laon with poor credit history help

lsparks · Joined: 14 Feb 2008 Posts: 1 1.36 Dollars($)

have credit cards deliqent pay - but paid off
dish cable bill I was unarawe of sending payment to them
old medical bill from a worker's comp injury-compnay nevered paid, I've have had no luck removing from my credit

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi lsparks,

Welcome to the forum.

You can even be approved for a loan even with poor credit history but you may not get the rate and terms that you would like to get with a good credit history.

See credit history is just a one part of it. There other things that will also be considered like your monthly income, your DTI ratio and so on and so forth. So if you can give information about this we may be able to give you a better suggestion

Thanks,
Larry

jameshogg · Posted: Fri Feb 15, 2008 1:53 am Post subject: RE: loan with poor credit

Hi,

Did you check your credit report for the latest score?and have you tried to improve your credit. if not, then try out the self-help credit repair techniques.

In case you have been paying utility bills, payday loans etc, you can utilize your alternative scores and get a mortgage.

The community lenders and members have been discussing on Mortgage with poor credit at an earlier thread. Please have a look at it.

Thanks

jeffselan · Posted: Fri Feb 15, 2008 8:22 am Post subject: well

There are loan products that are not score driven that may be able to help you. As the other posterstated, credit is only one factor in obtaining a loan.

Sometimes you can even use non traditional forms of credit such as rental history, phone bills, gym memberships, ect in order to proove that problems are behind you and now you have a good history.

I'm sure there are forum members that can advise you on several loan products.

Hope that helps!

sara

yes Jeff, I agree to what you say. But jeff where does one apply for such scores and does payday loan provider or other creditors report to bureaus considering non-traditional scores?

jeffselan · Posted: Sat Feb 16, 2008 1:48 pm Post subject: Some

Some creditors report to one bureau. Some two or all three or even none. The scores will not be on the credit bureau since not reported. The underwriter uses the info just to show the customer has shown the ability to repay. If you are asking about the internal score model for non traditional credit, I really don't know except they look for two to four examples of strong payment history for at least 12 months, rent being the strongest.

charlesarmbruster · Posted: Wed Feb 20, 2008 1:11 pm Post subject:

Find a broker, provide your credit report from www.annualcreditreport.com

Ask to make application (don't pay, though), and tell the loan officer that you may not have good enough credit! A good mortgage originator always like a challenge!

Be prepared for some hard advice! Remember: Honesty is the best policy.

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