Home Buying in Buffalo>Question Details

J. J., Home Buyer in New York, NY

Buying 101 - Help! Low FICO. NYC

Asked by J. J., New York, NY Fri Jun 13, 2008

Hello. I am growing more and more interested in buying each day; There are so many buildings going up and I get excited.

I have OK credit, let's say for the sake of this conversation, my credit score is the 500s. Up until a couple months ago, I had no credit cards or other credit open accounts, so technically I had no credit, that's the reason, I presume, for the low credit score.

Now, my question is: How likely will it be for me to buy in NYC sometime in first-quarter 2009 (when the lease on my current rental expires)?

[Granted you don't have my complete financial history before you, so of course I know you may not be able to give a substantial answer.]

I have no real knowledge on what the buying process is like, aside from what I see on those TV programs. And I do intend to meet with a broker, but I just wanted to know from someone on my chances before I have a face-to-face with a local broker.

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Answers

4
What do you do for a living? What's your goal for purchase?
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Sun Jun 15, 2008
J.J.

It seems like every day I walk into my office, there are new credit score minimums that are being required by all investors.

In today's market if you can get your middle credit score up to 580, you should be in good shape. You should definitley work on building your credit up a little bit more. You can charge a little bit and pay it off monthly until you are ready to purchase. This should definitley help increase your scores. Also as a rule of thumb, never carry more than 10% as a balance on your card to achieve optimum results. Ex: If your available credit is $1000, try not to carry a monthly balance on the card over $100.00

I hope this helps you....if you have any more questions you can email me direct at tmuratore@alliedfirst.com

Thank you.
0 votes Thank Flag Link Fri Jun 13, 2008
You may want to read up on home buying articles at http://GetPrequalified.com, do your homework and get educated before you pull the trigger. There is a lot to know.
0 votes Thank Flag Link Fri Jun 13, 2008
The best contact you could have at this point is a really good mortgage broker. If you would like a referral, please contact me off line at Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Jun 13, 2008
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