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hemi426cid | How bad is a credit score of 538? |
I know it's pretty bad but do you think it would keep me from getting a house or a car?
Additional Details
I am currently renting an apartment and I am a co-signer on a Land Rover Freelander i purchased for my wife, pretty embarassing to be 28 and have to have my father sign as the buyer and me as the co-signer for my vehicle. That was nearly 10 months ago. |
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matt_helm0108
 |
yeah, that score is pretty bad. it shouldn't keep you from qualifying for anything, as long as you have a decent enough deposit or down payment.
but don't expect to get a good interest rate. |
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Rachel T
 |
That is fairly bad. First things first... If you are only making 60k per year you shouldn't be driving a landrover especially if it is cosigned. Instead, focus on repaying all debts and then start a savings so you are ready to put a down payment on your house when you are able to. Blemishes can stay on your credit for up to 7 years.
The best thing I could suggest is to live within your means and not above and beyond. Just because you think you need a nice car doesn't mean you can afford one. Then focus on paying off any outstanding debts. |
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kimberlymb45
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you know, the score alone is weak as everyone agrees. And unfortunetly, we are living in a beacon score driven society. However, your low score could be driven down for a number of reasons..i.e you could have over extended yourself with credit cards with no delinquency, have little to no credit, or have serious delinquency on your current credit obligations. you need to identify the problem and try and fix it before you make a major purchase like a home....cause ultimately they will make you straighten it out anyway or you will be stuck with an outrageous interest rate. A car, on the other hand, can be purchased with that low of a score and later refinanced for better terms. good luck. and scores really don't take that long to jump back up ... |
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joshcating
 |
I agree, it's BAD.
Recommendation: build it back up.
Most car lots have a second-chance finance guy. They can usually get you into a late-model, gently-used car. Go see such a man, and buy a car.
The financing will be high-interest, and strict. For example, it will probably be possible for the company to repo the car if your payment is 10 days overdue. However, you aren't going to be overdue. Make your payments on time, and pay the car off. That'll look REALLY good to creditors, and you'll get a better deal next car.
Keep it up, and you'll get there. |
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Stacy R
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Yes, 630 is fair credit. |
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SPIFIMAN1
|
Your right, 538 is "BAD" it will not keep you from getting anything you want as long as you can afford the down payments and the monthly payments because with that score your interest rate is going to be at or near your State maximum. |
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beauty s
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no its pretty bad |
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starfairy181
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Go to the forum section of http://creditboards.com and READ READ READ |
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JP Money
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I dont know about cars but when it comes to homes, 540 will get you 75% financing. Lower than 540 gets you another year of apartment living. |
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iceman
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Its quite bad.
How much it effects you depend other other factors..like Income, downpayment, ect ect..
You might be able to work around a score like that if you have a great income, but otherwise you may be in trouble for now. |
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