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Answers (5)
- Call The Sisters, "Call The Sisters"
- Contributions:373
Never, never, never pay anyone who says they can fix your credit. Do some research on the internet. There are self help sites all over that give great information on cleaning up credit. There are even sample letters you can down load and send to creditors and credit reporting agencies.
You mention the score on Transunion and Equifax - what about Experian? The lenders usually use the middle score of the three.
You will have to show on time payments for at least a year before you can qualify for an FHA loan. There maybe other programs out there such as USDA or rural housing. Seeking advice from a HUD counselor is a good idea.
You mention the score on Transunion and Equifax - what about Experian? The lenders usually use the middle score of the three.
You will have to show on time payments for at least a year before you can qualify for an FHA loan. There maybe other programs out there such as USDA or rural housing. Seeking advice from a HUD counselor is a good idea.
- LaDonnaWeeks Lybrook
- Contributions:2
Thanks for the helpful suggestions. I have decided that I would probably be better off to rent for 1 yr (can't seem to find any property owners that want to rent for less time), and use this time to get some positive items and hopefully get some of the negative removed. I have wondered about whether or not it would be a good idea to pay for the credit-repair service. Of course, they make it seem to be fairly easy to get negative items removed; so I think I'll put that idea on the back burner and try to improve the things that I know I can make a difference on. Thanks again for the help and any more information will also be appreciated.
LaDonna L.
LaDonna L.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Thank you for the detailed analysis...it is much appreciated in helping me to give you clear counsel. First, you need more seasoning on your bankruptcy to qualify for FHA financing. Second (and sorry to be blunt), any late payments are a bankruptcy discharge are deemed very, very negative by lender standards.
I am not a fan of paying someone to fix your credit. A BK is a BK...no amount of tiddly winks is going to make it go away and stay gone. Just ask any consumer who successfully paid off a collection only to have it reappear on their credit report time and time again.
I also do not think contacting a loan officer is the best advice because, frankly, you have some leg work and passage of time to go through before a loan officer can really help you.
I suggest you contact your local HUD sponsored housing counselor and attend their classes and work with them until they give you the green light to secure financing, Their fees are nominal (here in CA the 8 hr. class is $40 and the counseling is included). Best of luck
I am not a fan of paying someone to fix your credit. A BK is a BK...no amount of tiddly winks is going to make it go away and stay gone. Just ask any consumer who successfully paid off a collection only to have it reappear on their credit report time and time again.
I also do not think contacting a loan officer is the best advice because, frankly, you have some leg work and passage of time to go through before a loan officer can really help you.
I suggest you contact your local HUD sponsored housing counselor and attend their classes and work with them until they give you the green light to secure financing, Their fees are nominal (here in CA the 8 hr. class is $40 and the counseling is included). Best of luck
- sunnyview
- Contributions:25139
Working on your credit is free and you don't have to pay any service. There is lots of information online about what goes into your credit score and what you can do to improve it. You don't have to make a lot of money to have good credit, butyou have to be smart about targeting the areas that will raise your score the most. My FICO here has a lot of good tips and they also have a section explaining what is being counted in your score here. Other sites like this one on about.com here also have specific things you can do to raise your score.
A local lender may be able to help you with finding out about programs in your area for low income or first time buyers. You can also try a community based organization like this one here or the local development agency in TN here or the HUD office for your state here for information or homebuying classes to help you get everything lined up ahead of time. If you plan, work on your credit and try to svae a small amount to cover emergencies after you buy, you will be a happy homeowner in the future. Hope the links help.
A local lender may be able to help you with finding out about programs in your area for low income or first time buyers. You can also try a community based organization like this one here or the local development agency in TN here or the HUD office for your state here for information or homebuying classes to help you get everything lined up ahead of time. If you plan, work on your credit and try to svae a small amount to cover emergencies after you buy, you will be a happy homeowner in the future. Hope the links help.
- B Mike West
- Contributions:240
Your best bet is to contact a local loan officer and discuss your situation with them.
Need helpful info for applying for and getting approved for a loan
LaDonna Lybrook
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