I just began to clean my credit -- Tomorrow is my final payment on a settlement for a CC to my CA -- I am paying back my school loans after defaulting for 5 years, (on a timely basis for 7 8 months).... I have no positive tradelines yet-- I just got approved for a cell phone, so that will be one positive tradeline! I am also waiting to hear from CapOne re: a secured CC....Hopefully that will be another one! Anyway, with an Equifax FICO score of 488, and Experian score of 555, how bad do you guys think the APR would be for a mortgage???? Double digits???? UGHHHHHH =o[
ness62, Keep disputing and working on your credit, and before you know it you'll be gettin that 6.875 that has been on the board today. Charlie
Yes... you need to keep disputing w/the CRA's. I would also think about getting another CC. Maybe you could try FCNB. I'm not sure which cell phone service you are using.. but most don't show up on your CR unless you don't pay. Good Luck
You will get there. You have already taken the first step by joining Creditnet. This place will give you the best advice on how to improve your credit. You are already getting your new CC to start rebuilding. I think getting a couple is ok but don't apply for every CC offered. Use the Cap One card. Max it out and pay it off quickly. That's the only way to get your CL to show up on your credit report. Use it every month but keep it's balance very low after that. Cap One is great about doing line increases. Keep disputing on your CR's. You will be amazed at how quickly things start to improve. My husband's and my scores were in your range 8 months ago. Now we are looking at homes with 7% interest and 3% down. Kim
ness62 How quickly are you looking to get into a home. Also, how much can you put down % wise. Another question is, have you been current on your rent for the last year and can you document that? yes, you are looking at probably a double digit mortgage, but it would only be for a couple of years and then you can refinance at conventional rates. Even at high rates, home ownership is way better than renting. I have gotten people with 500+ scores mortgages that are affordable and they are now building equity and improving their financial standing. Good luck fla-tan
It's not that I have started the search, believe me, I am just working on the credit right now--Havent even begun saving the down payment.... Ideally, I would like to start (casually) looking possibly by next year. By that time, I hope to have about $10K saved for a down payment. Most of the townhouses I have seen are about $185-200K. I'm not in a rush, but would like to know if I did see something I loved and had the $ for the DP, would the APR be staggering??? Figure if in 1 - 1.5 years I would like to buy something, would my credit be okay enough by that time to get a decent rate? I imagine right now it could be ATLEAST 10%.... =o[ Thanks for all the help guys!
