Profile picture for user0919399

Is it possible to qualify for a mortgage with a 593 fico score? I am a first time home buyer.

Hello All!

I would like to know if there are any sub-prime lenders who will lend to a person with a fico score of 593? I am seeking a home in the $150,000 to $180,000 range. I have been employed for 14 years as a teacher with the same employer, and I have $34000 down. I am also a first time home buyer seeking a home in the Fishers Indiana area. My only long term debt is a vehicle with a $474 payment on it. I have a total household income of around $57000.00. Do I stand a chance?
  • January 02 2013 - US
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Answers (6)

With a 593 it's safe to say that you're using credit (have open accounts), but there are some negative items that might be weighing your scores down.

You'd mentioned the vehicle loan, but do you have any other credit?  Credit cards?  If so, make sure to keep your balances low, below 30% of limits to maximize scores.  

If you have unpaid collections, you need to be careful how you deal with them.  If they've not "updated" recently, then you might want to leave them alone for now.  But if they update monthly, it won't necessarily hurt your scores to pay them.

If they are paid, then you might want to look into a dispute to delete option.

If you need more help, I can troubleshoot your complete report.  I can be reached through my profile on Zillow.
  • January 03 2013
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Profile picture for SarahMarcum
This is why it is so important to have a good lender who can tell you what to tweak and how to improve your score. You are so close to the 620 score most lenders require as their minimum score. I would ask your loan officer what you need to do to bump your score up in the next few months. Good luck to you!
  • January 03 2013
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Profile picture for MandyRDreier
Certain lenders can do a 'rescore' for you if you are close. I had a client that was 610 & the lender told them to pay a certain amount off on a credit card; which wasn't that much & then they rescored the client & it bumped their score enough to make the loan. You might ask your lender about this. Good Luck!!!!!!!!!!!!  
  • January 03 2013
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Profile picture for wetdawgs
A FICO score is an indication of a history of responsible use of credit.   To improve your credit, there are some actions:

* Solve the collections.
* Never again pay late.
* Use credit responsibly (e.g. don't exceed 30% of your limit on your credit cards and pay the bill off in full every month on time).  
* If you have no cards, get a small one and use it and use as mentioned above. 

It takes time to build up credit but certainly can be done.   The myfico.com forums have some great people with great advice. 
  • January 03 2013
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Profile picture for user0919399
Thanks for your reply, I have several old collections as well as late pays. I have no clue how to increase my score
  • January 03 2013
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There may be banks that can help with that score but you are so close to a 620 score to get better priced loans. Do you know why your score is at 593?
  • January 03 2013
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