I am looking into buying a home this year but i have bad credit. I have decent amount of money for the down

Asked by Ond, San Diego, CA Mon Aug 24, 2009

but can't get a loan due to my credit. How can i improve my credit to get a mortgage loan?

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Joan Wilson, Agent, San Diego, CA
Mon Aug 24, 2009
There is a lot that goes into your credit. Paying bills on time, paying more than the minimum on your credit cards, not over extending. The best place to start is to pay all your bills on time and stop charging on your credit cards. Start paying the credit cards off...and pay them off every month. Soon you will see and improvement, but probably not wuick enough to buy a house this year. Talk to a loan officer and see what they have to say. They can pull your credit and tell you what to pay off first.

Good luck,

Joan Wilson
1 vote
Conrad Hodgs…, Agent, Brentwood, TN
Tue Sep 1, 2009
Hi Ond,

There are quite a few things you can do to mend your credit. I think the best thing to do would be to get a complete credit report from Equifax, Experian and Trans Union. Then go through each report to check for incorrect information. You will be suprised how many mistakes they make. Contact them immediately to rectify any adverse information on the reports that you know are incorrect. After that I would get in touch with a loan officer to get the best advice. This is your best course of action.

If you really have your heart set on purchasing a home you could ask a close friend or family member to help secure a home loan.

I hope this helps.
0 votes
Susan Vander…, Agent, Lake Elsinore, CA
Wed Aug 26, 2009
Get a car loan and save some money. I originated loans and know what affects credit scores. These are just 2 of the many ways.
0 votes
Missmate, , San Diego County, CA
Wed Aug 26, 2009
Credit tips-

-Do not close your credit card accounts. Pay them off or get them down to only 25% of our available credit but keep at least 3 open.
-Pay your bills on time, maybe set up an auto withdraw if this is an issue for you
-If you have an old collection- over a year, do not pay it. It will renew the collection on your credit and hurt it as if it is new. These items are not as bad as time goes on and paying it makes it new again, even though you were trying to do a good thing. It doesn't remove it, it renews it.
-check what is on your report. There is a chance that there are mistakes that can be cleared up.
-Don't have your credit run and re-run- Its okay if your shopping for a mortgage but don't go and try to get a new credit card and then go try to get a car loan. Too many inquiries hurts your credit.
Best of luck!!
Web Reference:  http://www.melissamate.com
0 votes
Carl Snyder, Mortgage Broker Or Lender, San Diego, CA
Wed Aug 26, 2009
We offer credit scenario analysis at no cost to borrower. If you want to know WHAT to do to raise the score to the max, you can just ask what to do to raise the score.
We also offer rescoring at a cost of $30/trade line/bureau. I JUST did this successfully and got a borrower from 598 to 608 in about 2 weeks. You MUST have factual data to have items on the report corrected. The requirements are VERY specific.
0 votes
Jeffrey Doug…, , San Diego, CA
Mon Aug 24, 2009
Dear Ond,

I would suggest speaking to a good loan officer or a credit repair company. I just wrote a blog post on the importance of credit which you might find useful.
0 votes
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