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 Durham : Real Estate Advice

  • All430
  • Local Info59
  • Home Buying130
  • Home Selling21
  • Market Conditions17

Activity 3
Thu Oct 31, 2013
lendersnetwork answered:
We help people who have low credit scores and match you with a lender that has a loan product for you. 580 credit score needed for FHA and 620 for conventional with 3% down. Maybe a few things can be done to increase your score the 19 points you need. ... more
2 votes 6 answers Share Flag
Sun Apr 29, 2012
answered:
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
... more
0 votes 9 answers Share Flag
Search Advice
Search

Followers

230