hi i have 3 negative thing on my credit report van that stop me getting approve for a morgage

Asked by Soniac, 11590 Mon Jun 3, 2013

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Mon Jun 3, 2013
Good evening Soniac,

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
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Jun 3, 2013
Without much information, for a personalized answer you really should be consulting with any licensed loan officer; a determination can only be made after a full review....
1 vote
Cristina Cal…, Agent, Woodbury, NY
Thu Jul 18, 2013
Hi Sonia, without much information the short answer is yes. However, you really should sit down with a licensed mortgage professional and have a pre-approval done. Typically, if you have negative things on your credit, but your debt to income ratios are good and your overall credit score is above 620 you can still get a mortgage. A mortgage professional will be able to advise you about those blemishes on your credit. Some of them might be easier to have removed than you think, and a mortgage professional can also advise you on the banks criteria for lending which will help you get on track for the future if you are unable to qualify for a loan at the moment. I wish you the very best of luck in your home search, and if you need help finding the right home I will be happy to do so.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Jun 3, 2013
Depends on what those things are. I suggets you meet face-to-face with a Loan Officer and see what your options are. If you have a few thing sthat would stand on your way, your Loan Officer should be able to tell you exactly what those htings are and how you can address them.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
Thomas Moser, Agent, East Northport, NY
Mon Jun 3, 2013
You don't specify what the "negative things" are. It really depends upon what they are and how they have impacted your credit score. For example a single 30 day late on a credit card is negative, but will not have a huge impact. But, a foreclosure or recent bankruptcy certainly will. If you are thinking of buying a home, your first step should be to meet with a qualified mortgage professional who will review your circumstances and let you know exactly what you will qualify for.

Tom Moser
Keystone Realty USA

Long Island's Commission Rebate Realtor
I Share My Commission with You
0 votes
Mark Rienzie, Agent, Hicksville, NY
Mon Jun 3, 2013
It depennds what they are.
Soms can be removed immediatelyy.
Call the credit reporting company for advise - free.
0 votes
Gail Gladsto…, Agent, 11743, NY
Mon Jun 3, 2013

My best recommendation is to reach out to David Weiner, Esq., of Michael B Schulman & Associates at 631-622.2080.

They are experienced and successful at credit repair.

0 votes
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