Posted on: 29th Apr, 2009 02:48 pm
i need a fixed loan but i have bad credit and no bank account what can i do???
Hi pissy_grl,
You haven't mentioned what your credit score is like. If order to get a FHA loan, you will require a credit score of 620 but in order to get a conventional loan, you'll need a score of 700-720. If you have a score lower than that, lenders won't give you a loan. I would suggest you to improve your credit first and then look out for a loan. You can also open a new bank account. This will help you in building your credit report. Check out the following link to know about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
You haven't mentioned what your credit score is like. If order to get a FHA loan, you will require a credit score of 620 but in order to get a conventional loan, you'll need a score of 700-720. If you have a score lower than that, lenders won't give you a loan. I would suggest you to improve your credit first and then look out for a loan. You can also open a new bank account. This will help you in building your credit report. Check out the following link to know about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
There are still local portfolio lenders which will lend to homeowners with credit down to a 560. This typically requires compensating factors like equity and assets which it seems you do not have the asset. I would suggest contacting a lender and see what your credit really is and what you may qualify for. I hope this helps...
