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I'm not sure what to do, last week my house burned down which was owner financed. Well now i can't find anything owner financed and I've found a house that me and my wife love but I would have to get a mortgage loan. My credit is poor. It's around a 590 i have around 10 accounts against me. 4 in collections and 4 that are charge offs and also portfollio recovery and midland funding in which both the SOL have been reached. I've contacted both PR and MLF to try and get a PFD with no luck. I talked with a lender and was told if i pay off the old debt that it would drop my score lower than what it already is. Most accounts are around 5 years old. She already advised me that there would be no way i could get a loan atm. I really dont know what to do. I have the money to pay off most of the debt except for a repossession but i've been reading even if you pay off charge accounts it won't help your credit. Can anyone give me advice on what i should do? Also i had insurance on the house ofc and i would be able to put a good size downpayment towards the new house of around 40k or some but the lender still said no with so many negative marks against me.
RENT!!!
Use part of the insurance money to start paying off your debt and save some of it for your "future" down payment when you can buy.
Start with your most recent debt.
Use these forums to do your homework on rebuilding your credit.
Sorry to hear about your home!!
@dodfire wrote:RENT!!!
Use part of the insurance money to start paying off your debt and save some of it for your "future" down payment when you can buy.
Start with your most recent debt.
Use these forums to do your homework on rebuilding your credit.
Sorry to hear about your home!!
+1
Until you can improve your credit, renting is your best option. Head to the credit forum to get some tips on cleaning up your credit.
Best of luck to you-
What if i get a Co- signer that has almost perfect credit. Will that matter since my credit is so bad?
rent for a while and try to build up some credit to balance all of the bad