Separate names with a comma.
Discussion in 'Credit Talk' started by yuppietras, Sep 30, 2003.
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
BAD CREDIT CREDIT CARDCredit One Bank® Rebuild Credit
First Access VISA® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
Green Dot primor® Visa®Classic Secured Credit Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit.
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
FHA programs are not credit score driven. Talk to a loan officer about your particular situation. I've closed several people with 550 type scores. 1 with zero down. If loan officer asks for any money at time of application, run. Don't shop programs with too many companies. It will 'ding' your score.
should i just go to my bank to find out more about this, or should i go to one of these mortage companies in the phone book that advertise home loans even with bad credit. my concern is that my credit report being what it is at this point, i cant get approved for anything.... what do you mean about fha not being score driven? im sorry, im pretty new to all this, so bear with me...
I'd postpone that mortgage decision and start a campaign to clean up those reports. Then you can get a MUCH cheaper loan.
The way the Fico algorithm is supposed to work (and I say supposed to), is that any similiar inquiries from let's say...a mortgage broker within 2 weeks of each other is NOT supposed to lower your score.
I was told this by several banks and MyFico even has this information available to read on their site.
However, not all mortgage companies use the same system and most honest mortgage companies will tell you that they see people fall through the cracks of this "system" all the time.
There are a lot of mortgage companies that will take you on with the gollowing minimum requirements:
1. 500 and above score (Wells Fargo for one)
2. proof of rent/mortgage history (VOR)
3. Verification of deposit (money down)
Although, there are a lot of mortgage companies who will do stated income on scores rated at c- and above as long as you meet the 500 score and above marker and you can at least show a DBA (for self employed) and you can show a VOR (verification of rent for 1 year) and be able to compensate to do a loan-to-value of no more then 80%.
This can be easier done than you might think. In this market, you should put this into your offer:
Example for $100,000 mortgage offer the seller $100,000 for the house with the seller holding a 2nd mortgage for 20k for 2 years or however long you think it would take to roll it into one loan.
Just my thoughts...
Good point. You will be digging yourself into a deeper hole if you try to get a mortgage now with your current scores. There are a lot of mortgage companies that will approve you but the rate will be high.
how bad of an intrest rate are we talking on an fha loan with a credit report such as my own??
Great question Yuppie,
I answered you here:
This would be smart if you were living rent free. But just estimated say you pay 600 rent for 1 mth (not bad for a small house) and you wait for your credit, you are losing 600 a mth paying your landlords mortgage. If you have to pay an extra 100-? a mth on a mortgage dont you think it would be more wise than losing 600 a mth for something you cannot keep unlike investing into property and possibly having it increase after this economic downfall?
Something to think about...
The post is 8 years old,alot of things have changed.That was a time when they were giving loans if you had a pulse.Now look hello!