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Rafetto
Guest
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 Posted: Fri Nov 25, 2005 3:09 am Post subject: How to qualify for a loan with Adverse credit |
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I have been told by one of my well-wisher that it will not be easy to qualify for a loan with adverse credit. I really want to take a mortgage loan now. So can you please tell me what ADVERSE CREDIT is? Please give a detailed answer.
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 Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 813
Location: OHIO
194.39 Dollars($)
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| Posted: Fri Nov 25, 2005 4:38 am Post subject: |
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Hi Rafetto,
Welcome to forums.
Adverse Credit, also called Sub Prime or Bad Credit, is used to describe borrowers having a current or recent history of poor credit utilization. The term denotes that the borrower-applicants are having a poor credit history.
This is determined by credit reference agencies. They rely on two main sources of information-the Public Record and the information supplied by financial institutions and other lenders (banks etc.) offering credit accounts and lending facilities. The Public Record includes electoral roll information, court judgments and bankruptcies.
One need not worry even if one has got poor, undesirable credit rating. The credit rating can improve over time. If one can reliably meet one?s repayments in proper time for long then one?s credit rating is likely to improve.
For more information go through our section on how lenders rate your credit report.
Thanks |
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Rafetto
Guest
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| Posted: Fri Nov 25, 2005 5:22 am Post subject: |
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Hi Jessica,
Thanks, now i am clear with this. Jessica, I feel very interesting reviewing your site. |
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Bobby McIntosh
Guest
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| Posted: Sat Aug 02, 2008 5:04 pm Post subject: Loan |
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| I am getting custody of my 16 year old son and we need a home. I am a project Manager in the Richmond Va. area. I can afford a payment of at least $750.00 a month. I don't have good credit because know real estate well. I need a break please help. I have a 3 year contract with a company here in Richmond to manager all there rental properties. I manage 71 units at this time. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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| Posted: Mon Aug 04, 2008 5:19 am Post subject: RE: need home loan - credit not good |
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Hi Bobby,
Can you tell me how bad your credit is. If you have somewhere around 680 credit score, getting a conventional mortgage won't be difficult. And if you think of getting an FHA loan, a score below 680 will also work for you. But first of all, let us know what are you plans, which type of loans are you looking at? or may be you haven't thought of any particular loan type. In such a case, you can seek no obligation free loan counseling from the lenders in this community. Also use the mortgage calculator available here to find out how much you can borrow .
Take Care |
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