Hello. Your score is a bit low for most lenders guidelines. And shopping around will only hurt your scores even more. You may want to take a closer look at your credit report(s) and determine what negatives if any are impacting your score(s). Also remember that revolving tradelines make up a majority of your credit score and without any you are missing out. If you don't have a revolving trade reporting you may want to open a secured credit card and only use the card for gasoline purchases. Within a couple of months the positive reporting will boost your scores dramatically. Putting you above the 600's. Just remember that you will need to keep 45% of the credit line available. A good secured card that reports to the bureaus is Bank of America and Orchard Bank. Secured visas work with your initial deposit. Some require a minimum of $250-$300 therefore this amount will be your available credit line. Do not use more that 45% of the available line. Best of Luck. Christina of Everlasting Credit Repair.... more
You can start by checking your credit report and score. you can visit www.myfreeannualcreditreport or www.karma.com to get a free report, review it and dispute any discrepances with the three different credit bureaus, if you have one. If everything look fine, start shopping for a mortgage broker, they have access to many banks or private lenders with many different options.
Best of Luck,
Maria E. Cipollone
www.Flahomespecialist.com... more
You will need a 640 credit score for a FHA loan with most lenders now days. Kentucky Housing or KHC, USDA, FHA, all require a 640 score. VA will go down to a 620 score if you have been removed from bankruptcy from last two years or foreclosure 3 years.
You can read more about FHA loans in Kentucky about my website below:
http://www.mylouisvillekentuckymortgage.com/
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com
http://mylouisvillekentuckymortgage.com... more
Get your credit reports from the three established companies that determine credit scores. Then contact them to address the issue or issues by which they came up with your credit score.... more
Hi Sherry,
Credit scores are a funny thing. It's not always easy to tell what a particular action will do to your credit score, but generally, paying off a debt is a good thing. It should help with your being able to get financing for a home, and in most cases, it should improve your score. Understand that changes in your score don't happen quickly. Talk with your lender, and get some counseling about any specific debt.
Good luck,
John... more