my credit score is only a 537, I have $2,500 left in debt for medical bills help ! i want to buy my first home and almost have saved up .

Asked by Ashley Gross, Woodbine, NJ Thu May 16, 2013

can any one help me or offer advise to speed up the process

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Elvin Lopez, Agent, Clifton, NJ
Thu May 16, 2013
BEST ANSWER
I can reffer you to a firm that handles your type of situation.

Elvin Lopez
551-208-0166
elvinlopez@kw.com
0 votes
William Jones, Agent, Millville, NJ
Sun Jun 16, 2013
Hi Ashley, call me, Bill Jones, jones real estate, 856-305-9095
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri May 17, 2013
Pay your debts on time, make sure you have some open credit, pay off collections, do not lie about what is on your credit report by disputing accurate information just because it is negative - that is a crime, see the link below, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Jim Simms: the voice of reason.
Trevor Curran
NMLS #40140
Flag Fri May 17, 2013
Jim Simms: the voice of reason.
Flag Fri May 17, 2013
Jim Simms: the voice of reason.
Flag Fri May 17, 2013
Jim Simms: the voice of reason.
Flag Fri May 17, 2013
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 17, 2013
Good morning ashley.gross,

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.
http://www.consumer-action.org/

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.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

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

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