i need obviously non-traditional funding for refi my horendous ARM, unfortuneately, i have been snagged in the high debt credit trap and my fico score looms around 440 which equates i believe to a D on the new scale. The upside; i only have a first mortgage on my 200K property, i have a relatively good ann. sal of 75K job security (9 yrs.). please help !!!
2007-01-17 18:51:54 · 3 answers · asked by jetatp 1 in Business & Finance ➔ Credit
You should be able to find some help there : http://index-go.com/bad-credit-finance-mortgage.asp?=refinance
Good luck !
2007-01-17 19:49:17 · answer #1 · answered by carlos 5 · 0⤊ 0⤋
Many ARMs taken out years ago and starting to tick up, if they haven't already. First things first, you will need to get into the 500s to qualify for a refi, so look at your report and determine what is causing the low numbers. Even if you've had collections, you should be at 475, so at 440 something else is going on. It usually means you haven't established enough good credit.
First things first, revolving debt is highly weighted so if you don't have a secured credit card, get one! I know they can get you in trouble but you need one according to FICO scoring.
2007-01-17 23:40:00 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
I can see why you are in trouble. Uh, what you need here is a credit counselor first and foremost. Asking a bunch of yahoos here is NOT the answer. Secure a good credit counselor and a mortgage man (or woman). You need these people, not the yahoos here.
2007-01-17 19:02:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