Posted on: 14th Sep, 2009 11:23 pm
Me and my wife both have low 500 fico scores? is there any hope?
Hi Elisa, With both you and you wife with such low scores there will be very little chance at a loan. There is a lot more information needed to see if you may qualify but even FHA loans do require at least 620 minimum fico scores. They will also look at work history, down payment, debt, bank statements, pay stubs.
there is always hope, but it may be delayed a bit. you'll need to correct whatever it is that has dragged down those scores, as well as re-establish some favorable credit references.
Great post George!! Keep hope even if it takes a bit longer than expected. I hope this helps...
There always is! What you both should need to do is to grab a copy of your credit reports, identify the items that are dragging your score down and work on them. You might need to settle a negotiation or pay off your debts, but whatever it is, the only way to improve your scores are to work on them. You might want to also be familiar with the credit score ranges so you will have a goal. During this time, it would be of big help if you avoid applying for new credit and loans. Good luck!