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Loan for credit score of 556- 570

what kind of loan can you get with 570 or can you even get one

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sherelleg.

Welcome to the forum.

With 570 credit score you may not approve for any mortgage loan. And even if you get approved then the rates and terms will not be very good. So you should better try to improve your credit score first before you can apply for a mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I recently devorced and my x maxed out credit cards then stoped paying on them i closed most of them out and am making all the payments but my credit is now shot. I think the only thing to do is to try and fix the problems on our credit report but i think most people dont know what to do thats at least where i am at

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

kim, you are correct that you ought to fix the problems on your credit report. first off...have you seen your credit report? if not, you ought to find someone to help you with that - get a copy and review it so you can see what problems exist and get some advice on how to rectify those problems.

payoff of collections, charge offs, etc. will bump your score - it takes time, and energy, but it's worth it. what you'll also need to do - assuming that there isn't any positive credit information there - is to obtain new credit that will benefit you by re-establishing creditworthiness.

you can negotiate with some and maybe all of your creditors to see if they'll take less than the balance owed, and this will be beneficial to you if you can accomplish that.

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Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

570 will not get you a loan of any kind. 620 is the min fico score for an FHA approved loan. Get your credit report and start from there. Getting it up from 570 isnt that hard just takes time and the right steps.

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kbkevin2009's picture
kbkevin2009 | Joined: July 28, 2009 02:15 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you cannot get approve for any loan with that credit score, but some lenders can go for FHA loan with you but it will on higher interest rates... Also, other requirements will affect your qualification... best option for you will be to improve your credit scores...

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a 570 credit score, i'm not sure why, but i have bills and an apartment in my name that im never late on but it's only bee a little over a year that they've been in my name.... i also just started my credit like 2 and a half years ago.... freecreditreport.com said lenders would be taking a high risk if they gave me a loan?????? i'm so confused!

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Brient,

A 570 credit score is not good enough to get you a loan in this market. You need at least a credit score of 620 to qualify for a loan. Do you have any negative items on your credit like a previous foreclosure, bankruptcy or late payments etc.? I think you should get a copy of your credit report and identify the negative items. If there is any wrong information, you must dispute them with the credit bureaus and get them removed from the report. If there is any judgment or a charge off, you should try to pay them off or settle them through a payment plan. It will help you increase your scores.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

brient, first of all you are wasting your money on freecreditreportdotcom, since they are anything but free - they'll sign you up and when you forget to cancel their service, it'll be $15 or so every month until you do cancel.

that being said, an apartment rental is not going to show up on a credit report. your other "bills" - what are they? if you're talking about credit cards, loans, etc. then they'll show up...if you're talking about lights, heat, phone, etc. then they will not show up - same as rental.

having begun your credit record in the last couple of years is limiting. the more time elapsed, the better. be certain that you have no 30-day lates being reported - actually, just make sure you are never 30 days late, and they won't be reported. don't go shopping for any additional credit unless you need it.

you didn't say how many tradelines show up on your credit report - you want at least 3, and you don't need more than that. if you have open lines with no balance, keep them that way. if you have high balances on your existing accounts (in comparison with your credit limit) then reduce those balances as rapidly as you can.

all this will help you boost your scores to an acceptable level. we find that many who've only begun their walk down the credit path are dissatisfied with their scores in the early stages. don't get discouraged - if you continue to pay your bills as requested by your creditors, your score will definitely increase. it's just a matter of time.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

jenkin

There ARE a few lenders who do not use credit SCORES as a basis for giving approvals or rate adjustments. They DO use the data on the credit report in addition to the LTV and asset situation.

These would be regional banks. It can be done.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My score is about 573. I have 4 small doctor bills. If I pay these off how much would my score increase by?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ann,

Paying off the medical bills will definitely have a positive affect on your credit record but it will be difficult to let you know how much your scores will increase.

Thanks,

Jerry

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I agree with Jerry's comment, and furthermore, an improvement in score will also depend on what else is on the report. If there are favorable credit lines that currently exist, then the continued good payment history on those will have an impact on the score; and even be enhanced more once the small collections are gone.

There are a number of elements that go into the score calculation, so to break it down to the pay off of collections is not an easy task.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can a person with a credit score of 620 get a loan with a broken lease on his report, lets say its 4 years old but showing a 6,000 balance owed?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jessica,

You can apply for a FHA loan with a credit score of 620. However, there is a high chance that your lender will want you to pay off the balance owed.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Jessica, it depends at least in part on how that "broken lease" shows up on the credit report. If there's a judgment, then lenders are going to want to have it paid in full.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a score of 570 and i have a chargeoff and few settlement offer payments that have eliminated debt. my question is, do credit repair agencies work?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome lewis,

Rather than taking help of credit repair companies, it will be better if you could take steps to repair your credit on your own. To know some steps to repair your credit, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .

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alanjacobson's picture
alanjacobson | Joined: April 5, 2009 05:21 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You are taking the correct step coming here instead of turning to the paid companies, whether or not they throw "free" into their name or claim that their service will somehow save you money! Cleaning up your credit, particularly if you can afford to do it without consolidation (if you can afford to make your current payments) is something you can absolutely do for free on your own! As adonis said and posted a link to that section - start there nd make a plan. Best of luck!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes for the person saying will a broken lease show up on credit report, It will show up under rental history, And if you trying to get homeloan it has to be paid first Because you can not owe any money to any rental.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a 570 due to VA disability issues that have been resulved but the damage was done. Now I am looking at a 120,000 tax value for 90,000 I have between 570 and 620 depending on who you ask. Anyone out there loaning in this market in north carolina? Thanks

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi alfred!

Welcome to forums!

With a credit score of 570, you won't be able to qualify for a loan. You will have to have a middle credit score of 620 in order to qualify for a FHA or a VA loan. You won't be able to qualify for a loan if you have a credit score lower than this.

Feel free to ask if you have further queries.

Sussane

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