for a Mortgage loan On-line
wanting to obtain a mortgage loan will need at least a 640 credit
score. Sometimes we can find lenders that will work with a
600 but that always means that the underwriting will be done manually
and your application is going to be scrutinized and very difficult.
are a few ideas on building your credit score if you believe it is
lower than a 640
1) Revolving credit. Revolving
credit is the type of credit that builds your score. A car
payment will not help your score but a credit card will as long as you
use it widely and try to keep the balance at about 20% of allocated
credit Example: $1000 credit never owe more than $200 at any given time
and always pay the bill on time.
Apply for an
Orchard Secured Credit Card
Apply for a Capitol One Secured credit Card
Paying off current Debt
any item is report on a monthly basis on your credit report try to call
the debtor and make payment arrangements (Don't worry about any old
debt that has gone into collection and no longer reporting)
3) Make sure
everything is paid on time and never ever late. Just one last payment on anything could
and often does effect your credit score as much as 100
points. It takes one month to cost you 100 points and a whole
year to rebuild again.
4) Eliminate all
You cannot have any judgments, Tax liens, outstanding student
loans that have late payments and please beware of Bad rental History
can also effect your credit.
credit Check and Mortgage loan Application
of FHA 203K Loan