Iam tired of renting homes and I can afford to pay my rent but my credit is no the best my credit scores are in the low 550"s what will it have

Asked by Sylina, Philadelphia, PA Sat Jan 23, 2010

to be to qualify for a mortage

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Vincent Leon…, Home Buyer, Philadelphia, PA
Fri Sep 28, 2012
UInfortunately, you need to bump up your scores. You may want to check with Clarifi they will be able to help you bump of the score. I included the link below. Best of Luck!
Web Reference:  http://clarifi.org/
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sun Apr 29, 2012
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://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
0 votes
Chad Bahnsen, Mortgage Broker Or Lender, Exton, PA
Sat Jan 23, 2010
Sylina, You will have to get your score (middle score) up to 620 ASAP in order to purchase. I could assist you with that and I have a very honest credit repair guy we could use if we needed him. After looking at your credit I could assist you. Also, how much money do you have saved for a home? What is your comfortable monthly payment? Do you have stable income?....Feel free to give me a call or shoot me an email. cbahnsen@mortgagenetwork.com or 610 622 2212. Have a good weekend. Chad
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sat Jan 23, 2010
620 is what I keep seeing here. It could go higher. Occasionally I see 580, but the consensus seems to be 620.

I would talk to a local lender. Have them pull your credit report and see what can be done to improve your score. It will take time. It will take commitment. It is possible to do in a few months for many people.

You could also look at http://www.ftc.gov/bcp/menus/consumer/credit/rights.shtm and find the way to get your free once a year credit report instead.
below is a blog that gives some good ways to improve your fico score. I hope it helps.
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