2006-06-28 08:35:42 · 12 answers · asked by toniafayejack 1 in Business & Finance ➔ Personal Finance
Your FICO Score is qualifiable all the way down to 500 providing you can qualify with the rest of the loan program (Underwritting Conditions)
Scores from 500 to 619 is considered less than perfect credit, qualifiable only through "Sub-Prime" lenders. They'll take the risk but make it up in the interest rate.
620-850 scores are considered conforming scores and qualify you for the lowest long term rates like 30 year mortgage @ 6.0%
If you have further questions you can contact me through my E-mail jonnylender@yahoo.com I am a mortgage consultant for consumers.
2006-06-28 09:20:06 · answer #1 · answered by jonnylender 1 · 0⤊ 1⤋
If you pay off your old debts. and keep what you have now current. Your first step might be a secured credit card through your own personal bank. then after about 6 months of good payment history try to re-apply on that same card and if you have been working hard you should be approved for a unsecured credit card. You will in the beginning be subject to higher interest rates. but don't get yourself overboard again. I have seen people fix there credit. end up getting a car/bike and numerous credit/gas cards and end up filing bankruptcy. use credit wisely. take baby steps. be patient. and pay everything on time! revolving credit can be your best friend and your worst enemy. I have spent the last 3 years trying to rebuild my husband credit for thing his ex-wife did. you just have to focus on one thing at a time and you'll see it all improve. He was once rejected for a car loan when he had half the money to put down. and this January we just purchased a 2006 SUV.
2006-06-28 08:44:32 · answer #2 · answered by r_me_wyf 3 · 0⤊ 0⤋
You are more likely to catch a break if you have had a perfect credit history for the last 6 months. A year: even better.
2006-06-28 08:38:54 · answer #3 · answered by Brooke~* 3 · 0⤊ 0⤋
Yes, the credit bureau will give you many examples on how you can increase your credit score. Follow them, and you will have lenders beating your door down to lend you money in no time.
2006-06-28 08:40:31 · answer #4 · answered by seekingknowledge 2 · 0⤊ 0⤋
yes, but it will definitely take some time. do whatever you can to repair it. make sure that any payments you have at the present time get paid by the due date. don't get any new credit cards or anything like that until you get your score back to where you would like it. it will happen in time. good luck!!!
2006-06-28 08:43:43 · answer #5 · answered by lil_jess20 2 · 0⤊ 0⤋
Sure, credit companies love people with poor credit, it allows them to charge more interest.
2006-06-28 08:39:35 · answer #6 · answered by ☼Jims Brain☼ 6 · 0⤊ 0⤋
nope, the only option is one of those title pawn places or a high interest loan with collateral (like a Money Tree type place)
2006-06-28 08:39:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes. Just repair your credit
2006-06-28 08:38:30 · answer #8 · answered by ~j~ 2 · 0⤊ 0⤋
ouch. if you are able to pay off debt and not be late anymore, it will be slow. if you can't, file bancruptcy and wait the 10 years. the longer you wait to take action, the longer it will be before you can get good credit again.
2006-06-28 08:39:23 · answer #9 · answered by YahooGirl 2 · 0⤊ 0⤋
if you NEED a credit card go to orchardbank.com
you will get a card REGARDLESS of your credit
and it is unsecured
2006-07-01 12:27:17 · answer #10 · answered by Scanless1999 3 · 0⤊ 0⤋