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House buying? Serenity,Kenzie,& Lilly's 2 kids; Mississippi 1284 posts
27th Apr '13

Anyone know if there is away to buy a house with shitty credit? We have paid off everything we owed but credit score still sucks. Any ideas?

Stfu Squirrel District of Columbia 8559 posts
27th Apr '13

Wait it out, keep paying your bills on time, and let your credit score go up gradually. That way you get a decent interest rate and not some scammy slimy deal that puts you in a horrible situation.

castaway 2 kids; Pittsburgh, Pennsylvania 19459 posts
status 27th Apr '13

It depends on how bad it is.



Have you tried to get pre-approved for a loan already and were turned down?

ThreeLittleBirds 4 kids; Pueblo West, CO, United States 1057 posts
27th Apr '13

<blockquote><b>Quoting Serenity & Mackenzie's:</b>" Anyone know if there is away to buy a house with shitty credit? We have paid off everything we owed but credit score still sucks. Any ideas?"</blocuote>




Why does it still suck? Did you write to your creditors to ask them to take their information off your credit report? I hope you know that 90% of the time they don't just take it off when you pay them.

MzDENISE 1 child; California 15499 posts
status 27th Apr '13

You're suppose to leave a few credit cards with amounts on them for revolving credit. It doesn't help if the cards are all paid off. Your score should go up but takes time.

Serenity,Kenzie,& Lilly's 2 kids; Mississippi 1284 posts
27th Apr '13

We did get declined for a long my score is 420 my husbands is right around the same. We don't have credit cards but we do have a car we make monthly payments on that is never late payment comes out on its own every month 3 days before its due. All we owed was medical bills and student loans. The only thing that shows on our report is our car. But it says in good standing.

Younggrasshper Due August 30; 2 kids; Grand Rapids, Michigan 2093 posts
27th Apr '13

We went through that last year....I found a lot of great info on a lot of credit repair forums, from people who have been there done that. Credit is a really weird system, and you have to play the game to get anywhere I guess. You should have at least 3 lines of active credit, and the older the account is the better. The average age of accounts is a big deal, and the income to debt ratio plays a big factor, too. I'd start reading, theres TONS of info out there if you just look. Good luck! It's not easy but it's worth it!

ILOVEWINE Due April 24; 2 kids; Sweden 10814 posts
27th Apr '13

<blockquote><b>Quoting Serenity & Mackenzie's:</b>" We did get declined for a long my score is 420 my husbands is right around the same. We don't have credit ... [snip!] ... we owed was medical bills and student loans. The only thing that shows on our report is our car. But it says in good standing."</blockquote>




You are going to have to wait. I doubt you will get approved until one of you is at least 600

Kyrian's Mom Due October 23 (boy); 1 child; Pensacola, Florida 742 posts
27th Apr '13

Depends on how bad ... You could try an FHA loan, through Wells Fargo or NFCU. The FHA loan is designed for ppl with bad credit, you will have to pay an additional insurance (PMI) on top of home owner's ... but at least it would be a good interest rate and you would have your house. If its that bad, try to get a secured credit card, or pull the credit report, fix it and wait it out ...

Serenity,Kenzie,& Lilly's 2 kids; Mississippi 1284 posts
27th Apr '13

Thanks all. We are going to talk to some people this coming week to see what other options we have. We have a baby due in October and would love to be in a home we own and not rent before the baby gets here. I know it's a long shot but worth a try.

Stfu Squirrel District of Columbia 8559 posts
27th Apr '13
Quoting Serenity & Mackenzie's:" Thanks all. We are going to talk to some people this coming week to see what other options we have. We ... [snip!] ... October and would love to be in a home we own and not rent before the baby gets here. I know it's a long shot but worth a try."


Being in an apartment with a baby isn't such a big deal. We didn't get our house until last summer, and dd was 3.5 years old. We didn't really need any extra space until she started running around and everything. Save up and do what you can to build credit while your LO is tiny, and by the time you need the extra space and a yard and everything, you should be in a better position to buy. It's worth the wait to do it the right way.



eta: Just saw you have two other kids. Either way, you can pay twice as much to get a loan with bad credit or wait a few extra years to do it with good credit and have that extra $ to put towards your kids' future.

Younggrasshper Due August 30; 2 kids; Grand Rapids, Michigan 2093 posts
27th Apr '13

You're more than likely going to need a 620 or higher to get an FHA loan, probably higher because they were changing the requirements right about the time we bought this house last year. Your score can drastically change in a matter of months, but if the only account you have is the car loan, you're not going to find a lender willing to risk it. But the best thing you can do is start educating yourself, will make the process a lot smoother once you get there.



http://www.fha.com/fha_loan_requirements.cfm