Friedsa, Home Buyer in

546 credit score

Asked by Friedsa, Tue Jan 10, 2012

my husband has a credit score of 546 and we are desperate to buy a home. Is there anyway we can by aug of this year. He makes great money 65000 a year give or tak. What can we do. Everything is paidoff on his credit and I don't know what to do from here

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5
Dean Eshelman, Agent, Festus, MO
Tue Jan 10, 2012
Yes you can use credit counseling agencies, non-profit or fee based, but you can do this yourself if you can stick with it. Why pay for what others will do when you can do it yourself if you know what to do. I help buyers with this process all the time. First go to FTC web site and select the free credit report option. http://www.ftc.gov/bcp/edu/microsites/freereports/index.shtml Now select the credit reports one at a time and print them. Do not try to do all three at once, because if you accidentally exit, it will not let you print them again. Once you have them printed look at the delinquent items. It has the name and address of each creditor. Write a dispute letter to each one and they will have to respond in 30 days or it has to be removed from the credit report. If you have items on there that you owe, write a letter saying you will pay them and upon clearance of your check they agree to delete the item from the credit report. Once you received the signed agreement back send them a check.
0 votes
Mantas Rauli…, Agent, Herderson, NV
Tue Jan 10, 2012
546 score is very low. There are a lot of ways to increase your credit score within 6 months. There are a lot of credit experts; some of them Non profit organizations and they will help you free of charge. In mean while save as much money as you can for down payment and than your husbands score is a little higher go to loan officer to see if you qualify for the loan.
0 votes
Amy & Dan Sc…, Agent, cleveland, OH
Tue Jan 10, 2012
I admire that you want to buy a home. I would suggest speaking with a local lender to get some guidance as to what you would need to do to increase your score. You should not be charged for their advice. Good luck.
Web Reference:  http://www.schumanteam.com
0 votes
John El Hana…, , 19087
Tue Jan 10, 2012
I would recommend you talk to a credit expert. They are the one that can advice you in this matter. They have much more expertise and experience to share with you. Please post your outcome once solving your issue.

Kindest regards,
0 votes
Annette Levi…, , New York, NY
Tue Jan 10, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
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