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Credit score of 609 and everything paid off and can't get money because of low score to build back?

My husband has a credit score of 609 90% the bills we owed were medical that got turned over, long story, but they went to collections. Now everything is paid off and would love to get a new place or build our score so that we can. We have everything paid off and can't get a money for anything because of low score, how do you build when you can't get money? Feels like a bad catch-22. 
  • August 27 2013 - US
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Answers (3)

Profile picture for user7392803
Thanks, while that does make since sound viable. The truth is that he has also been turned down for any type of card like that. The crazy thing is that my credit score is much lower not sure how than his and I can get at least a car loan as I do have one almost paid off and I do have credit cards also paid off. His score is much better than mine, but he can't get any type of gas card or credit card and I have poor credit and can. But I have a long way before my score will be up enough to think about it. Thanks. 
  • August 31 2013
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Profile picture for Brookstone Mortgage
Where are you located? There are options for FHA financing that you may qualify for. 
  • August 27 2013
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There are many factors that contribute to credit scores.  A score of 620 is usually required for mortgage financing.  One thing that many borrowers face is that they pay off all debt, and close those accounts. Closing accounts and having no credit, leads to lower credit.  Especially if the accounts that were closed were previously delinquent.  If there are no current revolving credit accounts, then there is really no way to build back your credit without establishing additional lines.  Get a gas card, charge a tank full a month, pay it off on time each month, and this should help.  Call a reputable mortgage lender in your area for advice.  They want to sell you a loan, and should offer ways to assist in the rebuilding of credit.  It is a process, and be sure to research all advice given.  Including mine.  I hate to hear that you ended up in this unfortunate situation, but know that if you stick to your goals, that you will have the home of your dreams in no time.  
  • August 27 2013
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