Why a person with bad credit (580-600) a loan obtained, even with a cosigner with honor?

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I have good and I have a little bad my credit card. negative debt is less than $ 1000. I paid a car in my name always on time. I can not be a mortgage, consolidation, or a personal loan even with a cosigner. They all say, both people must have good credit. RTD is a cosigner, then? I need to get my land contract and can not refinance because of it. I also thought that if I consolidate my car and use a bit more I could pay the couple of medical expenses on my credit card. NOPE <<

  1. Reply
    Wari Lee
    April 29, 2011 at 10:14 pm

    why would a bank lend you money and why on earth would anyone want to cosign with you….
    you should be ashamed for even asking someone to cosign….fix it yourself…

  2. Reply
    April 29, 2011 at 10:49 pm

    Banks have really tightened their lending standards recently. Try a smaller bank or a credit union.

  3. Reply
    Caveat Emptor
    April 29, 2011 at 11:47 pm

    It’s up to the lender. A willing cosigner does not guarantee loan approval. Your INCOME could also be a factor.

  4. Reply
    April 29, 2011 at 11:55 pm

    Cosigners are best paired with people who are just starting out and have no credit at all. Someone who has established that they don’t pay is not a good risk. Would you want to lend me money if I paid back some people and didn’t bother to pay back others? If your medical bills are “about to fall off” then they’ve been ignored for a long time. And it doesn’t matter if you “didn’t even get bills”. You knew you owed the money…..or at the very least, you know you owe it now.

  5. Reply
    April 30, 2011 at 12:53 am

    If you have a car loan that you have paid on time for 3 years, your credit/score should be better than 600, especially if those medical bills are close to the 7 year mark.

    Also, if you paid the cable bill to get your service back, the cable bill wouldn’t be showing on your credit report. Cable companies don’t report to the credit bureaus. If you default on the bill, they sell the debt to a collection agency who reports the debt to the credit bureaus.

    Have you actually pulled your credit report to see what shows (AnnualCreditReport.com)? I think you may have more negatives than you think.

    In any case, you would need at least 620 FICO for an FHA mortgage and 720 for a conventional mortgage. There are many other considerations besides your score. First, mortgage companies will require that all negatives on your credit report be resolved before approval of a mortgage. There are also other factors: stable work history, salary, debt to income ratio, other assets, etc.

    It is also a very bad idea to roll your car loan into your mortgage. Since you have a land contract, you might run into problems with the appraised value of the property being less than the loan amount you want. You can only get a mortgage for 80% of the appraised value.

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