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mortgage with low credit score?
I live in Ohio, I have a credit score of 609 not because its bad credit its excellent but jus low. Ive been in the same field of work for 10 years rented from the same place for 8 years I want to buy a house is there any program or mortgage company thatll even look at me? thanks for any advice
I have a credit card I've been payin on more then the minimum every month what I mean by perfect I have never had a late payment my payment history is excellent I had a small tool loan I paid off early hoping it would help too. That's why I'm so confused on why it's still so low I have nothing bad on my credit report.
3 Answers
- ?Lv 78 years agoFavorite Answer
I agree with the other poster, figure out why its low and fix the problem. In answer to your question I doubt anyone will consider you until you bring the score up a bit.
- ?Lv 68 years ago
You can get a 609 score without making late payments but you will have a very difficult time getting a mortgage approval with a score below 640. If you have a credit card or cards that have been open for a short period of time and/or they are near or over limit it will have a significant negative effect on your score. Applying for credit and having multiple creditors pulling your report can also hurt your score. Even though you have a long record of paying rent on time it won't appear on your credit report unless they have sent it to a collection agency.
The chances of improving your score are much better than getting an approval without it. Get your credit card balances below 50% of the limit and avoid excessive credit inquiries by applying for new accounts only when you are pretty sure you will be approved.
Source(s): Licensed Loan Officer in Ohio - CarenLv 78 years ago
it's low for a reason. spit it out. so you can get help.
late payments, they will just age. collection items you need to pay off.
are you maxing out cards? pay them off each month.
ask and you shall receive (the answers and help you need)
if you think your credit is good, you are never going to get a house.
