someone please help! I've been working on rebuiling my credit since last november. in april I pulled my scores and had a 575 602 and 623. my

Asked by Spears, Seagoville, TX Mon Jun 11, 2012

lender wants my median score to be at least 620....I pulled my scores in May and they dropped tremendously to 502 574 and 623. I've pulled them monthly for the last 3 months and nothing on the report is different I have no lay payments or anything. I did notice that there were a few inquiries that I did not authorize and I disputed them. Should my scores go down that much because of inquiries? also isn't there something my lender could do? I'm getting frustrated because my lease is up in July and I am no where close to purchasing a home. any advise would be greatly appreciated. thanks

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John Greer’s answer
John Greer, Agent, Dallas, TX
Tue Jun 12, 2012
I work with several credit repair specialist that guarantee results. Contact me and I will put you in touch with the best. We will make it happen. I also work with lenders that can go down to 580 but to get decent rates a 620 is needed. Then 680 is the next tier. I look forward to assisting you in any way I can.

Best Regards

John Greer
Realtor/ABR/SFR
United Real Estate Dallas
214-460-8381 Cell/Text
jgreer@unitedrealestatedallas.com http://www.johngreerhomes.com
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 3, 2013
Good afternoon Spears,

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-…

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
Christina Ha…, Other Pro, Morristown, TN
Fri May 3, 2013
Inquiries can lower your credit score anywhere from 3-5 points per inquiry. Though you stated you don't have late payments are you carrying high balances on your revolving tread lines? If you would like more help I'd be more than happy to take a look at your credit reports and see what else you could do to get into a 640 and above. I work with many brokers who refer their clients to us because we are able to get people a 640+ credit score.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
http://www.everlastingcredit.com

We also have DIY Packages available.
0 votes
John Greer, Agent, Dallas, TX
Tue Jun 12, 2012
I work with several credit repair specialist that guarantee results. Contact me and I will put you in touch with the best. We will make it happen. I also work with lenders that can go down to 580 but to get decent rates a 620 is needed. Then 680 is the next tier. I look forward to assisting you in any way I can.

Best Regards

John Greer
Realtor/ABR/SFR
United Real Estate Dallas
214-460-8381 Cell/Text
jgreer@unitedrealestatedallas.com http://www.johngreerhomes.com
0 votes
Tanya Victor…, Agent, Allen, TX
Tue Jun 12, 2012
Call me asap, I have the perfect company to help you. http://www.welcomehomeresidential.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jun 11, 2012
Spears,

There are anumber of reasons why your score could be dropping including repeated inquiries. If you have paid up and closed out credit cards during this period, this too can cause your numbers to go in the opposite direction.

It may be time again to visit with your lender of choice, explaining to them what you have been doing. They should be able to set a course for you that can get the job done.

Good luck,

Bill
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Mon Jun 11, 2012
Call any lender of your choice and they will pre-qualify you for free or a very small fee (credit report $20 or less) and then you will know where you stand and how much you can spend. They can also give you pointers on what to do to better your score. Be careful, there are many bad lender/loan officers who will take your money and not produce. BE CAREFUL.

Then pick a Realtor and head out and get your home.

GOOD LUCK.

Kenny
kennyrealtor@yahoo.com
0 votes
Kelly Ward, , Utah
Mon Jun 11, 2012
Hi,

If you are applying for credit several times a month and those are the inquiries that are showing up, yes that will lower your credit score. The people that you already have accounts with will periodically do a "soft pull" that will not hurt your score. There are many things that factor in to your credit score. The things that factor in are payment history, amounts owed, length of credit history, new credit and types of credit used. If any of these things have changed it will affect you.

If you need to repair your credit we are here to help. Check out our website at http://www.alliedcreditsolutions.com. We can help you legally and permanently delete items that may be bringing your score down.

For a free credit analysis give me a call at 800 901-8122 ext 211.

Kelly
National Account Executive
Allied Credit Solutions
kelly@alliedcreditsolutions.com
0 votes
Dixon Wong, Agent, Dallas, TX
Mon Jun 11, 2012
Hi there,

Our lenders can definitely work with you with your current scores.

Give me a call or email me at dixondfw@gmail.com.

Dixon
Realtor
JP and Assocaites
http://www.findyourtexashome.com
dixondfw@gmail.com
0 votes
Elizabeth Mo…, Agent, McKinney Tx, TX
Mon Jun 11, 2012
I work with lenders who can look at your credit report & help! As a Realtor, I have closed many homes with clients who have been in similar situations with the help of a caring lender. Please call, email or text me. I will be happy to guide you thorough the process.
Elizabeth Morgan
214-725-7075
http://www.home-plano.com
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Jun 11, 2012
Send me an email and I will reply back with a free ebook about credit.
We can go from there.


.
.
Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
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