Home Buying in Belmont>Question Details

Jessdondero, Home Buyer in Belmont, Charlotte, NC

Really wanting to buy a house in the area, problem....my credit score is below 500. What can I do?

Asked by Jessdondero, Belmont, Charlotte, NC Thu May 10, 2012

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Jim Allen’s answer
If you have a credit score below 500, then you have some real problems and will have a hard time renting a home. You need to go to a nonprofit consumer counseling service and take advantage of their free service. Look for the one sponsored by the United Way or HUD, not some community activist group.
0 votes Thank Flag Link Thu May 10, 2012
Hi Jessdondero,
Check out NACA. https://www.naca.com/nacaWeb/index_main.aspx
It's a non profit designed to assist people get a handle on their money, improve their credit scores and help them with mortgages once you're ready. It's not a quick process but worth it in the long run.
1 vote Thank Flag Link Thu May 10, 2012
My advice to you is to talk to a mortgage lender or a credit counselor. Preferably a mortgage lender (becuase they will not charge you) and have them pull your credit. Once he does that then he can tell you what you need to do to get your credit score up.

generally with at least a 600 median credit score you can buy a house....if you want soemone to call the mortgage broker I use and has helped many people in your position in the past is Chris Ayer 704-771-3954.

Dave diCecco
0 votes Thank Flag Link Thu May 10, 2012
You need to go to your local non profit housing group. Make an appointment witht their credit counselor. The counselor will go over your credit report with you and tell you what you need to do. They will also help you figure out a budget. Listen to them and when your FICO is 640+ you can buy a home.
0 votes Thank Flag Link Thu May 10, 2012
One way to help you start showing better credit history is to set yourself up with a couple 'secured credit cards' with a few big name banks like Bank of America, Chase, etc. These will cost you some up front money (around $300-500 per card), because that's the secured part. The good news is that you can then use that money on your new cards.

Then, start using those cards - and making regular payments on them - for your daily expenses such as gas, groceries, etc. After about 6 months of regular use and solid payments, you should start seeing your credit score improve (barring any other issues that may come up outside this particular topic...).

Responsible use of secured credit cards can be a great way to help reestablish good credit. For more info, give this page a read:


Hope that helps!

Kris Bates
New Home Consultant
M/I Homes
0 votes Thank Flag Link Thu May 10, 2012
Hello Jessdondero,

Have you consulted a mortgage rep? You will need to get that credit score up. The rep will advise you on where you need to be and what steps you need to take to get there. While you are doing that, save money! If you need a rep's name and number, please contact me and I will gladly give it to you. Good luck!

Tony Orefice
Wilkinson & Associates, ERA Powered
0 votes Thank Flag Link Thu May 10, 2012
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