Posted on: 12th Mar, 2008 09:08 pm
Well, thought scores were mid-500's, but checked on a different credit reporting site and they show 473, 473, & 519. What % down would it take now to get a mortgage? Can anyone recommend credit repair company? Thanks. :oops: :cry: :cry:
Welcome Eabscb,
Where did you check your credit score? which site? Well different credit reporting agencies will report your score in a different way and consider different factors which is why the scores may vary. Now, it is up to the lender whom you deal with to choose the agency whose score he'll consider for your loan.
Generally one needs to pay maximum 20% down payment and not more whatever your score be. But yes, the rate of interest charged will be high unless it is a conforming loan (limit not exceeding amount defined by Fannie Mae and Freddie Mac) which are not score driven but may require a moderate score of 550 and above.
I suggest that you pull out your credit report from any of the agencies Equifax, Experian and TransUnion and also ask for your score. You may have to pay a certain fee to get your score.
Where did you check your credit score? which site? Well different credit reporting agencies will report your score in a different way and consider different factors which is why the scores may vary. Now, it is up to the lender whom you deal with to choose the agency whose score he'll consider for your loan.
Generally one needs to pay maximum 20% down payment and not more whatever your score be. But yes, the rate of interest charged will be high unless it is a conforming loan (limit not exceeding amount defined by Fannie Mae and Freddie Mac) which are not score driven but may require a moderate score of 550 and above.
I suggest that you pull out your credit report from any of the agencies Equifax, Experian and TransUnion and also ask for your score. You may have to pay a certain fee to get your score.
"CreditKeeper" through the HBSC. The scores are so low I don't know how on earth to begin the journey of improvement.
Ok I understand, pls don't be so worried. There's one more site where most people check their score - "http://annualcreditreport.com/" . Do check here and then be confirmed.
Frankly speaking instead of going for a credit repair company, doing it yourself is the best. Would you mind going through the credit repair section in this community? It's available at http://www.mortgagefit.com/credit-rating/credit-repair.html . I suggest you check out the points here and then decide whether you need to approach a credit repair company at all.
If there are negatives in your report, it will take time before their effect gets eliminated.
Frankly speaking instead of going for a credit repair company, doing it yourself is the best. Would you mind going through the credit repair section in this community? It's available at http://www.mortgagefit.com/credit-rating/credit-repair.html . I suggest you check out the points here and then decide whether you need to approach a credit repair company at all.
If there are negatives in your report, it will take time before their effect gets eliminated.
Be sure and check out the credit repair section and see if you want to do it yourself. If not my services are available. You can do it yourself for free so be sure and see if that is the way you want to go 1st.
Yup, self-help is the best no doubt. But at times one does need expert advice and it only helps when one is able to choose the right person who is to advise.
thank you adonis for bringing up the self-help idea. i have never liked credit repair agencies, because i truly feel it is a waste of money to pay for something one can do by oneself.
again, in this case, the scores all being below 500 probably eliminates our poster from qualifying for a mortgage in the very near future. however, all hope is not gone...it may take several months, but by paying off collections/charge offs/past-dues, scores will definitely improve.
right now, i wouldnt recommend anyone with a score much below 580 to seek a mortgage; at least not without doing the necessary repair (by themselves) first. any fha loan product will require repayment of collections anyway, so why not do it beforehand and see if the scores improve before applying for a loan?
again, in this case, the scores all being below 500 probably eliminates our poster from qualifying for a mortgage in the very near future. however, all hope is not gone...it may take several months, but by paying off collections/charge offs/past-dues, scores will definitely improve.
right now, i wouldnt recommend anyone with a score much below 580 to seek a mortgage; at least not without doing the necessary repair (by themselves) first. any fha loan product will require repayment of collections anyway, so why not do it beforehand and see if the scores improve before applying for a loan?
