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I currently gross 38K a yr and seven months ago I Paid and Settled off all neg debts my new scores are as follow
TU 615 EQ 677 and EX 658. I'm currently paying a monthly fee on all three CRA but I'm afraid that I haven't
waited long enough before I apply. Would appreciate any advice. "Thanks"

2006-08-26 07:21:19 · 5 answers · asked by ry38tc12 2 in Business & Finance Credit

5 answers

You bet. Go for it. I would recommend that you work with a GOOD mortgage broker or brokerage (not necessarily a BIG one). I broker mortgages and it is very important that you understand that your credit scores AND history, and your personal file says something about you to a professional who is there to help YOU.

These people are in the business of helping people, not mortgages. A good one will find a way to help you into a home and follow with you when your mortgage can "upgrade", so stay with them, they know and love you, and they keep up with the "wall street" market to know what's coming for the real estate financing market.

If you feel like they are not working for YOU, they probably aren't, find another one. This is not to say that you will get the financing that suits you as quickly as you might expect it, but they should deliver what's best and give you two to look over and explain everything to you.

If you can't find one suitable, contact me, I may know someone in your area. Or someone who knows someone who...

2006-08-26 07:36:51 · answer #1 · answered by smart_sassybroad 2 · 0 0

You are definitely on the right track to improving your score.

Here are some additional tips that may help you get a little more boost.

Improve your score - Everyone’s situation is different. Some things you can do to improve your score are:
- Pay your bills on time
- Get credit balances below 75%, 50%, and 35% of available credit
- Do not open any new accounts or apply for additional credit
- Do not close any accounts
- Dispute errors on your report
- Pay down/off debt aggressively
For more information on credit go to Fair Isaac's site (they created the credit score) www.myFICO.com
There are companies that can assist you in improving your score. Please note everything they do, you can do for free on your own.

The Credit Bureaus count the previous 24 months most heavily into your score. Negative items (late pays, collections) will affect your score for 7 years from their resolution date (paid off).

If there are errors on your report here are some additional tips:

1. You must request a copy of your report directly from the credit agency.
-You can do this by getting your Free Credit Report from the Federal Trade Commission at www.ftc.gov
- If you have applied for credit in the last 30 days you are entitled to a free copy of the report.
- You can pay for a copy of your report directly on the credit bureau sites.

2. You must complete a dispute. You can try to dispute the information online with EACH of the 3 agencies. If you need to send them documentation then you will need to write a letter explaining the information to be corrected/removed along with a copy of your documents.

3. The credit agency will process your request and send you a revised copy of your report reflecting the changes with in 45 days of the dispute. (The creditor has 30 days to verify the information is correct as reported or the info is removed. Then a couple of extra days for mailing stuff)
Buying your first home can be the most frustrating thing you may ever do, but it’s worth it!

There is so much information and misinformation out there. It can feel like swimming down stream during salmon mating season. You’re going the right direction it’s just that every body else has another agenda.

Here are some tips to find some good terms.

1. Ask for recommendations from:
- Your REALTOR
- Your Friends

2. Talk with your bank. Many banks have discounts for their clients.

3. Ask the lender for the names and numbers of at least 3 of their clients they have helped purchase homes. If they don't have anybody to endorse them, they may not be treating their clients well or don't do purchases allot.

4. the most important thing during the purchase of your first home is that things go smoothly. The water may get a little rough during the ride down stream, but a good lender (not always the cheapest) will get you through the rapids safely.

5. Most lenders tend to be priced about the same. If there are big differences ask more questions. Somebody probably is using the wrong information for the quote, usually not enough days covered on your lock.

6. Comparison Shop - While looking for your mortgage you have 30 days for different lenders to pull your credit. During this time the credit pulls are not supposed to affect your score.

7. Fees - there are lender fees and 3rd party fee.
-Lender fees are what the lender charges to process the loan. These will vary from lender to lender.
-3rd Party Fees- these are fee charge by the appraiser, inspector, lawyer, title, escrow and city/county. These fees should be about the same with who ever you go with. *Note Bankers tend to over estimate, Brokers tend to under estimate.

Here are some books and web sites to help you out.
--Books--
-The NOLO Guide to buying a home - By far the best book on the market for explaining the home buying process. Note that the process for buying a home varies from state to state. The NOLO guide is written by Lawyers in an easy to understand format. The book includes check lists and sample contracts to help you understand every step of the process. Visit www.NOLOPress.com or your local Barnes & Noble

Rich Dad, Poor Dad by Robert Kiyosaki - A quick read which will help you build your real estate empire. Your first home is just a stepping stone to greater things.

--Websites--

-REALTOR.com -Has good information about the home buying process
-FannieMae.com -Info on Financing
-FHA.gov- U.S. Department of Housing and Urban Development
-myFICO.com - Great resource on how credit works
-Your Bank's website will have resources to help you qualify for your mortgage.
- Credit bureaus
www.equifax.com
www.experian.com
www.transunion.com

In California - CalHFA.org - First Time Home Buyer Programs (FTHB)
Other states will have resources located on their state web pages under Department of Housing

For more information on credit visit Fair Isaac's(They created the credit score) site www.myFICO.com

~Danke Schoen

MrDankeSchoen@yahoo.com

2006-08-26 15:06:47 · answer #2 · answered by mrdankeschoen 2 · 0 0

yeah since you just paid your debts off give it a couple more months. but after that i would say your good to go. wont get a good interest rate though

2006-08-26 14:27:00 · answer #3 · answered by -^-Smooth C-^- 4 · 0 0

Send me an email or visit my web site I can help you.
www.homefrontmortgage.us

2006-08-26 14:27:18 · answer #4 · answered by CAS 2 · 0 0

yes

2006-08-26 18:30:42 · answer #5 · answered by Evil Homer 4 · 0 0

fedest.com, questions and answers