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| I have read and listened to numerous "get of debt" solutions. Are these books for real? The rolling affect of once a credit card is paid off put that payment on the next credit card and ... |
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| I recently bought a car and my interest is 25%! That is horrible. . but I needed a car VERY bad. Where can I find a place that will finance someone with bad credit. . but have an interst rate better ... |
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Anyone been through this?
What can I do, and can they get any money from me?
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S.S. #, address,... ?
Thanks : )
Additional Details
allansc20... : That's not funny!
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| hi, im a ebay seller and recieve my payment via paypal. does the payment go automatically to my bank account? coz I just check my online bank statement, and it did not show any pay-in. I've ... |
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shygirl | What does my credit score have to be to be approved for a home loan? |
I am restablishing my credit because I want to buy a home. My credit score now is 550 |
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Millionster.com
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You credit score only determines the type of loan you can get for your home purchase. The better your score the better your loan rates will be. You generally want something at least 600 but above 700 is best.
When you're trying to rebuild your credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply.
How Can I Increase My Credit Score
http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/
and
10-Ways to Boost Your FICO Score
http://millionster.com/articles/debt/increase-fico-credit-score/
Also be sure to check out the Credit Score servicess I've listed here with links to promotional discounts to get your credit score and credit reports from MyFico:
MyFico's Full Credit Report
http://millionster.com/go/myfico
Suze Orman's Credit Report Repair Kit
http://millionster.com/go/suzekit
30-day Trial of Credit Score Tracker with Free MyFico Score
http://millionster.com/go/fico30 |
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gear jammer
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I believe around 640
go to orchardbank.com apply for a cerdit card to rebuild credit
I am in same situation brother my score 569 after bankruptcy |
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Carl-N-Vicky S
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banks swarm to them because it helps them raise your interest rate for the loans and their profit. |
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Your Pr
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The average credit score is 650... |
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Reggie B
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You could get a loan where your credit is now, but your interest rate wouldn't be pretty. There's a lot more to getting a home loan than credit score and if your other factors look good than your credit score becomes less and less important.
The other major factor is your DTI (Debt to Income ratio). You can calculate by adding up all individual payments you make to creditors every month (credit cards, car payments, etc.) and dividing it by your net monthly income (after taxes). For example: $100 in credit card payments + $400 car payment = $500. You make $2000/mo. That would make your DTI 25%. Get a copy of your credit report to find out what will appear to the bank you will see so you can accurately calculate your DTI. A DTI under 30% is ideal.
They'll also look at any collections or open judgements and recent bankruptcies on your credit report as well.
Since this is your first time trying to buy you'll need a 12-24 month rental history. You'll want to get copies of all your cancelled checks for each rent payment or you can use your bank statements.
The other biggie is how much you'll be able to put down. 100% financing is virtually impossible with your credit score. You generally have to be at 680 for banks to even think about it. So work on scraping up at least 20% of the purchase price and closing costs. That will bring your LTV (loan to value) down to 80% and make it easier to approve you.
Talk to a reputable home loan company like countrywide for advice. Avoid local mortgage agencies since many of them are crooked. I know, I used to work for one.
Hope this helps. |
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Patty G
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Good FICO ScoreFICO score of 700 and higher means Excellent or Very Good credit. Certain lenders offer better rates and/or discounts if you are over 720, 740, etc.
FICO score from 680 to 699 means Good. Pretty much you can get a normal loan.
FICO score from 620 to 679 is OK. You won't be denied but the terms are not going to be too generous. |
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Get Togetha
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Your credit score should at least be a 675 to get a good APR rate on a mortgage.
If you have poor credit I suggest that the goal be to examine why you let your credit get out of whack in the first place....otherwise you'll find yourself in the same hole once your'e approved for a mortgage. |
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HomeSlice
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Usually about 650 will get you a good rate. Im shure you could get a loan at 550 but you will prob pay alot in intrest. |
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Gwynn T
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You just heard a lot of myths, here is the truth.
*These answers are based on American credit.
You can get a home with no money down at 580 but you are a higher risk, so it will be a higher rate.
Every loan is different and there is no blanket answer for this. It has to do with the credit report.
If you have a low score because you have little to no credit then you can get a different kind of loan from some banks at a lower rate. If it is low because of collections and bad debt, you need a specialist (I am one) to tell you how to get credit ready. It also depends on how much money you can put on your house as a down payment. There are some debts you should, and other debts you should not pay.
pelase email me and I can help you. |
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