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Missy12342008 · Joined: 24 Feb 2009 Posts: 36 2.66 Dollars($)

Hi there I seem to be asking the same questions here. I'm just wonderin if since I don't really have much credit in my name how can I build it up? I have a score of 552-602 and want to raise it higher I can't even get a loan in my name except the internet companies that want to scam me I have to high intrest credit cards I fell behind on one just for a month I've been very good about keeping it current, and they want me to pay $250 for my minimum payment it's not fair but since I have bad credit that's the price to pay.. any advice? I do have a pretty high debt to income ration as I've had some problems in the past.

Thanks for all your help, and advice

smithsussane · Posted: Thu Mar 05, 2009 10:24 pm Post subject:

Hi Missy!

Welcome to forums!

Keeping in mind the present market situation, a credit score of 552-602 is quite low. In order to know more about improving your credit score, you could check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Sussane

Guest

I had a question about securing a home loan. I have a credit score above 775+ and my wife has her score around 800. We have two cars and one is to be paid off within a year while the other is new. We both have college loans that we are paying off and 1 credit card paid monthly with low debt.

The problem is that we do not have 20% to put down on a home and with the prices the way they are and renting it looks to be unlikely we will ever have that kind of cash on hand.

What is the chance we can secure a home loan in this type of climate given this situation?

Thank You!

adonis · Posted: Fri Mar 13, 2009 11:11 pm Post subject:

Hi rob,

You may get a home loan provided you will have to go for a Private Mortgage Insurance (PMI). PMI is an extra insurance which your lender would require from you when you obtain loans that are more than 80 percent of your new home's value. Thus, buyers with less than 20 percent down are normally required to pay PMI.

You can contact the lenders and check out what kind of rates they are offering you. This will also give you a fair idea whether you would be able to afford it or not. You can also speak to the lenders of this community and seek a no obligation free consultation from them. This consultation will also help you to know what type of rates you may receive when you apply for a loan. You will also get an idea about the current market rates.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

In the market right now a good score is around 720+ i would say. As the banks are tightening up on requirements for loans. There is always FHA loan though.

Guest

i am in credit card debit but still current on all bills how bad does this affect my credit rateing

jameshogg · Posted: Wed Apr 01, 2009 11:05 pm Post subject:

Hi jerry,

Though you are current on all other bills, your credit card debts can affect your credit score if you are more than 30 days late. This will also remain on your credit report for 7 years. The creditor can also charge you a late fees of $15 to $35.

Thanks

gmakerley · Posted: Thu Apr 02, 2009 8:24 am Post subject:

jerry, the ideal situation for credit card accounts is to keep your balances at approximately one-third of the credit limits. that'll optimize your scores.

Guest

Its been over 3 years since my bankruptcy and my Experian score is 669 Equifax 659 & Transunion 673. My car will be paid off in June & the only other debt I have is a credit card with $890 balance with a $3500 credit limit and Ive been at my job for 4 years. Do you think I would qualify for a mortgage & if so what kind of interest rate do you think I would be eligible for?

adonis · Posted: Sun Apr 05, 2009 11:40 pm Post subject:

Welcome Amy,

With the credit score that you have mentioned, you can look out for FHA loans. FHA loans are available at a credit score of 620. However, apart from this, the lender will also check your income before approving the loan. As far as interest rates are concerned, you should speak to few lenders and check out the rates. This will let you know whether you would be able to afford the mortgage or not.

You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would get a loan or not. Moreover, you may even come to know the current rates and terms available in the market.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi Amy, The scores you have mentioned are pretty good, FHA would be your best best i think. Your whole situation looks to be pretty good. Rates just depend on where you go. The more you shop around the better deal you will find. Lately i have been seeing rates hanging around the range of 5% - 6.25% for FHA loans. And as quoted before me there is a no obligation consulatation on this site on the home page. Hope this helps.

smckaybiz · Posted: Mon Apr 06, 2009 7:43 pm Post subject:

I would kind of like to get back to this whole "what is the best score" topic we started on.

There seemed to be a lot of posts early on here that stated that 700-720 and 800+ are all the same to lenders. I would have to say that is absolutely false. It might not have as big of an impact on qualifying for certain types of mortgages but in general it can make a big difference when applying for credit.

I have worked for three diferent lenders now, two of which offered our customers the best interest rates on a score of 760+. The other was 750+. The one lender had rates tiered every 20 points, meaning a 700 and a 775 would be three tiers apart, making the interest rate much different depending on your score.

The whole point here is that the higher the better when it comes to your credit score. Don't ever stop trying to improve your credit just because you've reached a little over 700. It could save you a lot of money in the long run.

gmakerley · Posted: Tue Apr 07, 2009 1:16 pm Post subject:

well put, scott. great credit is no longer 700; good credit is no longer 660. changes in the marketplace in general have changed how we all view scores these days. right now, 620 is "good enough" but not all that special in the overall scheme of things.

yes...the key is to continue to strive for the best. even though we sometimes falter, at least we've given it our best shot.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes explained very good. The longer you wait and build up your credit the better off you are and the more money you will save in the long run. You will get the best rates and pay the least amount of points.

Guest

My son is trying to refi his home loan his home appaised at $300,000. He is trying for a loan with his current lender Chase for $280,000 He received his credit score of 713,721 and 735. With the report he received a letter from chase stating, " Request loan amount exceeds Maximun". His income , loan to debt is all good. He workes for the state of Californis for the past 3.5 yrs. so how can they denie him this loan? Help

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