I sure could use some advise from someone out there here is my situation... I am currently looking to buy a home, my crdit its not so hot and need advise on how to improve it...My score currently is 621, I just recently paid off as many account as I cloud also I was told to close them because that would improve my credit. Well right now I am wondring If I should borrow from my 401k to pay off more bills, I was thinking it might be a good idea since the interest is less that 5% and the couple of credit cards are 18 or more...anyway please help I am new at this...thanks
Just need more info. Do you have anymore chargeoffs? Are you current? How much debt are you carrying? Do you have a budget? What about savings? In general, have you looked at FHA mortgages. They aren't score driven. There have been several threads the past few days where members report success getting conventional mortgage rates. Just bring a little more info to the table before you do anything with the 401K.
Hi there! Welcome to the board! The first thing you should do is ready the Newbie FAQ at the top of the page. Once you've done that, post your situation more in depth, such as is that 621 score a FICO or an Experian or Transunion FAKO. Also, if you post exactly what your good accounts are and what your bad accounts are, length of time open, etc, that would be helpful. You don' t have to be explicit, but just state if it's a credit card or an auto loan, for example.
lets see....charge offs..what's that?? I looked up my credit report on creditexpert.com and I didn't see any charge offs... My husband's however has one.. We were thinking about applying for a va loan but wanted to pay off a few credit cards..Savings just a little because I have a retirement account that I cannot touch besides 401k..Not behind on any bills either...we got about $15,000 in debt not counting car loans so roughly $30,000..oh yeah It was from experian..I apologize if I sound dumb at this but like I said I am new at this..Thanks again..and man!! you guys answer fast..you are great!!
Again, as rblues suggested, you should read the FAQ section of the board. If you are asked about charge offs and your answer is "what's that?", there's a little more homework you should be doing. Addtionally, once you do more homework, you will need to post more details as to your situation. No one can help with the vague details you've given. Do you have any other negatives? By the way, if you go VA, you don't need a downpayment. I don't know if you should be borrowing from your 401k to pay down the debt. What's your debt to income ratio? How much house are you trying to get?
