Need financing, my credit score is very low. Recently went through divorce. My credit score is only 500. I would be able to put a reasonable down pmt.

Asked by Janice Dearing, Upper Marlboro, MD Sun Jun 9, 2013

The house I'm interested in is 5712 S Marwood Blvd, Upper Marlboro, MD 20772

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Mon Jun 10, 2013
Good morning Janice,

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!
2 votes
Thank you for empowering me. I can and will take on your proposal. I think it is what I need to do. Again thank you for being honest. After I've cleared up my issues, I will be in contact with you again. I am strategically planning to turn things around by the beginning of 2014. Again Thank You. Janice
Oh you have my Thumbs Up..........................
Flag Mon Jun 10, 2013
Akil Walker, Agent, Upper Marlboro, MD
Sat Aug 17, 2013
Hi Janice

you will need to improve the credit score firs, unless you are paying cash. Give me a call to discuss some options.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Fri Aug 16, 2013
Ignore Andrea Gomez's response and read what Trevor Curran below has shared with you. He's being honest, while Andrea Gomez is blowing smoke at you.
0 votes
Melissa Goss, , Center Moriches, NY
Fri Aug 16, 2013
I am sick of seeing spam of this nature on trulia to be honest, NO MRS. GOMEZ this person will not qualify, so why continue to post in the forums?
0 votes
Bridgette Ch…, Agent, Philadelphia, PA
Sun Jun 9, 2013
Hi Janice!

I work with two professional that can assist you with increasing your credit score as well as getting you a loan as you re-build your credit. These two professionals have assisted a number of buyers get financing in order to purchase a home. No need to have options!

Give me a call to set-up a meeting to discuss your requirements!

I look forward to working with you!

Bridgette "Kyria" Chase
Exit Bennett Realty
301.974.7110 | mobile
0 votes
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