Posted on: 03rd Jul, 2008 11:26 am
My credit score recently dropped 100 point due to a credit card reducing my limit and a missed car p
I have worked hard to repair my credit following a divorce (7 years ago) and being a full time student till last year....I paid off most credit cards but recently missed a car payment and show 43 days late on recent home depot (is current now) also home depot reduced my credit limit due to 5 times late in last 2 years (was finishing school and hit a rough financial patch but have been current for over 18 months till recent mix up...I want a mortgage now but have been turned down by countrywide....where do I turn
I have worked hard to repair my credit following a divorce (7 years ago) and being a full time student till last year....I paid off most credit cards but recently missed a car payment and show 43 days late on recent home depot (is current now) also home depot reduced my credit limit due to 5 times late in last 2 years (was finishing school and hit a rough financial patch but have been current for over 18 months till recent mix up...I want a mortgage now but have been turned down by countrywide....where do I turn
You can try FHA but they are strict on recent credit history.
You can't have any lates in the last 12months for anything on your credit report. You can apply with someone, and they can review your credit with you.
You can't have any lates in the last 12months for anything on your credit report. You can apply with someone, and they can review your credit with you.
Hi kitkatisme.
Welcome to the forum.
Even if you get a mortgage, can you afford it? As you don't have very good credit then the rates and terms will also not very good. The simple thing is if you have better credit then you can get approve for better rates and terms. So first try to improve your credit. You can use the Credit Repair Tool to analysis and fix your credit at http://www.mortgagefit.com/calculators/credit-repair.html
Hope this helps. Feel free to ask if you have further questions.
Best of luck,
Larry
Welcome to the forum.
Even if you get a mortgage, can you afford it? As you don't have very good credit then the rates and terms will also not very good. The simple thing is if you have better credit then you can get approve for better rates and terms. So first try to improve your credit. You can use the Credit Repair Tool to analysis and fix your credit at http://www.mortgagefit.com/calculators/credit-repair.html
Hope this helps. Feel free to ask if you have further questions.
Best of luck,
Larry
Hi,
To Banker:
I don't think the poster will qualify for an FHA loan as because he has already been late on payments for 43 days. And he has been late for several times since the pats 2 years.
To kitkatisme:
I think the best thing for you to do now is to see what can be done to improve your score. Ever since the mortgage crisis, loans have been harder to get and with bad credit issues, things get a bit tough. What's your score now? can you give an approx. value of your score? if it's somewhere around 660's then perhaps you can qualify for some conventional loans; otherwise I'm afraid you need to wait for some time till you improve your credit. I suggest you check out the Credit Repair tool as provided by Larry in the post above.
Good luck
To Banker:
I don't think the poster will qualify for an FHA loan as because he has already been late on payments for 43 days. And he has been late for several times since the pats 2 years.
To kitkatisme:
I think the best thing for you to do now is to see what can be done to improve your score. Ever since the mortgage crisis, loans have been harder to get and with bad credit issues, things get a bit tough. What's your score now? can you give an approx. value of your score? if it's somewhere around 660's then perhaps you can qualify for some conventional loans; otherwise I'm afraid you need to wait for some time till you improve your credit. I suggest you check out the Credit Repair tool as provided by Larry in the post above.
Good luck