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What are the options for persons with crdit scores between 550-575?

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July 16 2009 - Jacksonville
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Answers (3)

Profile picture for wetdawgs
The first thing to do is to get a good understanding why your score is so low.  It may be because of very short time use of credit, it may be because of skipped payments, it may be your use of debt is too high or a combination of things.  

Then, work to change the factors that are negative.

Meanwhile, save up so you have a hefty down payment.   A 20% down payment sings nicely to lenders

Be aware of credit repair places, there are a lot of shady ones that are better than taking your money than helping your credit (in fact, some of them may make it worse).    If you know what you need to change, often you can get as good deals as the credit repair places for less cost.
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July 16 2009
Contact a mortgage broker or an agent to recommend a Credit Repair Specialist. You'll find businesses that offer this service for a fee. With their guidance and and a few steps on the borrowers part, you should  see an improvement in the credit score.
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July 16 2009
I typically recommend buyers with low scores to start investing in improving their scores.  Sometimes its low because of old debt and sometimes they are low because of simply no debt.  Alot of times you can find a Mortgage Broker who has a credit repair program to assist.  I know that there are many builders that are investing in free programs to assist buyers with low scores. 
Buyers with low scores typically either need a cosigner or can't find financing at all, unless through a seller financing deal.  Seller financing deal that I have seen typically ask for a big amount down and then payments are set on a high interest rate.
In the long run, look for an agent or builder that has credit repair programs. 
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July 16 2009
 
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