My husband and I found the home of our dreams.....First time home buyers after 12 yrs of renting. Problem is his credit is 2 points shy of getting us financed. Our mortgage company wants us to get the payed judgements off his report, does anybody know how to do this....QUICKLY? I went through the dispute process and got them to say paid but now I have to get them off.
There is something called "Rapid Rescore" that mortgage companies use.. Maybe others here know more about it and could advise you
his middle credit scre is 498 he needs a 500 im embarresed to tell you that..... these judgements are pulling him down and they are all paid child support judgements. the loan amount is 79,000 and loan to value well the asking price is 79,000 its appraised for 100,000
Rapid rescore would help if you could get them off. They are paid...doesn't mean that they will take them off. You gotta dispute to whom ever has the judgement(s). Is there anything else that is outstanding? Don't know how much time you have. Is there anyway to work something out with the seller. They are selling it under market. Perhaps do a lease option or take over his payments. Make the payments for 12 months (make copy of the checks). Have an assignment of rents recorded to show that you are the legal owner. You will have all the tax beneifits. Then...in 12 months refi it into your name. That will give you time to get these deleted and/or raise his score. Worth a try. What about your scores? Can you qualify alone? What about a family member to co sign. Just a thought. NO judging here!!! No need to be embarrased. We are all here to help each other...most of us (if not all of us) have BEEN THERE, DONE THAT!!!
My scores are better than his but being a stay at home mom i am not a W-2 employee. come hell or high water these scores are coming up even if we have to wait for another house.we didnt plan on buyin til the beginning of the yr so we had time to work on the credit but we saw it and wanted it......he has a couple other charge offs and collections. Im gonna work on them too.
Re: Re: New Here Please Help If your scores are high enough you can do a no doc loan. Your employment is left blank. What are your scores?
Re: Re: New Here Please Help well the mortgage company only got one report on me the other 2 didnt have me at all. my score was a 551 ive been with my husband since i was 16 so weve always used his everything on my report is old old old.......as son as i receive it in the mail im disputing everything this was only the 3rd or 4th time my credit has ever been pulled im 28 so im hopeing i can get my score up more and then get some good credit ging in my name to help him out a little
Re: Re: New Here Please Help You are probably right to wait if you the seller won't work with you. You are right...establishing your own credit is always a good idea! Best of luck to you!!!
Re: Re: New Here Please Help Does he have active credit cards now? If so are they utilized over 50%? In other words if he has a credit line of 1K and owes over $500, that will pull your score down. Paying those down is absolutely the fastest way to get those 2 points. CO's and collections - although your lender may require you to pay those off to satisfy underwriting, do not pay them off in hopes of pulling up your score. It won't budge.
Re: Re: Re: New Here Please Help jlynn is right. I paid 1 card down to 50% and my scores came up 7 and 8 points. If you pay a collection get a pay for deletion agreement in WRITING!!! Don't pay it unless you do...otherwise your scores will go down, not up (new activity). If the lender does make you pay it, wait until right before close and get a receipt to show the lender or have it paid at closing by the closing agent. That way your scores most likely won't be affected yet in case the lender does a back up pull before close.
