Trying to get 100%fin.with closing costs included…Need a better score…. any Ideas?

Deal Score0

I just recently paid off my husbands debts. 241 in collections, 544 asset.My CS was 597 it was reduced to 588 when the asset showed paid & closed.Im hoping when the debts show paid it will raise back up!:) I don’t have any Credit Loans on my Report although I did pay off our truck w/ 250pym a/f Dep. in 2yrs on time, they just didn’t report.Can I make them?My Hus. is a Sheriffs Deputy & only makes 25000yr. 🙁 (we live in Rural AR)Luckly housing here is also cheap! I know that I need to get some type of credit loan to up my score ,but w/out a good CS that’s nearly impossible! Can I acquire a 100%fin. mortgage loan now or should I keep trying to acquire more credit! IntellI show good Pym history getting a decent card is almost nonexistent! Does anyone have any ideas? Whats the diff. b/w FACO & FICO scores, which does a mortgage co. use?I feel like OK I have no debts therefore I CAN afford a loan in this area! Yet I must acquire them to get a loan! If I waited getting a card would be easy!

3 Comments
  1. Reply
    aderifield95991
    February 10, 2011 at 7:13 am

    don’t rush yourself.

    do this:

    get a few credit cards and start paying all your monthly bills with them: utilities, gas, groceries, everything. do not use them for extras or, for things you couldn’t afford to get otherwise. then, do use the money to pay off the balances each month. your FICA will skyrocket amid fireworks in 6-9 months.

  2. Reply
    CJ
    February 10, 2011 at 7:36 am

    With a credit score as low as 588, no company will even qualify you for a home loan (especially recently with the tightening of banks and lending and sub-prime). If you could find a bank that would give you a loan, your rate would be through crazy high. Majority of banks now aren’t even doing 100% loans anymore with anything below a 720 score. My client actually had his loan kicked back from one bank because he was trying for 100% financing and his score was 680, this was right around Jan. 1st, when banks started changing things around due to the foreclosure problem.
    To up your score a bit, anything you have paid off recently, get the documents from each company showing zero balance, or paid in full, etc.and you can proceed to have a loan officer do a rapid rescore for you. It speeds up the process of everything you reported getting paid off, from 3 months to around 1 or 2 weeks.
    During this, just keep paying your bills on time and dont buy anything new (like a car.) That will eventually up your score. Don’t close out any cards (that will really down your score, believe it or not).

  3. Reply
    Richard M. Johnston, Realtor
    February 10, 2011 at 8:02 am

    In most cases, a mortgage broker will be able to tell you what you can do to help clean up your credit or raise your credit score.

    You can also sign up with http://www.fico.com and no only will it display your credit score, you’ll also learn how you can raise your score to get the loan you need.

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