I'm desperate please help

teaka69 · ‎03-11-2009

i need a mortgage. my scores are as follows tran. 605 exq 580 exp. 523 (Is transunion score accurate on truecredit, i know the others are not.) I need a mortgage. I have about 5 collections but they are paid (except one) I have paid all my bills ontime in the last year. I think my scores are low because of late payments in the past an the collections. I have a car loan with citifinancial auto, about two years age i was 30 days late 11 times in 2007. i have a line of 10,000 line of credit that has a balance due of about 9000. i don't really have the money to pay it down and i don't know what to do. please help i think your score needs to be at least 620 for a loan

luvs2barre · ‎03-11-2009

You will need your mid score to be 620 in order to qualify for a FHA loan. However, I would be afraid that when the underwriter is reviewing your file that the 11 late payments in 2007 may hurt you, but I'm not a loan officer so I am not sure on that. Do you have any credit cards with an outstanding balance? Paying them down could give you a boost in your score. Do you have 3.5% for down payment and money set aside for closing costs?

ETA: Your truecredit score isn't correct. Only your TU & EQ scores pulled through myfico are correct.

Message Edited by cass on 03-11-2009 02:27 PM

Anonymous · ‎03-11-2009

You have quite a few negative factors working against you. Why exactly do you "need" a mortgage? With your history, you are going to represent a huge risk to the lender. There are things you can do to change that though, and I would suggest going to the rebuild your credit board and start making some headway in paying off your debt and paying your bills responsibly. If you don't have any money to pay down a 90% maxed out card, how will you have enough for a mortgage? I don't mean to be harsh, but realistic.

Anonymous · ‎03-11-2009

I have to agree. You are in no financial position to pay purchase a house unless alot of info is missing from this picture. A lender want 2 years clena history (12 months will due but they really want to see 24 months) Also, your score is probably being killed by the 90% utlization of your line of credit. If you paid down the LOC to under 1K and sent out some GW letters to the old lates you may get your score up but right now, in this market, I do not not think any lender will even discuss much with you once they pull credit. Check the rebuilding your credit pages and maybe even the NACA mortgage info on this page as I think they help people go through the process to prepare for buying a house and fixing credit.