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Credit Score in Cleveland : Real Estate Advice

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  • Home Buying220
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Activity 2
Sat Aug 25, 2012
answered:
Good afternoon Tania,

Most Lenders today require a Score of at least 640. It is unlikely you could be approved for a mortgage loan with a Score of 593.

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.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

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
... more
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Wed Feb 23, 2011
Maggie Reese answered:
I agree with Robin. The other point is that if you takeon some sort of financing, you will have to bear that burden in your debt ratio if you need to buy anything, even a car. Unless you make a lot of money, which your credit score suggests you don't, this could restrict your ability to even rent a place to live! No one will care that you don't pay that loan, and in fact if your parents can't pay, you are on the hook for it. If the reason has nothing to do being behind in mortgage payments or upside down on the value of the home, I suggest you contact an attorney to help you all figure out how to protect those assets, a living trust for example. ... more
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