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Answers (4)
- Steve Roake, "Steve Roake"
- Contributions:285
600 is ok. Some lenders will accept 600 provided income, debt ratios and other criteria is ok. Wells Fargo will go to 500 fico with FHA 10% down. Find a local real estate agent or lender to point you in the right direction.
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:104
2nd of 2 replies: (because Zillow said my reply was too long)
Hi again AngelaNichole,
One thing to look at are your individual credit cards & line of credit loans. Try to keep your balance on each account less than 30% of your total credit line. That includes your $300 secured credit card. If that is not feasible at this time, then try to keep your balance below 49% of the available credit line; that means that when you get charged your interest & your bill comes to you, your outstanding balance is less than 30% or 49% on your statement. This will help you increase your scores.
Another tip is to use a credit card you haven't used in 6 months. The credit scoring "machines" will not count your available unused credit in calculating your overall "Available Credit" ratio. Sometimes I give my clients homework such as buy buy a tank of gas with one credit card, or go buy a pillow or pair of socks with a particular store card.
Please note that this does not pertain any installment loans such as a car loan. These loans will help your credit score.
Hope that helps. Please feel free to contact me if you have any questions.
All the best,
One thing to look at are your individual credit cards & line of credit loans. Try to keep your balance on each account less than 30% of your total credit line. That includes your $300 secured credit card. If that is not feasible at this time, then try to keep your balance below 49% of the available credit line; that means that when you get charged your interest & your bill comes to you, your outstanding balance is less than 30% or 49% on your statement. This will help you increase your scores.
Another tip is to use a credit card you haven't used in 6 months. The credit scoring "machines" will not count your available unused credit in calculating your overall "Available Credit" ratio. Sometimes I give my clients homework such as buy buy a tank of gas with one credit card, or go buy a pillow or pair of socks with a particular store card.
Please note that this does not pertain any installment loans such as a car loan. These loans will help your credit score.
Hope that helps. Please feel free to contact me if you have any questions.
All the best,
Ros
Roswell Moore, CMPS
Roswell Moore, CMPS
Certified Mortgage Planner
- AngelaNichole
- Contributions:2
WE HAVE 5% DOWN PAYMENT AND ARE ALMOST DONE PAYING OFF DEBT ON BOTH CREDITS BUT IT TAKES TIME FOR A SCORE TO RECOVER FROM DEBT AND EVEN THOUGH ALL I OWE ON MINE IS A 8,000 CAR PAYMENT AND A 300$ SECURED CREDIT CARD THAT I HAVE USED LIKE 2 TIMES ON SMALL THINGE JUST TO SHOW USAGE ON MY CREDIT AND I ONLY HAVE 1 LAST DEBT OF $590 WHICH IS A MEDICAL BILL THE REST IS PAID OFF.
MYHUSBANDS INCOME IS APPROX $80,000 A YEAR AND I WAS RECENTLY LAID OFF DUE TO LACK IF WORK. BUT PRIOR TO THAT I MADE APPROX $71,000 YR.
MY HUSBAND HAD A BANKRUPTSY LIKE 4 YEARS AGO, HE HAD SOME BAD DEBT BUT WE PAID IT MODTLY OFF LIKE MINE AND HIS TOTAL DEBT IS MOSTLY MEDICAL BILLS AND SOME SMALL COLLECTIONS THAT AMMOUNT TO APPROX $6,000. WE WERE LOOKING AT AN FHA LOAN BUT ARE UNSURE OF THE REQUIREMENTS AND AVAILABILITY.
MYHUSBANDS INCOME IS APPROX $80,000 A YEAR AND I WAS RECENTLY LAID OFF DUE TO LACK IF WORK. BUT PRIOR TO THAT I MADE APPROX $71,000 YR.
MY HUSBAND HAD A BANKRUPTSY LIKE 4 YEARS AGO, HE HAD SOME BAD DEBT BUT WE PAID IT MODTLY OFF LIKE MINE AND HIS TOTAL DEBT IS MOSTLY MEDICAL BILLS AND SOME SMALL COLLECTIONS THAT AMMOUNT TO APPROX $6,000. WE WERE LOOKING AT AN FHA LOAN BUT ARE UNSURE OF THE REQUIREMENTS AND AVAILABILITY.
- wetdawgs
- Contributions:26833
Do you have a good down payment saved up?
How are your debt to income ratios?
What steps are you taking to get your credit scores up to >640?
How are your debt to income ratios?
What steps are you taking to get your credit scores up to >640?
ME & MY HUSBAND HAVE CREDIT SCORES EACH OF 600 CAN WE GET A LOAN IN AZ?
MY HUSBAND AND I HAVE BEEN TRYING TO GET A LOAN FOR WHAT WOULD BE MY FIRST HOME AND HIS 2ND HOME WE HAVE A BABY COMING AND WOULD REALLY LIKE A HOME IN THE AVONDALE, ARIZONA AREA WITHIN THE NEXT 6 MONTHS IS THIS POSSIBLE? ARE THERE ANY LENDORS THAT CAN HELP US? I HAVE BEEN RENTING MY WHOLE LIFE AND THIS IS A DREAM I FEEL WILL ALMOST NEVER COME TRUE.
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