Need help buying our first home

[Anonymous]

OK this is my first time posting here so I am hoping someone can help. This might long cuz I have a lot of info.

First off we were talking to a finance lady that told us to pay off all of my hubbys bad credit. He had a Judgment that I got deleted so thats not a problem. He also had about $1000 of little things that I did pay off and out of the 5 items only 2 remain on his credit even though they do say paid. He has lots of medical bills that we will not be paying off. His score was around 576 before we payed the items off and before the other things were deleted. Not sure what it is now.

We ended up going with a different finance guy and he told us we needed to get new credit because the only current credit is our truck payment. We haven't had credit cards for years. So he said to get 2-3 secured credit cards and wait until the end of this month to see what his score ends up. I was only able to get one card so far. I tried to get 3 others and we know its bad to have your credit checked but were not having any luck.

So I am wanting suggestions on where we should go from here. I also want to know if you think we will still be able to get a loan by the $8000 tax credit ends?

I hope this all makes sence.

[WannaHouse]

 # 1 - FIND A LENDER THAT DOES NOT REQUIRE EVERYTHING PAID.

You do need to pay any judgements and/or tax leins as well as any outstanding federal debts. (or be in a payment plan.)

You have quite a ways to climb with his scores, so to buy before the current program ends is pretty slim chances. They are talking about extending it tho. The house said it should be voted on before they go on vacation (Dec) and they felt confident it will continue into next year.

Now, for the secured card, you need to use it monthly, and pay it off, or almost off each month. NEVER EVER be late, or go even close to your limit!

Never pay your car loan late.

You will need at least one more credit account, so do you have cell phones you pay on monthly? Can you get a small personal loan from the place that has your car loan? Can you get a store card?

These are a few things I can think of right now. More will post and try to help you out as well.

Good Luck

[rockymtngrl]

When you say you got the judgement deleted so its not a problem- if what you mean is deleted off his credit report, they will still find it when you go for a mortgage. For one there will be a question that asks if you have any judgements and if you say no that is mortgage fraud which is a felony. Second they will do a judgement search by ss# and find it. It will have to be paid before he can get a mortgage.

[Anonymous]

The lender we have now said we should not have paid everything but we already did it.

We can only hope they extend it I am sure but were trying our best!!! :}

Our cell phones are in my mothers name because she added us to her plan. We tried to get a Badcock Furniture card but were denied due to the medical bills. We are afraid to try anymore since were told not to have anyone check our credit. Not sure about our car loan people but I will have to check into that.

I want to check his credit now so bad  but they told us it looks bad to have too many inquiries:{ and we should wait until the end of Aug.

[WannaHouse]

You can check your own credit...THAT does not add an inquiry. It's allowing others to check that is bad and costs points. Normally only a few, but you need those right now!!

[Anonymous]

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@Anonymous wrote:

Our cell phones are in my mothers name because she added us to her plan. We tried to get a Badcock Furniture card but were denied due to the medical bills. We are afraid to try anymore since were told not to have anyone check our credit.

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The secured card you were able to get is a great start.  I would hold off on applying for any more for the time being. Make sure you keep the balance at less than 9% of the card's limit and it will slowly but surely help your scores.