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611 Credit Score FHA loan in Cincinnati, OH

Hello,

I have a 611 credit score, and I am hoping to get an FHA loan in Cincinnati, OH. Any advice on who I should contact?
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May 26 2011 - Cincinnati
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December 18 2012
I bet the most damage to your credit is that collection from last Fall, since it seems the most recent.  The late payments from a few years ago aren't impacting your score too greatly just by themselves, however when you throw them in with the collection from ~9 months ago, and some credit card utilization (although it's not high, it's not better than 0% utilization), I can see the scores being where they are at now.

Like Trent & David have said, there are lenders who do the lower scores, and sometimes the rates are still pretty decent.  However the guidelines for the lower score FHA programs want to see that there have been 12 months of no late payments, exceptions can be made, but a collection for Comcast is housing related by most underwriters definition, and it's taken a little more seriously.

I bet you are an authorized user since you were in high school, it's a common (and often smart) tactic that parents do to help build their kids credit up at an early age.  Since your name is on a card, I'd call the creditors up and simply ask if you are an authorized user.  If they say you are, ask if you were to be removed as an authorized user, would the trade line be removed from your credit report as well.  If they say yes, then removing yourself could be the trick to getting another 15-30 points on your scores... then that collection wouldn't look as severe, but still would be something an underwriter would need to make a judgment call on.

Not to say that there may be a lender out there willing to approve you now, but I think you'll have an easier time with underwriting if you can get the scores up to at least a 620 if not 640.
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May 26 2011
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I'm not sure if I am an authorized user or not. The card had my name on it when I used it in high school, but I always had to pay my mom to have her pay the bill. All of these transactions occurred before I was 18. I think my parents then used the card to fund some of their own expenses.

Currently, I have a car loan but I had to have a cosigner and I have four credit cards that are in my name only. Two have zero balances, and the other two are at 30% of their limits. I also have student loans that are in my name and my mom and my grandma as a cosigner. However, my parents pay these, and they have never been late on them.

The collection was last fall. I paid this last month when I pulled my credit and saw it was there. And the late payments were a few years ago.
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May 26 2011
Are you just an authorized user on your parents cards?  Or are you a joint account holder?

If you are an authorized user on your parents cards, then removing yourself as an authorized user should remove that trade line from your credit report, and so removing the late payments/30% utilization should increase your scores to where you'll have more options than just looking for low score lenders.  We go down to a 600 score but the terms get a bit better once you get to a 640 level.

Do you have other trade lines other than those certain credit cards ((like other credit cards, car loan, student loans, etc.)?   If they are authorized user cards, and you don't have much other credit, then removing yourself as an authorized user may hurt your scores since you wouldn't have much other positive credit on your reports.  It is a bit of a fine line.

How long ago did that go to collections, and when were the late payments?   Within 12 months?  Over 12 months?
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May 26 2011
Closing a 601 score with some of the same challenges at 4:30 today.  We are local and we lend down to 580. 
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May 26 2011
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I had a collection in my college town from Comcast ($50) because my roommates did not return the box after I moved. That has been resolved. My parents have credit cards tied to my name that they have late payments on. In the last 30 days, I have brought it up 8 points by paying that collection and paying both of my credit cards down to 30%.
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May 26 2011
I have FHA loan programs that go down to 580 fico score. 
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May 26 2011
What is on your credit that is bringing it down to a 611 score?
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May 26 2011
 
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