Me and my fiance are wanting to buy our first home and his credit score is bad...

Asked by missblondy1109, Wilmington, NC Tue Jan 21, 2014

we are really needing to get our first home as soon as we can...we have had financial struggles and now have finally gotten on our feet and we have some debts that we are going to be paying off in the next month. and we are hoping when they get paid it might help his score.

Help the community by answering this question:

+ web reference
Web reference:


David James, Other Pro, Bakersfield, CA
Tue Feb 4, 2014
It may or may not help your score depends on the status of the debts. I could refer you to a couple of lenders that work with low credit scores in the 580-600 range and get you with one of our real estate agents. One of the lenders we work with has a credit company they use and pay the fee for you. We also have a DIY credit repair guide I can send to you. Email me or visit our site if you would like some help.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Feb 6, 2014
Good morning missblondy1109,

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.
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.…
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!
0 votes
Amy Hammond, , Wilmington, NC
Wed Feb 5, 2014
First, congratulations on making the decision to buy your first home. Please feel free to contact me directly and I will be more than happy to send you information on lenders that work with lower credit scores. There are many options available to you. Warm regards and I look forward to hearing from you soon.
0 votes
Zachary Lucas, Agent, Wilmington, NC
Tue Feb 4, 2014

Sorry to here about your troubles. There are some really great mortgage companies in town that will help you get it right. If you have not spoken to anyone and need recommendations I would be happy to assist you. I am a Realtor with Masonboro Realty, Inc. here in Wilmington, NC. I would love to help you and your husband find your first home! Please feel free to contact me via email or cell phone if you have any questions. I hope to hear from you soon. Best of luck!

Kindest Regards,
0 votes
Scott Cox, , Raleigh, NC
Sat Jan 25, 2014
I can help you with your scores. I don't charge a fee for the help with increasing your scores. I count on being able to put a plan in place so I may work with you on your purchase transaction.

Let me give you a quote on your purchase. Compare mine to other offers. Contact me to save money on your closing costs! Purchase Power - Mortgage Package Put more of your money into your house and less into your closing. Save on fees. For example: No Underwriting Fee No Appraisal Fee No Document Prep Fee No Credit Report Fee No Fee for Lender Title Policy No Recording Fee No Settlement or Closing Fee No Flood Certification Fee And More Competitive Rates Close On Time Pledge cell: 919-219-2252
0 votes
strickler100…, Renter, Winter Haven, FL
Tue Jan 21, 2014
My husband and I are in the same situation after a layoff and a relocation destroyed our credit. We hired a company called Lexington law to help us, and they have been wonderful; the law firm is well worth the money. In thirty days, Lexington had already removed several negative items off our credit report.
Keep in mind, just because you pay off a debt, doesn't mean it will improve your credit score. You could pay off a bill and the company is not require to state that on your credit report.
Hope this helps.
0 votes
ok thanks so much i will talk with my fiance because we are wanting a house soon
Flag Tue Jan 21, 2014
Search Advice
Ask our community a question

Email me when…

Learn more