topic Re: Re building credit on my way to a home in Illinois in Mortgage Loans

Re building credit on my way to a home in Illinois

cvvera01 — Fri, 31 Aug 2007 02:51:29 GMT

I am a single mother with a $42,000 income in Illinois. I am tired of renting and my lease is up in Dec. my current scores are as follows 588, 549, and 612. I would really like to buy a home by the time my lease is up. Currently I am disputing a lot of inquiries and collections on my account that will hopefully come off of my credit report. I also have 2 car loans in my account and one will be taken off by Dec. because my brother is going to take me off as a cosigner (is this a good idea? he's never been late and there is only $8000 left to pay on the car) would this affect me or help when I apply for a mortgage loan. I also would like ideas on how to dispute certain things on my report? Anything that can help boost up the numbers.... Finally, I would also like to know if anyone knows any lenders and real estate agents that will work with some one with bad credit like me in Illinois.

Regards,

desperately seeking credit

Re: Re building credit on my way to a home in Illinois

Tuscani — Fri, 31 Aug 2007 03:00:25 GMT

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Re building credit on my way to a home in Illinois

Teresa — Fri, 31 Aug 2007 05:06:36 GMT

I have found out by getting a New millen. Credit card will boost your credit more. And do not spend alot on it.

Re: Re building credit on my way to a home in Illinois

OBXFrank — Mon, 03 Sep 2007 22:37:04 GMT

cwera,

I can't tell you a whole lot about exactly what a potential lender is looking for, as I've only been through it once. But, I learned a lot about the process, and have a couple things I can point out that may help.

First, it's not as difficult to get a home loan as many people (myself included) were led to believe.

Next, while many people can probably offer bona-fide advice, it's only that. The best way to find out what you'd be eligible for is to look. If you're worried about inquiries, try getting a hard copy of your report and taking that to potential lenders. I didn't, and (combined with other things I've done over the last couple years) have a TON of inquiries now that I'm sure are hurting me. Now, my understanding is that most will still require their own inquiry, however, there's a trick to that, too. Once you have your options somewhat narrowed down to who you want to go through, have them do their check around the same time. The 3 reporting agencies allow a 14 day window where multiple inquiries for the purposes of getting a home loan will count as 1 inquiry, regardless of how many are done. Also, it will not impact your score for 30 days. Once you've shown them a hard copy of your report, and the myriad other information they require (check stubs, bank statements, etc), if they're saying they can offer you a certain rate given that information, you have nothing to fear. If they can't offer you a loan, you don't have to worry about them putting an inquiry on your report.

Hope that helps! Good luck...