ecgalarza67, Renter in Chicago, IL

my credit score is only 585 want to buy or rent to own what do i do my name is Elena my question is my credit score is 585 would like to buy or

Asked by ecgalarza67, Chicago, IL Sat Aug 4, 2012


Help the community by answering this question:


If you are at a 585, it is very likely that if you adjust a few items with your credit that your score could increase to a position to be able to purhase.

if you would like a free credit evaluation do not hesitate to contact me.

Chris Diamond
NMLS: 771882
Licensed Mortgage Banker
0 votes Thank Flag Link Thu Nov 21, 2013
you need a lender to work with you to raise your credit! Know a good loan officer with Midwest Bank .
0 votes Thank Flag Link Wed Nov 20, 2013
I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good Luck!
0 votes Thank Flag Link Sat Aug 10, 2013
Good Morning Elena,

My advice would be to rent at this time and work on getting your credit score higher so that you can get the best rates and terms.

A experienced mortgage lender will be able to review your credit and look for opportunites to raise your credit score as quick as possible. Depending on what is showing on your credit and how quickly you work to repair what is derogatory will determine when you are able to purchase a home.

Should you have any questions, please contact me at the below phone number or email.

Good Luck,

Nick Nelson (NMLS #384413)
Mortgage Loan Officer
1st Step Mortgage Group, Inc.
6876 Spring Creek Road, Suite 124
Rockford, IL. 61114
815-289-0880 - Phone - email
0 votes Thank Flag Link Thu Aug 9, 2012
A loan will be tough to get, but you can find great lenders who can coach you on what you might need to do to improve your credit score -- perhaps with some patience and smart financial moves you can bump the score up significantly and be ready to purchase in the near future.
0 votes Thank Flag Link Tue Aug 7, 2012
you will need a score of at least 620 or 640 to qualifiy for a loan. the question is what to do to improve your credit. Let me know if i can help.
0 votes Thank Flag Link Mon Aug 6, 2012
You will be able to rent, but I dont think you will be able to get a loan with that low of credit score. You can try though. Call up a lender and see what they say.
0 votes Thank Flag Link Sun Aug 5, 2012

The interest rate is low at this time and some of the mortgage companies will help you to finance a home to buy with a 580 cedit middle score. Also, maybe, there is something on your credit than can be explained away, which will help the credit score to come up. I lover referrals...Good luck....

Chris Abston, Re/Max On Track--901355-0056
0 votes Thank Flag Link Sat Aug 4, 2012

Just last month I helped clients secure a rental property and their credit scores were lower than 585. Call me at 224-805-2616 if you'd like to discuss your situation.

I would recommend you contact Mark at Inlanta Mortgage to discuss financing options. He can help create a plan for you to raise your score over time so that you will have more options. He may be reached at 630-417-7174.
0 votes Thank Flag Link Sat Aug 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer