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Credit Score : Nationwide Real Estate Advice

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Activity 838
Sun Sep 29, 2013
answered:
Good Morning Mike...

Do you have any open revolving accounts? Not closed and paid off? Closed and paid off is calculated in the length of history side of your score (if that makes sense). However 30% of your score is made up of OPEN & REVOLVING accounts. If you do not have any your score isn't benefiting from the largest percentage that makes up your score.. If you do not have any open and revolving accounts you may want to open a secured visa with capital one as they do report these accounts as unsecured vs secured. It will take about 60 days from date of application to appear on your credit reports. If you do have open and revolving accounts you may want to bring the balance down, but I know you stated you don't owe anything. If you have a family member who is willing to help you, you may want to ask them to piggyback their account. Rules of thumb for piggybacking:
1. Account should be open for a minimum of 12 months.
2. Be sure the balance due is no more than 30% of the credit line Example $1000 credit line the balance should be below $300.
3. Be sure the monthly payment is not going to raise your DTI to high (talk to your broker about your DTI and how much wiggle room you have based on the size loan you are looking for.
4. Be sure the account is in a positive status.
If you are able to talk to family members who have credit accounts that meet these requirements they can add you as an authorized user and you will reap the benefits of their long and positive paying history and your scores will bump dramatically.

In the meantime you may want to call the three credit bureaus and dispute any inquiries you do not have open accounts with. A deleted inquiry will boost your score any where from 2-5 points per deleted inquiry. Inquiries remain on your credit report for 2 years and can be disputed as long as they aren't tied to an open and valid account.

Inquiries must be disputed by phone. As of recently we are noticing the credit bureaus aren't accepting written disputes of inquiries.

I hope this information helps you to boost your scores. If you need further help, please do not hesitate to contact me.

Have a great day.

Christina Solorzano,
CEO & Certified SR Credit Repair Specialist
Everlasting Credit Repair
http://www.everlastingcredit.com
423-254-0555
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0 votes 6 answers Share Flag
Mon Apr 15, 2013
Linda Lorenzo answered:
Not sure what you are asking - this is a site for real estate type questions. Sounds like you need to go the school district and ask that question.
0 votes 1 answer Share Flag
Sat Apr 13, 2013
Ron Thomas answered:
You are taking it for granted that there are Down Payment assistance programs:
Understand that the lack of investment in homes is the biggest reason why we had so many foreclosures.
USDA, for Rural homes, and VA for Veterans, are about the only way to get 100% loans.
FHA will help you with 3.5%.
Other than those; you need a local, City or County program.

Good luck and may God bless
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0 votes 3 answers Share Flag
Fri Sep 29, 2017
Sharon Wayman answered:
Sat Aug 12, 2017
answered:
Good morning kunal103,

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Credit reports cannot be "cleaned up." This is a myth perpetrated on consumers by the credit-repair-scam-industry. If you have legitimate ERRORS on your credit report, those can be removed and you can do that yourself for free. But if you're thinking to "remove" a derogatory credit item that is a mistaken concept.

Here's how you prepare your credit to become a homeowner:

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. www.consumer-action.org


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
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

*If you thought my answer was helpful, please consider giving me a "Thumbs Up" or "Best Answer." Thanks!
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0 votes 10 answers Share Flag
Tue Oct 22, 2013
Curly Sue answered:
Wed Sep 18, 2013
Ron Thomas answered:
You probably don't!
But the Credit Companies are not working on Trulia; maybe you should be talking to them.
0 votes 3 answers Share Flag
Mon Oct 16, 2017
Joe Roman answered:
Hello Miz Repped;

I cannot give you an exact time frame as to how long it would take to increase your credit score, but I do know that a mortgage broker can run your score free of charge provided you eventually work with that broker. The score include all three bureaus which will indicate what steps you'll need to take in order to raise your score to 680 asap. You can also to credit.com and pay a fee and run your score yourself and determine what you need to do. That choice is yours! If you need to be in contact with a good mortgage broker that can help you get a home through various low down payment programs, call me @ 954-557-3416 and I'll be glad to give you his contact info.

