Can I get a FHA loan with credit score of 587?
Sep.17, 2009 in
Bankruptcy
We recently had some errors that were cleared up on our credit, but the score didn’t go up where we thought it would. We were looking to be pre-approved for a mortgage. The lender we spoke to said to get a FHA we would need atleast a score of 600. We have a bankruptcy that has been discharged for 2 years, 2 car payments (last late payment was 21 months ago), and no credit cards. Is it worth shopping around?
September 17th, 2009 at 4:08 pm
In 3 months that late payment on your car will drop off.
This is going to get you close to the summer selling season for homes, so have one picked out.
Whatever you do, do not open any new credit until after you purchase your home.
New credit reduces your score.
If you have oodles of cash lying around - pay off one of your cars.
A paid off loan will bring up your scores in 30 days.
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September 17th, 2009 at 4:08 pm
If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.
http://www.worldbestloans.com/
The lower the APR, then the cheaper the loan interest will be. Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan.
September 17th, 2009 at 4:08 pm
creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.