Profile picture for user811628

Moving and trying to get approved for a home

I am 55 never been a home owner before however, wanat to purchase a home. I have recently paid off a lot of debt however equafax and transunion do not show it paid so I am challenging them.  I have been told my credit dose not look to bad but I have no active credit and need to get some, I am really bothered by this because I have worked really hard to get rid of debt now I am told I have to take on more to show how I pay on my bills. Any suggestions?

  • September 09 2012 - Bealeton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Hi user811...
I understand your frustration regarding the slow updates of credit reports, and the fact that to keep your scores high, you need to have active accounts.
It is best to find a great lender (there are many here on Zillow!) that can analyze your situation and help you design a road map to get your new home.
I disagree heartily with the suggestion you begin building your credit with a gas card. The credit bureaus consider most gas cards second tier outlets for credit, and these cards may not improve your scores as much or as quickly as other types of credit.
Best wishes, Jim
  • September 10 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I work with client in you situation all the time.. First of all you do need to see a Lender I-Mortgage for example can do a rapid creidt score in 15 days after you have paid you bills off.. The credit departments will not get any type of update on your credit for at least 45 days.. I really suggest that you get a gas card and pay it month to bost your credit score up again.. This shows the creditors that you are able to pay your bills..  Best to work with a lender that deal with credit repair, if you need any help you can call me I wil be willing to help you get with the right lender..

Regards,
Rosemarie Kudo
Fortress Real Estate
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I can understand that you don't want to have any debt but you will have to have a good history of paying on your credit. Contact a lender in your area they will spell out exactly want needs to be done in order to qualify you, you may already be qualified.
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for TopNJAgent
Suggest you connect with a reputable mortgage rep to get a discussion going.  I do a lot of business with Wells Fargo so I'd suggest you start there. [deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines]
  • September 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.