Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You can buy anything with bad credit. It just depends on what kind of terms you are willing to deal with.
I bought my first house when I had less than perfect credit over 15 years ago: 20% down and paid an 11.25 interest rate with a hard money lender. Refinanced two years later into a normal loan and eventually cleared $214k when I sold the house. It worked out great.
And the mortgage interest was deductible.
Very interesting point...but I think the key is the down payment if you got bad credit..thanks
Very interesting point...but I think the key is the down payment if you got bad credit..thanks
Yes, as flyingsaucermom pointed out, the down payment matters a lot. She made some great suggestions about how to handle the situation with the kids. Best of luck to you!
Im looking to buy a house next year, but my credits is not so good. The last time I check it was 590. I cleared all my collections dept except one which is $700.00. I want to pay that off soon before I buy the house. I want to get my credits up to 680 at the least. Im just not sure how long it'll take to get to 680 or 700 but I really dont want to sign another year least. Am I being impatient? Any thoughs?
Everything is possible unless you ask the question and then consider those who will tell you it is not.
A good place to start is to use $700 of your down payment money and get this cleared up. The sooner you clear out your collections items, the sooner you can start repairing your credit.
Once that is paid off, start saving more towards a down payment while getting your credit up to speed.
The OP would be crazy to pay off that collection unless she gets it completely removed from her credit report as a condition of payment.
Im looking to buy a house next year, but my credits is not so good. The last time I check it was 590. I cleared all my collections dept except one which is $700.00. I want to pay that off soon before I buy the house. I want to get my credits up to 680 at the least. Im just not sure how long it'll take to get to 680 or 700 but I really dont want to sign another year least. Am I being impatient? Any thoughs?
Wow! Your situation was exactly like me last year. Last year, October 2013 I had a low score of 586. I focused on paying off all cc debt (which I have!) and over time it gradually increased and I received 2 cc credit limit increases. I kept a record of it actually (I'm a nerd I know!).
For me, it took 1 year, but for you it could be sooner as YMMV. Here's my advice:
1) Focus on paying down your debt of $700 as soon as possible (for me, it meant getting a second job so you may want to consider it. Plus, the second job will come in handy with the down payment )
2) Sign up for myFico.com and Experian.com and stay on top of your scores like it's nobody's business. If anything is off you want to be alerted immediately.
I plan to buy a home in about 4 months so I am looking to have it in the mid 700s ideally. Anyway, I hope that was helpful to you. It's good that you are starting out a year in advance. That is plenty of time to get your score above 700.
Wow! Your situation was exactly like me last year. Last year, October 2013 I had a low score of 586. I focused on paying off all cc debt (which I have!) and over time it gradually increased and I received 2 cc credit limit increases. I kept a record of it actually (I'm a nerd I know!).
For me, it took 1 year, but for you it could be sooner as YMMV. Here's my advice:
1) Focus on paying down your debt of $700 as soon as possible (for me, it meant getting a second job so you may want to consider it. Plus, the second job will come in handy with the down payment )
2) Sign up for myFico.com and Experian.com and stay on top of your scores like it's nobody's business. If anything is off you want to be alerted immediately.
I plan to buy a home in about 4 months so I am looking to have it in the mid 700s ideally. Anyway, I hope that was helpful to you. It's good that you are starting out a year in advance. That is plenty of time to get your score above 700.
GOOD LUCK!
Thank you harrisce4 for sharing your story, it means a lot to me and all other people that gave adviced. Really give me good motivation. I did sign up with credit karma to monitor my credits and im very happy to say that my score went up by 12 point from last month. The secured credit card that I got really helps because ever since I got it six months ago my score has going up...
I think this is probably the first time my credits score reached the 600 mark....im at 602 right now....nice nice nice...thank you all for taking the time to respond..
I just wanna share this important tip for someone trying to fix their credits, I talked to a guy from transunion about my credits score two months ago because it droped by 40 points in one month for no reasy as I thought. After he checked my account, he told me it went down because I used 85% of my available limit. He say I need to leave 30% of my credit limits in the card at all time. I had no idea..I was kinda upset when my score droped but now I know how they work. So last month and this month I only used 50% of my limit and now its going up again fast...greatest feeling ever..
Thank you harrisce4 for sharing your story, it means a lot to me and all other people that gave adviced. Really give me good motivation. I did sign up with credit karma to monitor my credits and im very happy to say that my score went up by 12 point from last month. The secured credit card that I got really helps because ever since I got it six months ago my score has going up...
I think this is probably the first time my credits score reached the 600 mark....im at 602 right now....nice nice nice...thank you all for taking the time to respond..
God bless
Wahoo! You'll be at your goal in no time! 602's not bad at all and you still have another year to go!
Wahoo! You'll be at your goal in no time! 602's not bad at all and you still have another year to go!
Yes I had tears in my eyes when I saw 602....I sacrificed a alot in two years to pay off my debt...almost there.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
)
