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You're going to need to provide a lot more info on your credit situation to get the proper advice:
1. Any open credit cards? What is the utilization? Lates, chargeoffs?
2. Collection accounts?
3. I'm going to make an assumption and say that your ex-husband's credit is as bad as yours which is going to be a problem. If he can't re-fi, I'm not sure about your re-building opportunities since a loan will continuously report delinquent on your CBR. A divorce decree doesn't mean he can re-finance his loan and I'm not sure there is a lot you can do to remedy this issues.
Provide more info about your history and some more senior members may be able to provide some great advice
I'm fairly new to the credit rebuilding efforts but I'm sure other members could enlighten you more. You may want to start out by getting a secured card and use it and pay on until you start seeing an increase in scores.
Did your divorce decree require that he sell or refiance, or only that he refinance the existing loan in his name only?
I would hope that it stipulated that he must close out the existing loan, by obtaining either of those assets, and would not care which means he used to do so?????
Honestly, it's highly unlikely you'll be buying a home with your income and scores. I'm sorry. I would read up on building your credit and start with secured cards. Is it possible to find a better paying job or a second job? You'll need 2 years of income history to qualify. Based on the income you mentioned, even if you were to qualify, the house would have to be under 50K, maybe less. The middle score usually needs to be at 620. Good luck.
@Anonymous wrote:
I hope to buy in about 2 years. My household income is $2700 and SO room for bonuses. I can't work a second job with now, I'm already working full time and in school. I do have the opportunity for performance based bonuses every month.
My income seems low, but that's after 13% to retirement and insurance costs. It's really good for my area actually. We're looking for a house about 100k or so, putting 20%+. I do have a fully funded emergency fund (8 months income) and moving costs. I'm just saving for downpayment now.
Does that sound possible?
I've been in Real Estate for a while. It goes up & down. I can't tell you what is possible for your situation, only you can determine that. We all have the potential for ANYTHING..... However, in all honesty with scores around 460 (at this time) you will more than likely be turned away. Listen to the advice here by the so many people who have been in our shoes & have overcome the obstacles.
Work on building all three of your scores above 620. You need to become as unattached as possible to your ex-husband credit / financially wise. . . . Depending on your market, a home within 50-100K is reasonable. I live in a nice neighborhood in the good part of the city & homes in good condition are selling as a foreclosure between 50-70K. Homes that are not foreclosed/auction are being sold under 120K. . . . . You should also want to save up at least 20% to avoid mortgage insurance & to have equity in your home so you do not become victim to the mess of a foreclosure yourself.
Get some cards, start with secured from Capital 1. Get a Fingerhut account & you WILL be on your way. Best Wishes !!