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tnlow206
Joined: 03 Feb 2009
tnlow206's page
Posts: 1
48 Magic Points
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Subject: is 500 a good credit score
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Tue Feb 03, 2009 2:02 pm
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| Is credit score of 500 a good credit score for buying a home? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Wed Feb 04, 2009 2:08 am
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| Not really. You can still get credit in this scoring range but you can expect to pay a very high interest rate. A score of 580-619 is not too bad ...620-679 is an okay score...anything above that puts you in the good catergory. Hope this helps you. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Wed Feb 04, 2009 9:27 am
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No, it is not possible to get a home loan with a score of 500 and so you should first repair your credit and then go for a home loan. If you can take your credit score, to 600 and above, you can expect to get a loan but that too with a very high interest rate. A score of 720 and above is considered a good score for getting a home loan. With such a score you can expect to get a loan at attractive rates.
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Where there's a will, there's a way !! |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Feb 05, 2009 12:13 am
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| Do not let the idea of credit repair scare you off. You should try to do some repairs to your credit yourself. There are numerous things that can be done but we would have to know more info. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Thu Feb 05, 2009 2:40 am
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You can learn a lot through the process and honestly it makes you keep it cleaned up also, after you see how hard it is to clean it up. There are many of us here who have been through it, it can be done. It is a long process. Goodluck, if you have questions on what to do, post them here and some of us will come on and help you out.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Feb 05, 2009 7:41 pm
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| I have never had to repair my credit so where would be the best place for the poster to start? I would think pulling their report and looking over to see if all the info is correct and then disputing in correct info. What confuses me is the hard and soft inquires. What effects they hold and which are allowed to stay on your report. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Fri Feb 06, 2009 3:04 am
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| I have a friend that deals with mortages. We've been talking ALOT about the economy, etc. He's been telling me that 'his' company won't even consider a Credit Score of less than 620 to those who want to finance a home. Yea.....I DO agree with the above posts....try and improve your score and THEN try and buy a home. |
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Nancy
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Subject: how can improve my credit score....??
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Fri Apr 10, 2009 6:28 pm
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| i have a credit score of 612 and i would like to be atleast 700. What exactly can i do to get a good score, or how can i repair it? what steps can i do myself without getting agents to help me? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Sat Apr 11, 2009 9:16 am
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In order to improve your credit score, you need to build up your credit history. For this all you need to do is to make regular purchases with your credit card and pay it off within the due date. Moreover, you should not become delinquent on the existing loans and you should not spend more than 30% of your credit card limit. Since your credit score is above 600, you can easily take it to 700 within a year or so.
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Keep in touch
Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Sat Apr 11, 2009 10:26 am
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Yes, but in addition to the points mentioned by Carol, you should also try to remove the negative items from your credit report like unauthorized hard inquiries and delinquent debts. To remove the hard inquiries you should send letters to the inquires asking them to verify your authorization or remove the inquiry from your report.
Now, if you have a delinquent debt in your credit report, you can send a debt validation letter to the creditors and on getting the debt validated, you can negotiate for a PFD agreement and pay off the debt through a repayment plan so that as soon as you pay off the debt in full, the negative item gets removed from your credit report.
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All the Best 
Justin |
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shekhar
Joined: 30 Mar 2009
shekhar's page
Posts: 35
545 Magic Points
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Sat Apr 11, 2009 2:27 pm
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500 is not a good credit score .Credit score is required when one need to uplift one's credit in order to avail any loan specially the mortgage.
So if you are curious about purchasing a new home then it is required that you should seriously give a consideration for increasing your credit score. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sun Apr 12, 2009 4:30 pm
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| Oh..yea....good advice from everyone. Also........have you checked your Credit score lately, OP? You may want to check when some of the 'fall off' dates are on your debts. Each time the debts 'fall off' your score does go up a few points. |
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SICOFCREDIT
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Wed Jul 22, 2009 6:22 pm
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| I think the time of the Credit Score needs to be expunged from the lives of Americans. There needs to be a more honest way of gaining loans without the anti-constitutional use of Credit in our society. Credit companies like trans-union and the like, need to be put out of business, they are really illegal under the constitution of the united states because they are an institution that invades peoples rights to privacy. I don't know what the answer is, but Credit in its current form needs to be stopped! |
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Mon Jan 10, 2011 6:56 am
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| I thnk so too, credit scores are draining people that are decent, look how many forclosures there are and people had good scores its a bunch of crap |
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hooher tod
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Subject: reader to RSS my feed
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Wed Sep 14, 2011 4:16 pm
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| Yes there should realize the reader to RSS my feed to RSS commentary, quite simply |
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