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Credit Score in Pennsylvania : Real Estate Advice

  • All536
  • Local Info16
  • Home Buying307
  • Home Selling57
  • Market Conditions8

Activity 95
Tue Dec 31, 2013
Benny Smith answered:
How is it going with your Home search. I did not see this earlier but you may have asked the wrong question. The score is not the only factor when getting a loan. The score sets the rate. Available income sets the price range and past unresolved Colections can stop even a much higher score. Collections need to be resolved in some way. IF you want to learn more I am happy to help you with getting to where you need to be. I live and work in both Allegheny and Washington counties, if you want some local assistance. Best of luck.
Benny Smith
... more
0 votes 12 answers Share Flag
Wed Nov 6, 2013
Randall Yates answered:
I know several mortgage brokers who have many different loan products. We specialize in helping people with difficult loans most lenders cannot touch.. Credit issues, self employment etc. Email me or visit our site I would love to go over your situation in more detail and refer you to a lender that can help.. ... more
1 vote 3 answers Share Flag
Tue Oct 29, 2013
Jessica Bateman answered:
You can get an FHA loan with a 580 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can ... more
1 vote 5 answers Share Flag
Mon Oct 14, 2013
john124 answered:
Hi Inpursuitofanswers

Its an important question.You should get answer from any reliable reverse mortgage company. I have a reverse mortgage which name is reverse mortgage lenders direct. They are very helpful. You can get right answer from their by search

http://www.reversemortgagelendersdirect.com/pennsylvania-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/no-fee-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-vs-annuities/
http://www.reversemortgagelendersdirect.com/misconceptions-reverse-mortgages/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-who-owns-the-home/
... more
0 votes 10 answers Share Flag
Fri Oct 4, 2013
Ava Buttler answered:
To avoid being taken to collections and damaging your credit score, it is important that you cancel your timeshare contract before you stop to make payments: http://www.timesharescam.com/ ... more
0 votes 8 answers Share Flag
Wed Sep 18, 2013
Larry Lichtman answered:
Hi Kiara,

Shane gives a good explanation below.

I know that you can go to www.annualcreditreport.com to view your scores and dispute errors. Mortgage Bankers/Underwriters use a combined report that weighs different parts of your credit profile differently. All 3 credit bureau reports weigh differently as well. That is why you will have 3 different FICO scores. Usually the middle score is what decisions are based on.

Please feel free to call me directly with any other real estate related questions.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994

Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
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0 votes 6 answers Share Flag
Wed Sep 18, 2013
Larry Lichtman answered:
If your investment properties are held in your name personally, there is no way to remove that trade line from your report.

Please feel free to call me directly with any other real estate related questions.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994

Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
... more
0 votes 3 answers Share Flag
Wed Sep 18, 2013
Larry Lichtman answered:
Hi,

My colleagues below give good advice. You can also contact a mortgage broker. They usually have some working relationships with experienced credit repair specialists who can help you increase your score and get you on track to be pre-approved to buy a home.

When you are ready to start house hunting, please feel free to call me.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994

Liberty Real Estate Associates
924 Arch Street
Philadelphia, PA 19107
Office: (215) 625-4725
... more
0 votes 3 answers Share Flag
Sat Aug 24, 2013
Christopher Jordahl answered:
Hi Tria
You should not have a problem getting a mortgage with a mid score of 627. Contact a local lender so you know exactly what your options are. Best of luck to you.
0 votes 11 answers Share Flag
Thu Aug 1, 2013
Michael Abramsky answered:
Statute of limitations is not the same thing as the FCRA compliance date.

The statute of limitations is the amount of time a creditor has to sue you for the debt. (This varies state by state.)
http://www.creditfirm.net/blogs/credit-card-debt-statute-of-limitations-by-state.html

The FCRA compliance date is the date an account will be removed from your credit file.

The FCRA compliance date for collection accounts is 7 years after the date of the first delinquency with the Original Creditor.

Even if the collection agency sells the debt to another company, the FCRA compliance date remains the same.

There are instances where collection agencies illegally re-age accounts, moving the FCRA compliance date. If this occurs, you have to contact the credit reporting agencies, the CFPB, and the FTC. http://www.creditfirm.net/blogs/reaging.html
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0 votes 2 answers Share Flag
Wed Jul 31, 2013
Michael Abramsky answered:
There are a few fundamental rules to credit which both you and your husband can implement right away to start increasing your credit scores.

