Posted on: 08th Sep, 2012 12:50 am
Hello… need help. I am looking to buy a house which I have been renting for almost 2 years now. I have never been late in making the payments. The problem that I am faced with, is my credit score is 560 because I lost my business four years ago and fell back on credit card payments and now I have 2 collections but everything has been paid off for two years now and my credit score does not go up. How can I get a FHA loan?
Hi Sandril,
If you have paid off the debts, then it should have had a positive impact on your credit report and your scores should have improved. You can contact your creditors and ask them to remove the the negative information from your credit report.
Take care
If you have paid off the debts, then it should have had a positive impact on your credit report and your scores should have improved. You can contact your creditors and ask them to remove the the negative information from your credit report.
Take care
Usually the credit score demanded by the lender to offer you an FHA loan is 620. If you can increase your score and cross that mark, chances will be more that you will be approved of an FHA loan.