Profile picture for africanmyth

Bad Credit Solutions...

Are there any mortgage specialists here that can give solutions to obtain a mortgage building a credit score from 590 to 620? 

  • March 08 2009 - Rancho Cordova
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Answers (6)

620 is the magic number to get a loan. FHA doesn't have FICO score requirements however lenders have set the standard to 620. There may be a few lenders that will go below 620 but the pricing hits are not pretty and you will have a very much higher interest rate.
  • August 02 2009
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Profile picture for Mister Info
Being that you are relatively close to the mark your best bet is to simply work on repairing your credit yourself, if you are diligent enough, organized and have the time and energy to research and execute. If not then I recommend you hire a credit repair professional to do it for you. I've been fortunate enough to have good credit but my sister was in the same predicament not long ago. She used this company [content removed by moderator for being self-promotional] and was able to raise her score from 550 to over 670 in about 4-5 months.
  • August 02 2009
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  • July 05 2009
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Profile picture for The Mortgage Mark
With a 590 credit score you can go with FHA.  
  • March 09 2009
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You're just going to need to continue paying on time for a while.  There's no magical fix at your level except getting a strong payment history.
  • March 09 2009
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Profile picture for Justin Kennedy

there are many, many answer to your question, each client is different, each creditor is different. Reducing the debt to credtline down to 25%-50% was an effective method. however, now, you run the risk of the creditor reducing the amount of the creditlines after balance is adjusted lower.

  • March 08 2009
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