Profile picture for scnezz

Me and my husband are tired of renting,our credit reports are ranked poor. what should we do?

  • June 08 2010 - Whitaker
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Answers (10)

Profile picture for Blue Nile
No doubt about it, Maggie is "sold".

And notice how she wants her commission for helping someone rent for inflated prices, and her commission for forcing someone to be a landlord that doesn't want to be.  And notice how she states to lock in the high prices before they continue to drop further.

Of course the prices are still dropping, and the seller will be stuck not able to sell for present market value, and the renter will still be tired of renting, and still extremely mad ad Maggie for making them pay inflated rent fees while getting nothing in return.

And who is going to do the maintenance while this property is in the "lease option"?  The seller want out, so why would they (and they want their cash now not spread over 10 years), and the buyer would think they are still renting, so it is the landlord's responsibility.  Besides, if the buyer put in $20k for repairs and maintenance on a property that they are not on the title but the seller is, they are just plain out that money when they decide not to buy when the house down the street in better condition is selling for 30% less...

Since Maggie is so "sold", she can "BUY" mine for $1.8 million.  I'll even give her an "lease option" and owner financing if she will put 45% down.
  • June 10 2010
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Profile picture for YOLIVARELA
Your problem has a solution but it does not happen over night. Pay your bills ALWAYS on time, do not spend more than what you earn, reduce your credit card debt by saving as much as you can. Once you are in the 600 you can get into some great programs out there like CHFA first step program. Don't be afraid of consulting with several lenders.  Ask the lender if the are familiar with this program and how many loans have they done on the program. Once you get that together, get an agent. I'll refer you to a couple if you don't know any that live in your area. Let me know. Yoli @ yvproperties.com
  • June 10 2010
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lease-option-purchase: where unqualified buyers meet unrealistic sellers. Later, you can all meet a bunch of nice lawyers!

Great way to lose some money!
  • June 10 2010
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I really like all the answers about how to get your credit back up. the other option you have (if you have a good record of paying your rent on time) is to pursue the lease-option home....basically renting while intending to buy. As a future buyer I would make certain you work with an agent, and make the contract reflect the future purchase price NOW, so that you've locked it in should the home prices go up.  The lease-purchase is done quite frequently these days, since many individuals have credit challenges these days. Best of luck to you and I hope you soon get your own home.
  • June 10 2010
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Profile picture for Blue Nile
Tired of renting?  Stop renting and live in your car.  Pay off all debts; only buy cars for cash, and put all the money that you would have spent for rent and utilities... into a Certificate of Deposit until you are ready to purchase something else.

Stop wasting your money on candy, coffee, movies, electronics and unnecessary clothes.  Stop going to those fast junk food take-outs.
  • June 09 2010
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If you don't have credit you need to get some, start with a basic credit card. Don't go crazy with your credit if you charge over 50% of the limit, it now is a negitive on your credit report. You need to show the credit agency you can handle credit. Make sure you have a budget and try to live within the budget. Don't cancel credit cards if you have zero balances, it is good to have credit, it is bad to max it out. Using a credit counseling agency show up on your credit, it you can handle your credit problems on your own it is better than using a credit repair company. These companies show up on your credit reports and it is actually a mark against you when trying to buy a home. If you can't fix your credit on your own and need the help of a credit agency, go that route.
  • June 08 2010
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Profile picture for CallTheSisters
Locate in your area, Consumer Credit Counseling.  They are a United Way agency in most places.  Other places that say they are non profit charge huge fees.  This place does not.

Make an appointment with a counselor to go over your situation.  They may be able to help you work on a budget and offer suggestions on how to work you way to buying a home.

They may also be able to tell you about money management classes in your area as well.

Following a budget, paying bills on time, reducing your debt are all excellent ways to work towards being able to buy a home.

Good luck.

  • June 08 2010
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Here's a site that you might find helpful.

Building A better credit report.
  • June 08 2010
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Profile picture for wetdawgs
If you have a dream of home ownership, take a step by step approach.  Zillow has some excellent articles on the subject, so start reading there.

1.  Learn and understand why your credit reports are poor and take action to improve the score.  A low score shows either a non-existent history of credit/debt, or misuse of credit.   Find the issues here, pay bills on time, don't max out credit cards, and pay back any lingering debts from the past.

2.  In parallel, save up both a down payment (current minimum of 3.5% unless VA eligible or USDA eligible), a slush fund for home maintenence, and an emergency fund to help cover you if someone loses a job or if there is a medical emergency (or other).

3.  Run some numbers through the mortgage calculators (on the tab "mortgage") to see what you can afford.

4.   When you've cleaned up the credit score and have a good down payment, get preapproval from a lender.

Then, and only then start working with an agent.



  • June 08 2010
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You should focus on getting your credit score up. The best way to do this is sit down with a mortgage officer and see what your options are.
  • June 08 2010
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