is my monthly income a plus to bad credit?

Asked by Jessica Mills, Chattanooga, TN Sat Jun 1, 2013

I would like to move close to where I can commute to Chattanooga state.
but I have a poor credit report and score. I do draw a monthly check and on occasion work part time when able. is my monthly check a small bonus to being approved for an apartment?

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, ,
Fri Jun 28, 2013
Good afternoon Jessica,

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
Fred Herman, Agent, Staten Island, NY
Fri Jun 28, 2013
draw a monthly check??? from who??? how much???

that doesn't sound like a reliable income. are you referring to an allowance???

"is my monthly check a small bonus" - Sorry, no. I don't think it will help.
0 votes
., , Chattanooga, TN
Fri Jun 28, 2013
Hi Jessica, what is your "source" for saying you have bad credit? A lot of people are surprised to find out their credit score is better than they anticipated. Also a surprise is that more people qualify to buy a home than they think they do because they have listened to too much media. The only real way to know is to attempt to get pre-qualifed thru a lender, which in most all cases is free and definitely will not negatively effect your credit score (which is sometimes another mis-conception). A good realtor will have contacts and relationships with mortgage professionals who can get you an answer within a couple of days to the ultimate question of "Do I qualify??" Another positive is that if you do not qualify now, mortgage lenders I am associated with can send you to credit repair professionals who can give you step by step directions to quickly improve your score. Interested in that path? Give me an email or call today !
0 votes
Travis Jacks…, Agent, Campbell, CA
Wed Jun 5, 2013
A consistent monthly check is a bonus.

Travis Jackson
Century 21 M & M Associates
0 votes
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