Just out of reach..... 600 score HELP!!

[sparky73]

ok so here is my dilema i have between a 580 and 615 scores my mortgage guy says i need at least a 620 and i only have 3 more months till i get thrown out of where im living now i have 20% down payment and a great job but i co signed for an auto loan that devestated my numbers plus lack of other credit history bc i never really believed in credit cards (stupid i know) it will be a first time buy and i have a wife who doesnt have any income and a newborn so you can see my stress over this! PLEASE HELP IM OUT OF IDEAS. Ive gotten rid of any old judgements on me old collections that never went away all my credit card debt, tried to raise credit limit but was turned down.ive sent letters looking to remove old lates on the auto loan and was laughed at.              Anything that could help to get my family into a house would a god send thanks! 

[Ms-Thang38]

the only way to do this is to get 2 or 3 credit cards and make minimum payment for 90 or more...you MUST do this otherwise it won't happen...i was in your shoes this time last year...i was told to get 3 credit cards & pay minimum payment only by my LOE & thats what i did...in June my scores were where they needed to be...try capital 1...walmart...target or any of those type cards with $500 limit and you will be fine in 90 days or more...

[C_DUBYA]

I got approved and am closing on my home Tuesday with a middle 597 score.  It CAN be done.  You need find a lender that works down to 580.  I used prospect mortgage.

[Peter1142]

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@Ms-Thang38 wrote:

the only way to do this is to get 2 or 3 credit cards and make minimum payment for 90 or more...you MUST do this otherwise it won't happen...i was in your shoes this time last year...i was told to get 3 credit cards & pay minimum payment only by my LOE & thats what i did...in June my scores were where they needed to be...try capital 1...walmart...target or any of those type cards with $500 limit and you will be fine in 90 days or more...

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no no this is a bad idea... adding 3 new accounts can seriously hurt your score... the effect is unpredictable for this to be generic advice... and 3 new accounts will raise a major eye at underwriting, which you will probably have to do manually.

Since you have 20% to put down, I am sure you can find a lender who will work with your score. Shop around.

[drelldrell]

Agree that you need to find the right lender and broker.  Just send you a PM with broker details. Look into brokers that work with Pacific Union Financial.  They may also go by ClearVision Funding. Worked out well for me.  

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[StartingOver10]

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@sparky73 wrote:

ok so here is my dilema i have between a 580 and 615 scores my mortgage guy says i need at least a 620 and i only have 3 more months till i get thrown out of where im living now i have 20% down payment and a great job but i co signed for an auto loan that devestated my numbers plus lack of other credit history bc i never really believed in credit cards (stupid i know) it will be a first time buy and i have a wife who doesnt have any income and a newborn so you can see my stress over this! PLEASE HELP IM OUT OF IDEAS. Ive gotten rid of any old judgements on me old collections that never went away all my credit card debt, tried to raise credit limit but was turned down.ive sent letters looking to remove old lates on the auto loan and was laughed at.              Anything that could help to get my family into a house would a god send thanks! 

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Looking at the above post, I am inclined to say that it probably better for you to wait a while before going out to purchase a home on your own. One of the critical items that will be used is your existing payment history. It is a shame, but that co-sign will hurt you in two ways: 1) the payment history and 2) the debt it adds to your profile when the lender calculates your DTI for the purchase of the new home.

Are you still on the loan? If so, then do whatever you have to do to get off the co-signed loan. This means having the other person refinance to put that loan into their name and credit only - without you. That might be difficult given the payment history you indicate.

Once that is taken care of, your credit will begin to heal as long as you do have at least one or two tradelines reporting on your credit.

It is more important that you are in the right place financially before you apply for a mortgage, than to rush and get a bad loan. JMO.