Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Credit Score in Canonsburg : Real Estate Advice

  • All32
  • Local Info8
  • Home Buying4
  • Home Selling1
  • Market Conditions0

Activity 2
Tue May 7, 2013
Trevor Curran answered:
Good afternoon Lamont,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
0 votes 5 answers Share Flag
Sat Jul 16, 2011
Luther Wormack answered:
Hi Amt24,

Strange days these days, in this market. I tell you what I've been seeing a lot, lease options. In your situation, if you need to do some credit clean up, like Fred suggested, before you can get a loan. And you want the home now lease option may be the way to go for you. If you'd like more info on them please let me know, I'd be happy to email some handy information. ... more
0 votes 5 answers Share Flag
Search Advice
Search
Credit Score in Canonsburg Zip Codes

Followers

91