Posted on: 19th Feb, 2013 12:55 am
I am looking for a mortgage. Are there lenders who will provide me with a mortgage at a score below 620? My middle score will be somewhere around 585. Please help!
With a credit score of 585, it will be difficult for you to qualify for any kind of loan. Lenders have now become very particular about credit scores. So, you will have to take steps to improve your score. You should have a score of at least 620 to get a FHA loan.
Wait and take steps to improve your score before applying for a loan. To improve your score, you can take out a secured credit card and continue making payments without fail.
There may be, but the loans might be bad credit loans or sub-prime loans which will kill you with the high interest rates. Just as the others mentioned, it would be best if you work on improving your score first so you can be qualified to apply for regular loans with reasonable rates and favorable terms. Monitor your credit score regularly so you will know the right time to apply for a loan.