I found the home of my dreams,,,, I have a good stable job, but my credit score is 540. The few lenders and brokers I have contacted, treat me like I have a disease because I don’t have a 800 credit score! I don’t believe that every person with a home has perfect credit ( give me a break! ) There has got to be someone out there who can help me (either up my score, or work with me with the score I have). I am willing to work on my credit score for a few months (I really want to move by Feb-March 2009)….
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Do you know everything that is on your credit report and why your score is a 540.
The good accounts
The bad accounts
Everything 540 is below a 640 is below a 740.
homes lenders do not need an 800 scorebut they do need something stable to hang on to. Someone is going to ask your potential lender why did you lend this person money. First you must also realize that going to regular banks that regualry lend regualr people money is not where you should go.
You are irregular.
Then lets talk about the home of you dreams.
Is it affordable for you.
Do you have a 20 percent downpayent.
Have you been on your current well paying job for more than 5 years.
Have you lived in your curent area for more than five years
Have you lived at your current address for more than 2 years.
Have you considered paying too much interest to buy the home of your dreams
Like going to wells fargo for a large interest loan....... well lets start here
what is on your report
bad good ugly
Monday, November 10, 2008
Home of my dreams and I have a 540 score. Get Financed
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3 comments:
Wow… that was fast (Thank you)…
1) I have pulled/ and printed my free reports from Experian and Trans union – the other report had to be mailed (I need to check the mail for that one).
I did this about a week ago.
2) I have been on my job for 11 years ( Federal employee)
3)The home I want is brand new and approx. $155,000 (I can afford that).
4)I live with a relative now and I pay zero rent (I have been here for 1 ½ years now )
5) I relocated to this state (North Carolina) because of the low (lower cost of living and the dream of owning a home ).
6) No, I don’t have 20% lying around - I was hoping for some sort of first time home buyers assistance or maybe 3% down etc…
I have considered that I may need to pay HIGHER interest (I am single and willing to work another job to pick up extra $)
I didn’t think there was anyone out there left to turn to (I can surely try Wells Fargo once I have done all I can to pick up some extra points
I have heard a few lenders say – get 40 points (up to a 580) and they will work with me…
… (I know one person who filed …dare I say it Bankruptcy and got a Mort. Loan 6 months later, no money down – not one dime – she actually got money in her pocket! – she is now in a brand new home) I didn’t want to go that route, but I am getting discouraged and I wonder if bankruptcy looks more attractive to lenders than those of us who are still holding on ( to a low score) trying to Make it work?
FYI – yes this was a year ago that my friend filed bank – and got her loan! And yes, before the housing market and all the “rules” started changing! – In addition, this was also this was during a time when subprime loans were available - Do they still exist?
My report is full of junk – one item as low as $115 (yes, I should be ashamed,) but the small things I can take care of – by simply paying them off. The bigger ones I want to dispute and see if that works. (If all else fails - I guess I will have to strike a deal and pay them to get them off my report or at least show that I am working on them). I have about 5,000 in debt on my report, and I don’t know what portion is good, bad or ugly ( this is why I haven’t done anything, I don’t know where to begin).
I want to sit down with a friend to go through my report and figure out – what MUST go, what to dispute and what is so small I should just pay and not ask questions. There is so much advice out there (good, bad, and ugly) that I don’t know who to trust – so again, this is why I haven’t done anything yet.
I have been to your page a million times and I finally had the courage to write – any information will be greatly appreciated.
well do this
http://www.credit.com/r/identity-guard/af=p39646&ag=
you are a federal employee.... you could lose your job if you do not take care of and LOOK AT YOUR CREDIT REPORT
I talkrd with my old car dealer employer yesterday
they sell to people with money down
any dang body with money down
same goes for you
IF
you show money down
with your kick butt job
if you wish to attack credit
do the above
send me the abbreviated results
and lets go to work
remember this
job time
and money down
is credit today
ask a family member to front you moneys...for money down
it must be in your bank account prior for 6 months
or is their face right now....
the KEY
Some agencies consider that 620 is good. Lenders will offer you a prime rate. But then, some have suggested that 770 is the optimum credit score. Most companies do say that you need at least 650-690 in order to have a good credit rating. An optimal credit rating is always considered over 700, and usually in the mid 700s. Creditors want to determine how much of a risk you are appraised—in other words, how likely you are to repay the money when they give loan to you. Credit scores help them do that, and the higher your score, the less risk they feel.
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