Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user5338683

580 Credit Score....any hope?

My husband and I are trying to purchase a home.  Our credit scores are in the 580 range.  We live in Texas.  Any hope of us finding a lender?  We have impeccable payment history, no foreclosures, no bankruptcies.  Thanks for your help :)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013 - Dallas
We think we've answered this question for you!
 
 

Replies (28)

Profile picture for wetdawgs
If you are eligible for a VA loan, you may be able to find a lender without a bunch of overlays who will consider a 580.  

The best plan would be to identify actions to bring credits scores for both of you to > 640.    The forums at myfico.com have some excellent contributors who probably can help you build a plan of action.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for user5338683
Thank you!  Unfortunately we don't qualify for a VA loan.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
There may be some things you can do to get those scores up real fast.

I would be happy to go over your credit report with you.
You can go to [deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines] and there is a free e-book about credit scoring and self credit repair I am happy to share as well.

Good luck
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for user5338683
Thank you!  The one thing I know is killing us that is going to help a lot is that my husbands car loan is not showing up on his report.  He's had it a year and hasn't been late on a single payment.  He's been fighting with them to get them to report it.  How much do you think that will raise his score?

I will also be paying down all my credit cards within the next few weeks to less than 10% their limits.  Hoping that helps as well.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
The 2 items you mention can do a lot of good to help your scores. Do you have any medical collections on your report? Removing those are easy with the HIPAA privacy laws in place.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for user5338683
Interesting you mentioned that.  I have lots of medical collections on my credit report due to illness with myself and several surgeries for my daughter.  How do I go about removing those using the HIPAA laws?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for wetdawgs
Have the medical collections been paid off?   Once they've been paid off, then you may be able to use the HIPPA rules for having the record removed, but not until they've been paid off.  (I'm puzzled, as your first post said "impeccable payment history" and this post says "lost of medical collections".  The two phrases are contradictory.

The myfico.com forums mentioned earlier are an excellent place to get the advice you are seeking.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for user134226

I got a FHA loan with a credit score of 560.  My wife median score was higher than mine.  Hers was 628 and mine was 560.  They had to use the lower of the two scores.  I had bad credit and still do. I had a foreclosure and bankruptcy.  I used [deleted by Zillow moderator], a mortgage broker who specializes in bad credit borrowers.  You can contact  [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines].  His website is I need to look up his number but his number is on his website. I do not know if he is licensed in Texas but ***** has offices in Illinois and Florida.  I am sure *******  is willing to help you. ******** even repaired my wife and my credit.  Good luck to you.
Scott and Tiffany Becker
Antioch, Illinois

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for wetdawgs
@user134226:

Interesting that today you post that you are Scott and Tiffany Becker, and a few days ago you were Hank LaPorte.   Hmmm, very interesting.  (Please check terms of use and read the Good Neighbor Policy).

If you are GC and wish reviews, check the lender review FAQ.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 27 2013
Profile picture for user5338683
Would it be more beneficial to pay off all my credit scores or to get a car loan in my name to establish a higher credit score?  I obviously plan to do both but what should come first?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 28 2013
Profile picture for wetdawgs
A car loan would be a very bad idea because it would increase your debt to income ratio, plus the initial effect of a new loan is to drop the credit scores.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 28 2013
I can help you...my specialty is 580+ credit score FHA loans with only 3.5% down. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 01 2013
You can get an FHA loan with a below 600 credit score. You just need to find someone in your area that works with a lender that has those loan programs
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 01 2013
I CAN HELP WITH 580 SCORE WITH 5% DOWN PAYMENT
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 23 2013
I have a background in credit, now I help people with credit issues get approved for home loans and referred to a real estate agent. [self promotion deleted by Zillow moderator] Read about it more here. 
[link deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Randy Yates
CEO 
The Lenders Network
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 12 2013
[Off topic removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 17 2013
Yes I know a lender that can do FHA and VA in Texas down to a 580 credit score.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 09 2013
Profile picture for user46678742
do you know lenders in the baltimore, maryland area that can help with a scredit score of 560-580
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2013
I have to ask why is your score is only in the 580s with an impeccable payment history?  You DO have options, as FHA WILL consider scores in that range, but will take a bit of effort to find a lender that will accept that score.  You will most likely need to find a lending entity that manually underwrites its loans.  Keep in mind that FHA regulations recently canged, so you may just qualify after all.  Perhaps you need to quickly add positive credit to your reports in order to get the scores up within 30-60 days. 
Please visit  [Hotlink and promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 14 2013
 [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 14 2013
The minimum credit score for FHA with 3.5% down, or VA loans in Texas is a 580 credit score. I know of a couple lenders if you want a referral..
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 29 2013
[Promotion and hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for information.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 24 2013
There are still lenders that can offer you a loan with a credit score of 580 or better. I've seen people with a score of 580 exactly get approved and close on a home before.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 29 2013
If you still need a lender, then call or email me. I have a lender who just helped my client so she qualified for a loan.  He gave her advice and updated a few things and therefore, increase her credit score.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 01 2013