Here are a few links to get you started;
http://www.creditfirm.net/blogs/5-credit-rules-everyone-should-follow.html
http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html

Good Luck
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0 votes 2 answers Share Flag
Sat Jul 27, 2013
Philip J. Cunningham Sr answered:
Buy or rent call me 215-725-5700 X49

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49 cell 267-934-1971
philcunningham2004@yahoo.com ... more
0 votes 9 answers Share Flag
Fri Jul 19, 2013
stephen webber answered:
Good Question Tee

You will find the smartest most effective method of determining credit requirements for a home loan is consulting a seasoned experience loan officer. They work with credit every day. They know exactly what is required and in most cases exactly what will be necessary to accomplish the required credit rating.
An experienced loan officer can also explain the most effective and fastest methods to build new credit.
The loan officers have a very strong incentive to make your loan happen as soon as possible and the experienced loan officers know which credit repair people are effective.

Gather more information than move forward on your credit. There are nine articles for you to read before you select and interview a loan officer including; Your Key People and Consultation Interviewing Loan officers, at Your Road Home.com.

They will not claim to be credit experts but the experienced loan officers are continually working with their clients to accomplish the required ratings. The incentive for the loan officer is the loan. They are commission paid.

But, the loan officer must be experienced. At least five years. And work with all of the loan types.

Meeting with a loan officer does not mean you are committed to that loan officer.

And you might save some money.

Also the articles Realistic Perspective and First Read will serve you.

So bottom line is gather your credit information from a person who works with home loans so is knowledgeable of the credit requirements and has an incentive to help you, if necessary, to bring your credit to the required rating.

Credit repair agencies charge by the month to repair and monitor your credit so clarify with the loan officer exactly what is required, if anything.

And a word of caution. Hold off on doing anything that will effect your credit until you consult a loan officer. Closing a credit card account or paying off an old past due bill can sometimes cause more harm than good.

First objective; Gather all the useful objective information you can find. Than interview loan officers. The choice you make is one of the most critical in the home buying process.

Trulia is also a good source of information and when you are ready to interview loan officers you will find them from your area on Trulia offering there services.

Most important, don’t let anything or anyone deter you from your goal of owning your own home.

Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers
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0 votes 8 answers Share Flag
Tue Jul 16, 2013
Jessica Bateman answered:
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can! ... more
1 vote 10 answers Share Flag
Tue Jun 11, 2013
Christina Hayes answered:
Cheryl,

Did a mortgage professional tell you, you had to wait an additional 2-3 years to own a home? They unfortunately, misinformed you. It's 3-4 years post foreclosure depending on the loan (conventional of FHA). You have cleared the time frame for either program.

If you would like free help to boost your credit scores please visit my blog here on Trulia, or go to our website.

Best of Luck & Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
https://www.facebook.com/EverlastingCR?ref=hl
... more
0 votes 3 answers Share Flag
Tue Jun 11, 2013
Christina Hayes answered:
Unfortunately, you will need a 620 and or greater to get a home loan. If you would like free help to boost your credit scores please visit my blog here on Trulia, or go to our website.

Best of Luck & Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
... more
0 votes 2 answers Share Flag
Tue Jun 11, 2013
Akeisha answered:
Give EZ Lease Rentals a try, they helped me find a leasing property that allow pets to stay. A few requirements and a clean criminal background history are important when the company checks on their applicants. You can even get them as your co-signer/guarantor. ... more
0 votes 15 answers Share Flag
Tue May 7, 2013
Trevor Curran answered:
Good afternoon Lamont,

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-help-yourself

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!
... more
0 votes 5 answers Share Flag
Tue Jan 22, 2013
Trevor Curran answered:
Good morning jillm,

I agree with Alan, although I would probably use stronger, fouler language (hey, I'm in New York!). If you're willing to pay, a Collection Agency is usually tripping over themselves to accomodate your payment. They want their money, after all!

Here's an excerpt from my blog about "How To Settle A Collection Account:"

"Once you and the representative (or the rep’s supervisor’s supervisor!) have worked out the final number and your method of payment you will ask for written confirmation BEFORE you send off any money.

I once had a client settle two collection accounts for his daughters’ cellphone bills. He made the call, followed my instructions and got his payment in the same day. But he neglected to get a written confirmation that his payment would permanently settle the account. We discovered about a month later that the creditor maintained a balance due for the difference between what he had paid and what they felt was due.

GET WRITTEN CONFIRMATION OF THE SETTLEMENT AMOUNT BEFORE SENDING PAYMENT. This written confirmation should also indicate that you will permanently settle this collection account, no balance will be due, the amount of the settlement, and that your account with this collection agency will be closed. And you want this written confirmation on the collection agency’s letterhead, signed by the representative (or appropriate party at the collection agency) and dated. Email confirmation is NOT acceptable. Further, do not accept a letter if it doesn’t indicate all of the above terms and if it isn’t signed and dated."

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
... more
0 votes 7 answers Share Flag
Thu Dec 20, 2012
Travis Hart answered:
You should call another lender and tell them exactly what happened. The underwriter can kill deals at the last minute and some lenders have more lenient underwriting departments than others. I know of a local lender that has approved many loans other lenders couldn't. If you'd like to know who they are just get my info off my profile. ... more
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