Posted on: 09th Apr, 2009 01:38 pm
I claimed bankruptcy that has been charged off 3 years ago. Can I get a first time home loan with a Beacon score of 583?
David I will take slight issue with your last paragraph. Your citation that disputing items seems linked to the self-representation in court. While I will absolutely agree that representing oneself in a court is likely to be hightly ineffective, disputing accounts doesn't require the hand of a third party. Disputes can readily be handled, if a person follows the instructions, and be successful in that situation.
TO LIZ: You will be well-advised to go to annualcreditreport.com and obtain a FREE copy of your report - from all three repositories. If you wish to obtain your scores there, it will cost you - that's a decision you'd have to make. The dispute process is well-explained on that site, which is where you can obtain your free reports once every year.
It's unfortunate that you don't have a credit card to use for restoring your credit, but don't take that as a suggestion to go get one. If you have additional funds with which to pay down either of your two loans, that'd be slightly helpful to you in boosting your score.
I won't tell you that you ought to get everything in life for free, and that's your decision if you wish to obtain the services of a third party. It is, of course, cheaper to do it yourself, if you're able.
TO LIZ: You will be well-advised to go to annualcreditreport.com and obtain a FREE copy of your report - from all three repositories. If you wish to obtain your scores there, it will cost you - that's a decision you'd have to make. The dispute process is well-explained on that site, which is where you can obtain your free reports once every year.
It's unfortunate that you don't have a credit card to use for restoring your credit, but don't take that as a suggestion to go get one. If you have additional funds with which to pay down either of your two loans, that'd be slightly helpful to you in boosting your score.
I won't tell you that you ought to get everything in life for free, and that's your decision if you wish to obtain the services of a third party. It is, of course, cheaper to do it yourself, if you're able.
George, I like you. You seem to be fairly educated on this subject which makes it a lot easier for me. The reason we compare it to representing yourself in a court of law is simply expertise and method. While it is true you can dispute items yourself with likely some success, you will most likely find yourself lost in the consumer laws that protect you and regulate how things report on your credit. We have it down to a science after years of trial and research and inside information.
If your plan is to dispute, even by yourself, I strongly advise against obtaining any of the consumer reports generated by the credit bureaus. Whether they're free or not. Reason being is they do not include pertinent information i.e. full account numbers, date of last activity, etc. that you need to effectively dispute. I would obtain either a full tri-merge mortgage or auto report. You can usually go to your local bank and have them pull this report for you for a fee.
George, if you don't mind I'd like to give you a call so that way you and I are on the same page and I can address any of your concerns with information I give out. It will probably help you out as well with some things you are probably not aware of. Let me know.
If your plan is to dispute, even by yourself, I strongly advise against obtaining any of the consumer reports generated by the credit bureaus. Whether they're free or not. Reason being is they do not include pertinent information i.e. full account numbers, date of last activity, etc. that you need to effectively dispute. I would obtain either a full tri-merge mortgage or auto report. You can usually go to your local bank and have them pull this report for you for a fee.
George, if you don't mind I'd like to give you a call so that way you and I are on the same page and I can address any of your concerns with information I give out. It will probably help you out as well with some things you are probably not aware of. Let me know.
My log in timed out. That was me just above here if you hadn't already figured that out.
It was pretty evident that it was you, David. I don't mind a call.
I won't argue the point that getting a triple-merge from a reputable financial institution might work well in the dispute process, though I always recommend - especially for those who can use their hard-earned money in correcting credit issues - that paying for reports is not an effective usage of their funds. If there's a lender who'll run a report gratis - perhaps with the hope that there'll be business coming their way eventually - that's a lender I'd recommend doing business with.
I won't argue the point that getting a triple-merge from a reputable financial institution might work well in the dispute process, though I always recommend - especially for those who can use their hard-earned money in correcting credit issues - that paying for reports is not an effective usage of their funds. If there's a lender who'll run a report gratis - perhaps with the hope that there'll be business coming their way eventually - that's a lender I'd recommend doing business with.
I am so sorry to tell you this, but I am afraid that you might find it hard to buy a house with a low credit score of 583. Yes, there are lenders that specialize in helping people with bad credit but you have to expect that because of your score, you will be charged a high interest rate that might even stress you out in terms of finances. I would suggest that you build your score up to at least 620 first before you apply so that you will be given a reasonable interest rate. However, if you insist, you can visit "badcredithistories.com/have-poor-credit-but-want-to-apply-for-a-loan/" for tips on how to apply for one.
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