You may qualify for our FHA loan wiht 3.5% down with a 580 credit score. Email me at Indu.Kapoor@prospectmtg.com.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 15
Credit scores in that range should work, although you are at the bare minimum for acceptable credit scores. The lowest credit scores lenders like myself are able to do, is a score of 580. Since your scores are right at 580, then you should have a chance when it comes to credit. Also there are other financial factors that would need to be analyzed include your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 12
Profile picture for danielle vanhorn
Hi, I am trying to get a VA Loan with 0 down payment. my husband credit score is at borderline of 620 but when a lender runs it, it always comes lower. my is above the 620. looking for a lender that will take our scores. im in Augusta, GA is there anyone that can help us get into our very first home. my lease is just about up and I NEED TO MOVE. thank you. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17
Profile picture for Joyful2theCore
Hey,
I know your post is over a year old, but just in case you're still struggling with low credit (or anyone else, for that matter), here's what I would do. First of all, this is crazy, but sometimes when you check your own credit, it brings down your score. I use Credit Karma, which is a free site and free app, to check my credit...and it doesn't lower your credit. Don't check your credit by trying to get approved for things, or by using anything other than Credit Karma. You can also sign up to be issued a free, full credit report by Experian, but that's only once a year. I just got mine and realized that one of my student loans reported a false late payment, when actually they were the ones responsible for not providing deferment papers in time. So, I got the mark removed. If you get the detailed reports, go through them thoroughly and see if there's anything you can get removed. It will take a lot of time on the phone, but it will be worth it!

Also, don't apply for new credit cards or car loans, or anything. Those will bring it down. When you pay off your credit cards, do not close them. You'd think that would be a good move, but it's not. If you have at least 25 rolling accounts in good standing, it will raise your credit. Get everything you can out of collections now! You don't need cable TV. Cancel TV and pay off collections. Take a day off of work and call the companies. They will work with you. NEVER ignore bill collectors. You might think you can't afford to call off work. Believe me, you'll save more money and raise your credit score by taking the day off and spending it on the phone with these companies. Get up early and stay on that phone all day. It will pay off! Sometimes hospital bills can be taken care of through charities. I had an emergency appendix removal recently, and there was no way on earth to pay the $60,000. That's insane!!! But I didn't ignore anyone. After all, who wants to work for free? You'd be calling to get your money too. It took me a few months to organize everything, many hours on the phone, writing letters, and filling out paperwork. But, guess what? An amazing charity covered my bills, I'm paying the doctor $700, paid someone else $250, and have one more $2,000 to deal with. So, in a couple of months, I made about $57,000 dollars that did not go on my credit report. You can do this too! Call them. Credit Karma will also be helpful. If you go under the Credit Simulator tab, you can see how certain things will affect your score. Now, this site isn't a hundred percent accurate or up to date, but it will help at least. Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
580 Credit Score....any hope?
Profile picture for Joyful2theCore
Latest reply by Joyful2theCore
March 17 | 28 answers
3 Credit Inquiries per credit bureaus by mortgage lender
Profile picture for user044646
Latest reply by user044646
April 10 2013 | 4 answers
Looking to purchase a home but have a score under 620, I can help.
Profile picture for wayne lancaster
Latest reply by wayne lancaster
January 18 2013 | 2 answers
Impact of early Car-loan payment on Credit Score
Profile picture for Memphis Owners12
Latest reply by Memphis Owners12
January 13 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 9816 Redondo Dr, Dallas, TX Home For Sale
    9816 Redondo Dr, Dallas, TX 75218

     For Sale: $649,000

    • Beds: 4
    • Sqft: 2866
    • Baths: 3.5
    • Lot: 19602
  2. 12334 Creekspan Dr, Dallas, TX Home For Sale
    12334 Creekspan Dr, Dallas, TX 75243

     For Sale: $294,900

    • Beds: 4
    • Sqft: 3214
    • Baths: 4.0
    • Lot: 12527
  3. 3100 Springbranch Dr, Richardson, TX Home For Sale
    3100 Springbranch Dr, Richardson, TX 75082

     For Sale: $395,000

    • Beds: 4
    • Sqft: 3879
    • Baths: 3.5
    • Lot: 10018