lending. Here is the contact info. for my lender Al Rivera 562- 587-5284 or visit his website for more information http://www.altheloanguy.com he has a whole section on how to improve your credit.
0 votes Thank Flag Link Mon Jun 29, 2009
Do not close the credit. That does not help. Paying off the late cards and not opening new accounts or showing any credit inquiries will help, but it will take a little while. The best thing would be to pay off the cards and then charge a small amount them each month and pay the bills completely as they come in. This will demonstrate that you are able to be responsible with your credit and will boost your score.

I would also suggest you check your reports at https://www.annualcreditreport.com This is the officially sanction site for your free annual reports. The others are paid sites. Check your reports for any incorrect entries and get them fixed.
0 votes Thank Flag Link Sat Jun 27, 2009
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