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Me and my husband have poor and fair credit score. How can we get a house loan with our credit score

WE have not the best score. But we have been renting for a year now. All we keep getting is "you have low credit score" we have paid down a bunch of debt and we still hear the same. Can we find anybody who can help us?
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September 23 2013 - Lewisburg
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Answers (4)

In order to increase your credit score you have to keep doing what you are currently doing. Make sure you keep the balances on your credit cards low, it is recommended to keep balances on credit cards below 30% of the available amount. DO NOT CLOSE your credit cards, but keep low balances on them. That will increase your score. If you have no credit cards, because you don't like to get into debt, you might want to consider getting a "pre-paid credit card" that reports to the credit bureaus. All major banking institutions and credit unions have pre-paid credit cards. Those you deposit an amount into an account and you can use that amount on the card. Use it to pay your bills, bills that you would pay usually with your debit or bank account. Then once you get the bill, pay it and leave just a little bit on the balance. LOW BALANCES will increase your credit.
Some banks will offer you to open a secure loan. Do not get in to one of those. It will not help you anytime soon. Actually a secure loan will hurt your debt to income ratio that is used to qualify you for a home.
You can go into www.creditkarma.com that website is part of Trans Union, It is absolutely free, you don't need a credit card or make any payment to do it. It will direct you how to increase your credit score for free.

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September 24 2013
You are on the right path.  It is not a matter of paying down a bunch of debt, it is paying down the specific accounts that will raise your amounts by the highest numbers.  The lender I work with can show you what is reporting on each credit bureau.  Then each bureau has a list of what you can pay off and how many points your credit score will raise by paying these off.  This is very helpful because most lenders will look at your middle score, not your highest.  I have helped several buyers get their score up and then qualify to buy their first home.  Please feel free to contact me if you need further assistance. 
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September 24 2013
What exactly numbers do you mean by poor credit? It is better to be specific to let you know if it's really that bad. For example, I have been able to give out loans with credit scores as low as 580. If you are above this then you have a shot! If you are below this, then I suggest you work on your credit score a bit. The simplest way to help your credit score is to pay your debt and revolving credit balance on time.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
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September 24 2013
I would be more than happy to assist you in getting a home loan. I would be happy to let you know "HOW' we can get your scores where they need to be instead of just saying they are to low.

Feel free to reach out to me through my profile if you would be interested in me asssisting you.
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September 23 2013
 
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