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I want to purchase a home but my credit is bad, please advice.

560 score
  • August 19 2013 - District Heights
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Answers (1)

Profile picture for MountJuliet
First, keep in mind that the rules are constantly changing.  I suggest finding a lender that you're comfortable with their experience and is on top of their game.  A lender who will keep you updated as to the current rules and regulations is critical to getting you approved for a loan.

Some will disagree but I would not suggest any type of lease option or rent to own.  They are very risky and I've not seen many that worked well in the end. 

The past few years were tough on me personally.  My credit was shot but it has since recovered because of time and my opening a secured credit card about two years ago.  It's rare that I charge items on it.  Using less than 30% of the limit helps improve your credit score.  The longer the account is open the more impact it will have to increase your score.  I'd only put the minimum required to open the account because it's not about having a high limit but truly how you manage the available funds.
  • August 19 2013
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