Home Buying in 19120>Question Details

Janet Hernan…, Real Estate Pro in Philadelphia, PA

My credit score is 530 how do I find a lender that is willing on working with me now with my score as is?

Asked by Janet Hernandez, Philadelphia, PA Fri Jan 10, 2014

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We have lenders that work with buyers at 580 or better. Keep in mind, if building a new home, that process takes 4-5 months. We help with getting you on track by putting you on a game plan that will get your score where it needs to be by the time the house is completed. Check out http://www.stonewater.agentmarketing.com for details and contact information and I'll be glad to help you.
0 votes Thank Flag Link Sun Jan 12, 2014
If you aren't quite ready to talk to the bank try creditkarma.com. It is an excellent credit monitoring service and is completely FREE. It gives you "what if" scenarios that can help you increase your credit score. For example, opening a new credit card will initially affect your score negatively, but after a few on-time payments your credit score will increase. Beware of predatory lenders or people who ask you for a fee to "fix" your credit issues. Good luck!
0 votes Thank Flag Link Fri Jan 10, 2014
Hi Janet!

Most Lenders can work with you with at least a 620 Credit Score. Make sure that everything is correct that's being reported about you. Dispute errors with the Credit Bureau.
Since your Credit Score is 530, you should have a Lender review your Credit Report. The Lender can tell you what to do and how to qualify in the next 6 months to 12 months from now.

Alexis Jeffries
Liberty Bell Real Estate
Office Phone: 215-885-3332
Direct Number: 215-237-4147
Email: alexisjrealestate@gmail.com
0 votes Thank Flag Link Fri Jan 10, 2014
Hi Janet,

I assume that you are looking to buy a home in the near future. To qualify for a loan you would have to have a score of at least 640. Right now, you would not be able to get a loan for your score. With that being said, since your at a 530, you would have to work hard to bring your score up. You would have to pay your current debts on time and pay some of your debts off (credit cards, car note, loans, etc), and more importantly don't have anyone run your credit; it will bring your score down each time it is ran. Its going to take some work, but its doable and you can do it with focus and determination. I work with a great loan officer that can give you options to help you purchase.

If you have any questions, feel free to contact me at victoria@themackgroup.org or 267-918-6322.

Victoria Mack
The Mack Group
Keller Williams Real Estate - Media
1400 N. Providence Rd, Building II, Suite 1000
Media, PA 19063
O: 610-565-1995
C: 267-918-6322
Web: http://www.themackgroup.org
0 votes Thank Flag Link Fri Jan 10, 2014
Most to all banks are looking for your scores to be 620 and above. Talk with a local lender and they can help point you in the direction to fix your scores.
0 votes Thank Flag Link Fri Jan 10, 2014
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