Morales Fami…, Other/Just Looking in Ridgefield Park, NJ

I have bad credit but want to buy a house in about a year what could I do now to help that happen

Asked by Morales Family, Ridgefield Park, NJ Fri Apr 11, 2008

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12
Sabine, Home Buyer, Malibu, CA
Fri Apr 11, 2008
Hi, I have been in your boat. This is something you can do yourself... you need to be careful with "credit councelors". Some of them will charge you a premium to do what you can easily do yourself.
Go to http://www.creditboards.com/forums/
This website helped me tremendously. You will learn all about credit, how it works and the steps you will need to take to fix it. Just statrt reading as much as you can.... and then begin to ask questions.Many of the peope on this site are very knowledgeable and are always very eager to help!
Good luck!!!
1 vote
Alan May, Agent, Evanston, IL
Fri Apr 11, 2008
Now, is a good time, to talk to a credit counselor, and find out exactly what you need to do to turn your credit around. Sometimes common-sense doesn't play a role in good credit.

For example: you might think that canceling a credit card would be good for your credit. But, in fact, if you've had that card for a long time, and your history on that card was decent, you'd be removing all that "good history" from your report.

You might think that having only one credit card is better than having two. But if the one credit card has a balance higher than 75% of it's maximum credit line, it'd be better to spread that amount over two credit cards and have each of them with only 50% of their credit line used.

There are lots of little tricks, that a credit counselor can help you with. And it takes quite a bit of time to see your credit score improve... but it only takes on bad month to drop your credit score like a sack of bricks. In the scheme of credit scores, a year is not a long time... don't wait.. talk to your lender or a credit counselor today.
1 vote
Sandy Shores, Agent, Melbourne, FL
Fri Apr 11, 2008
I would recommend that you contact a local lender to the area you are interested in buying. Find out what type of mortgage will suit your needs down the road. Then ask the lender to advise you what steps are necessary to get your credit in the condition you need to purchase a home. Different loan programs have different requirements.

Be sure to talk to 3 lenders and get good faith estimates from all of them to show your estimated closing before making your decision, later, which one to use.

Best wishes!
1 vote
Susie Hardy, , 78654
Sat Apr 12, 2008
There is a credit restoration program that can help you restore your credit and within a short period of time you will be able to purchase that home! Contact me for more information.
0 votes
Sabine, Home Buyer, Malibu, CA
Sat Apr 12, 2008
Everyone is entitled to a free copy of their credit report once a year. The official website endorsed by the credit bureaus is annualcreditreport.com
Also, to get your accurate score, you can go to myfico.com.... howe er this is not free
0 votes
Jeffrey Halp…, Agent, Hopatcong, NJ
Fri Apr 11, 2008
There is a company in NJ that specializes in your situation. Credit Restoration Specialist Roger Pierson at 201-400-6265. Tell him I ask you to call.
0 votes
Alan May, Agent, Evanston, IL
Fri Apr 11, 2008
you need to be careful with "credit councelors". Some of them will charge you a premium to do what you can easily do yourself.
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True enough... as with ANY service... you need to be careful that you find someone reputable and not out to take advantage of your situation. Ask for a referral from your bank, or your lender, to speak to someone about improving your credit. Many times someone at the bank will be happy to give you some guidance, for free.
0 votes
Jt Martin, Other Pro, Greenville, SC
Fri Apr 11, 2008
well, you can get a free a copy of your credit report at my website, thats the first thing you do
Web Reference:  http://www.redealsusa.com
0 votes
Mark Roncone, , Naperville, IL
Fri Apr 11, 2008
Start working with someone from a bank or mortgage company now on repairing your credit history.
Web Reference:  http://www.nilhomeseller.com
0 votes
Earl Cline, , West Jordan, UT
Fri Apr 11, 2008
Try a lease option. It gives you a chance to live in the home you want to today and not have to qualify for the loan for a year or two. This can be a very good oportunity to get into a home and start building equity, without having to qualify for the loan. A year from now when you need to re-finance, you have a track record of paying for that home.
Web Reference:  http://www.earlcline.net
0 votes
Sabine, Home Buyer, Malibu, CA
Fri Apr 11, 2008
By the way, simply paying delinquent bills or collections does not necesarily help your credit.... Please just read about this before you do anything so that you take the proper steps.
0 votes
Gina Chirico, Agent, Fairfield, NJ
Fri Apr 11, 2008
Morales, you can start by making sure you pay all your bills on time and make sure any delinquent accounts are reconciled and paid to date. Also, do not incur any additional debt. In the next year if you are paying bills on time, you should see an improvement in your credit score. Steady employment and salary are also a big factor in qualifying for a mortgage. Good Luck!

Gina Chirico
PNJP-Caldwell
973-228-1000 ext 132
GinaChirico@PruNewJersey.com
0 votes
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