Posted on: 03rd Jan, 2009 03:54 pm
My credit score is 529 I want to increase it I want to buy a home summer 2009 I want to go fha and buy a hud home in ga. I only have two small credit cards that I'm paying under half end of january 09. I have some bills I wanted to settle on and other things that have been on there since 2005 my car will be paid off this month. Do I have a chance? I have student loans but are deferred cause I'm in school.
Hi shantee!
Welcome to forums!
With a score of 529, you will not be able to get a loan. In order to get a FHA loan, you should have a credit score of at least 580. Moreover you should not have any collections or late payments in your account. The lenders will also look after you income history before approving the loan. You have mentioned that you are in school. I guess you are a student and I think it will be difficult for you to get a loan as you will be unable to show an income history.
Sussane
Welcome to forums!
With a score of 529, you will not be able to get a loan. In order to get a FHA loan, you should have a credit score of at least 580. Moreover you should not have any collections or late payments in your account. The lenders will also look after you income history before approving the loan. You have mentioned that you are in school. I guess you are a student and I think it will be difficult for you to get a loan as you will be unable to show an income history.
Sussane
shantee, you can get a loan eventually - just not right away. please don't be discouraged, but it does take a while for scores to increase. you don't mention your payment record on the credit cards and the car loan you currently have, but if you've been making those payments on time on a regular basis for a good while, that'll help bump the scores.
sussane stated that 580 is the score you'll need. that's true - work on it, and you'll get there. it might not be mid-2009, but if you're faithful to the cause, it might get you ready by the end of the year or early 2010.
sussane stated that 580 is the score you'll need. that's true - work on it, and you'll get there. it might not be mid-2009, but if you're faithful to the cause, it might get you ready by the end of the year or early 2010.
I am employed full time. I have 2 credit cards that I will be able to pay way down in March under the half mark. My credit score dropped because my car not was late in 07 twice and twice in 08. I have only been late once on one of my credit cards once in 2 years. My car loan will be paid off this month will these things help increase my credit score.
what you describe will definitely help to increase your score, shantee. keep everything current once you get there and you'll see a regular increase. in fact, now that all is up to date at this time, you will begin to see a favorable change already.