How can I get a mortgage if I have credit score under 400?
Most of the mortgage companys I have tryed will not give me a mortgage because I have a credit score under 400. They say they will not help anyone with out having a credit score over 500.
I have a fourclouser on my credit and a really ancient credit card bill that I refuse to pay. Other then that every thing else on my credit report has been paid. Some late some on time.
I have tryed every mortgage company on line and the bank in my town.
I DO NOT want to get a credit card to 'fix' my credit history. I have had those and I do not do well with them. Or a store card either. Or a gas card.
I reckon things will stay on my credit report for up to ten years but I want to know if there is a mortgage out there that will give me a mortgage now. Yes I have thought about rent.
Adam.. What is a a self certify, tracker based mortgage ?
ok OPEN:
Why jump all over me. I was just asking for help. I DO NOT RECKON I KNOW IT ALL.
YES I have had a credit card and I have come to learn that I do NOT need one. I have a debit card Visa card and that is ALL i need.
How can I fix my credit with out findone someone to help me out. Things happen, I am NOT the only one that has gotten in this postion.
I want to respond to why I refuse to pay off the credit card that is on my credit report. I had a credit limit of 300$ It got up that high and I chose that I did not need it any more so I canceled it.
Come to find out a few months of 'paying' on it to pay it off the credit card co. was still charging 'finance fees' to it. after talking to them they informed me they could not completly cancel it untill it was at 0.
I told them the reason I canceled it was cause I could not affored it. To add charges to it would not help me pay it off.
I have spoke to other credit card co and have been told they can stop charging to it it they want.
The credit card bill has gone from 350$ to over 15 hundred dollars.
Pride or not I find this unprofessional and rude and that is why I refuse to pay it.
If they would agree I would pay the original 350$ if they would take off the rest of the 'Charges'
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Tags: card co, card visa, credit card bill, credit history, credit report, credit score, debit card, finance, fourclouser, how can i fix my credit, mortgage company, mortgage companys, Mortgage or Home Loans, postion, pride, visa cardTags: card co, card visa, credit card bill, credit history, credit report, credit score, debit card, finance, fourclouser, how can i fix my credit, mortgage company, mortgage companys, postion, pride, visa card
Hey Cathy,
It is right that you need at least a 500 FICO to get a mortgage. But, I hope that you know the point of getting credit cards to improve your credit. I know it sounds like a catch-22 but it's the truth.
Your credit "score" is a score used for creditors to see the likelihood that the borrower will pay a debt back. The lower the score, the riskier it is for us as lender's to lend. The problem that I see here is that you only have one active tradeline (account) reporting on your credit, which is derogatory, since you refuse to pay it. How will your score improve if there is no way for us lender's to see that you've been making payments on time? Most lenders, in addition to a FICO over 500, need to see at least two active tradelines with a 12-24 month history that are PAID AS AGREED, meaning nothing derogatory.
As far as the foreclosure and the one credit card you have, they aren't going to go away any time soon. If you truly care about your ability to finance anything, including a home, you need to pay off this credit card you have, regardless of your pride.
The bottom line is this, if you continue the way you are going, things will not and cannot improve. They won't improve on their own, right? Credit cards can be perilous, yes, only if you abuse them. If you use them to buy things that you would normally pay cash for, then pay off the balance at the end of the month, you will a) not pay any interest; and b) improve your credit, ultimately leading to a higher score and the ability to finance a home.