Sincerely;
Joe Roman
ERA Herman Group Real Estate
josephwroman@gmail.com
www.realestateinsouthfla.com
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0 votes 147 answers Share Flag
Sat Apr 13, 2013
Michael Cheng answered:
Only the people who are applying for something that needs a credit verification. Usually, credit checks apply to people with less than $10M net worth.
0 votes 3 answers Share Flag
Sat Apr 13, 2013
Michael Cheng answered:
You should simply check with other apartments to see if you can get approved with your credit.
0 votes 3 answers Share Flag
Tue Oct 22, 2013
Jennie Miller, Pllc answered:
Have you spoken with a credit repair company? A couple of my clients have used one and see great success--and they can make recommendations that will increase your score even though you don't have things to pay off or have removed. ... more
0 votes 9 answers Share Flag
Tue Oct 22, 2013
Mini Samuel answered:
Thu May 8, 2014
Andrea Brooks answered:
I would recommend talking to a lender now so you can better understand how to proceed. I work with several industry-leading professionals that I can connect you with. I'd welcome the opportunity to help with your home search as well. Please feel free to call at 469-450-1326

Andrea Brooks
www.topagent.co
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0 votes 26 answers Share Flag
Mon Oct 2, 2017
answered:
Those scores are pretty good, but that is a serious derogatory credit item.

Physician loans are portfolio programs, so the lender is free to implement their own underwriting guidelines, but this also means they can probably make a judgment call on things.

If the rest of your credit otherwise is good and you can provide a good explanation then hopefully this will be OK.

If not then you may have to go FHA. It's 3.5% down and you'll probably have to wait until he starts working. But it's an option nonetheless.

If it doesnt work then try another lender who offers a physicians loan before you give up and go FHA.

Best of luck!
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0 votes 18 answers Share Flag
Sun Mar 31, 2013
Liz Lockhart answered:
0 votes 1 answer Share Flag
Tue Oct 22, 2013
answered:
Good morning chandler,

Your best bet is to get a referral to a local Mortgage Banker and get Prequalified. You'll find a much higher level of service, experience and knowledge with a Mortgage Banker than you would with a depository bank. And the Mortgage Banker will walk you through the process of buying your home.

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

*If you thought my answer was helpful, please consider giving me a "Thumbs Up" or "Best Answer." Thanks!
... more
0 votes 3 answers Share Flag
Tue Oct 22, 2013
answered:
The best bet is to have a mortgage professional review your credit report. Most credit reporting agencys have analyzer feature. It will tell you what you need to do to increase your credit score. This may take time so beware of the credit restoration companies that promise you anything. Payoff all collections and judgements, reduce your balances on your credit cards to 1/3 of the limit. If you do not have credit cards obtain a few to build your credit. Some credit card companies will charge you a higher rate due to bad credit but essentially you are buying good credit. Some of these companies are Orchard Bank, First Premiere and Credit One bank. ... more
0 votes 3 answers Share Flag
Tue May 14, 2013
Mack McCoy answered:
It is true, and if your credit score is that shaky, maybe it's not ready to carry a thirty-year mortgage commitment just yet.
0 votes 4 answers Share Flag
Thu Apr 4, 2013
Andrew Wilkinson answered:
Hi there Tracy,

It certainly sounds like Regions Bank is acting very shadily with you here. I hope you can get it sorted out soon. I'm also sorry that you haven't received any new answers to this question from one of our local experts.

It would help greatly if you rephrased your question (the text in bold where you start with "I short sales my home in Florida") as a question, because it will help agents get to the crux of what you're asking for. I'd recommend going with "Can my bank refuse to update their false records of my loan until it is paid off?" That would help get more attention for you. Refrain from going into specific in the title of your question. Instead add them in the next part of your question as you did here.

Also because your question is fairly broad and not specific to living in Lebanon, I'd recommend asking the question in our Cincinnati section instead so that more people will see your question, and therefore right more answers for you.

You can find our Cincinnati section here: http://www.trulia.com/voices/activity/Cincinnati_OH---9322

Good luck with getting your loan sorted out!

Andrew
Community Manager
Trulia Voices
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0 votes 2 answers Share Flag
Thu Oct 31, 2013
answered:
Jackie,

We have a program that allows for as low as a 600 score. I had one approved with less than 620 on Friday. The rules are tougher and the rates slightly higher but it can work for the right borrower. Please let me know if you need further information.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 3 answers Share Flag
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