Buying a house with low credit scores?
For the past year I have paid old debts and concentrated on improving my credit score and saving for down payment. I have worked hard but my credit is not showing any improvement. It went from a 576 to a 610 (trans-union) from a 512 to a 580 (equifax) from a 512 to a 512 (experian). Just checked my Fico and it says my score is 512.. What is going on? I have paid everything on time and paid everything that was old. Will I be able to get a loan for a mortgage with these crappy number? Please help :0(.. I need to know what to do.. It has been a year and nothing has changed..and I would like to get a house before November.
I have $ 18,000 down payment and have $ 8,000 for closing costs. Old debts and not looking for the $ 8,000 as an incentive to buy but as a great opportunity to put that money back on my savings account.
Have not had a late payment since 2008 (for all open accounts), but have ONE collection that was paid in February of 2009 (Medical) it was over $ 5,000.00 and paid in full. and a Gap credit card that was sent to collections in 2001, paid in full in 2007 but Gap never reported until March 2009 after I kept insisting, but they have marked as charged off when it was paid in full. I don’t know what to do now.. I have copies of everything.