Profile picture for briyasmom

571 credit score

571 credit score. Paid and closed all credit card debt. I have student loans (deferred) and a car loan (origionally 17,000 - still owe 10,000). 38,000 base income (teacher) and second (part-time) job (tutor) 2,000 per month. Would like to get pre approved to submit offer on short sale for 130,000. Any chance? Also, what else can I do to raise score??? Secured credit card???
  • May 01 2009 - US
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Answers (11)

Profile picture for briyasmom
No reply but there is hope for us with bad credit. Just got a loan with a 5.5 interest rate. Not as bad as I thought.
  • May 04 2009
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Never heard of it these days, but congrats on getting "approved" and hope it does work out.  be prepared for potentially bumpier roads though.  Good luck to you and your shopping.
  • May 04 2009
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Marty,
Thanks for calling me back, there deputy hound dog . . . :-)
Crime snooping must be busy.
  • May 04 2009
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I would recommend credit repair. If you would like more information on the group of attorneys that we reccomend to all of our clients with credit blemishes, just let me know. They have been able to increase their credit scores 127 points in 3-6 months (average).

So it might help you fix up your credit in time to purchase a home this summer.

  • May 04 2009
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Profile picture for briyasmom
I would love to know who can do that. please let me know.
  • May 05 2009
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Profile picture for wetdawgs
This is not the time to be thinking about making offers, but instead it is time to be doing the pre-work to build up your credit and a fund for a down payment.

Why is your credit so low?   Your debt to income ratio is high.  Have you had late payments on car loans etc?  If so, have zero (and yes zero is zero) late payments.   Have you checked your credit yourself to see what is on file?  Is everything accurate?  
  • May 08 2009
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Profile picture for briyasmom
Since that posting, I have been pre approved with a 5.5 interest rate and submitted an offer for a home.

Remember every situation is different. I am currently not in a position where I can sit and wait so I am doing the "pre- work" for my credit while waiting on the response for my offer. Since I am looking at short sales, it will be a pretty long process and during that time I am working on my credit in the following ways so that by the time I make it to the closing table my credit will have increased and I will hopefully get an even better loan. I signed up with Lexington Law firm to raise my score. since I had no credit cards, I opened a secured card through citibank (1000.00) and a department store card (500.00)which I will leave a very low balance on monthly. And I am continuing to pay all my bills on time. I have already seen a pretty significant increase since doing this. I will continue on this path and hope that the law firm can make it even better. I found the perfect house at a great price for me and my daughter and I wanted to seize the opportunity which is why I submitted an offer. I only got the pre approval so that I could take advantage of the opportunity while improving my credit since it will be a pretty long process.To answer your questions, I have a lot of "old" bad credit. I am 26 years old so I dont have a long credit history and I did not manage my "first credit" wisely. I have paid everything off but the negative items remain on my reoprt. I have requested that the creditors remove them but they refused which is why I turned to the law firm. Also, I have never been late or missed a car payment in the 3 years that I have had the loan and my student loans are all current, never late, and deferred while I am in school for my master's degree. However, that is all the credit I have. And yes, everything on my report is accurate and I have my down payment saved already as I have been preparing for home ownership for the last 3 years.I truly appreciate everyone's advice on zillow but I notice that it has been the same cookie cutter responses to almost everyone with bad credit. "Dont buy now, fix your credit first" While this is definitely accurate advice for most, I have also learned that every situation is different and this credit thing is so complex that a specific answer cannot be obtained simply by explaining your situation in a few lines. There are so many factors that go into this and I have taken all of the great advice and made it work for my particular situation. So I don't think everyone should just sit and wait, instead educate yourself as much as possible and speak to a credit counselor who can help you with your particular situation. Sometimes problems can be fixed in a very short period of time and you can take advantage of today's prices and credits and fix your credit at the same time like me. :o)

It's just the beginning of the road for me. I know my offer may not be accepted and I am prepared for that let down but I am hoping for the best. No matter what, I will continue to improve my credit and what is meant to be will be. I will keep you all updated.
  • May 09 2009
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 We are also trying to get a home, however we;ve had a very hard time since my husband has a credit score of 570, and mine is a 620. We have paid off some old debt but it's not helped muc. It seems lenders dont even wanna speak to us once I tell them our credit scores. We are trying to get approved for a 40,000 home loan and have 20% to put down. Can you please recommend a lender to us, we have steady income for over 6 years at the same employer and own a small business. Please email me at :

Skye23@sbcglobal.net

Thank you!
  • May 10 2009
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Profile picture for briyasmom
Sure... where are you located?
  • May 11 2009
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It actually hurts your credit to close a credit card account.  You want to to pay them off or pay them down and keep them open.  The more available credit you have that is not being utilized the better your credit will be.  When you close a credit card you lose that available credit and that makes it look like you are using more of your total credit.
  • May 12 2009
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Profile picture for briyasmom
I learned that too late. They were actually closed by the creditors because of delinquent payments. I have paid all of the balances and that is why I decided to open a secured card and a Macy's department store card so that I can restore that part of my credit. Thanks for the advice...Wish someone would have told me that about 6 years ago lol.
  • May 15 2009
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