if trying for a home mortgage for the first time, with bad credit, can i?

Question

get a copy from a rent-a center on stuff that i purchased, to show good payment history for the past couple of years(puchased a washer and dryer on a 2 year payment plan, and was never late), if i don't have a lot of good payment history on my credit report?

if so, will this help get a home loan by showing something like this to them?

Answer 1

So far Brian is the only answer that shows any sign of a clue. Unless you have actually SEEN your credit report, you really don't know what it shows. In order for documentation of your Rent-a-Center payment history to help, you would have to find a lender that does Manual Underwriting. This is a fancy term for the old fashion method of actually examining your finances instead of simply comparing your FICO score to a predetermined threshold. If you income is sufficient and your other debts are not excessive, a positive credit history is not required, as long as you don't have a negative history.

Answer 2

You are assuming you have bad credit, or have you actually pulled your own credit report w/scores? You must have at least a 620 mid (middle score) to qualify for 100% financing. There is more involved in qualifying than just your score. You need to make enough money and be able to prove your income. You need to have low debt so that when you have the home, less than 50% of your income is going to debt. You should also have 2-3 months of a mortgage payment in a savings account. Do you have all that? If so, then your chances are good. If not, I wouldn't even try. By the way, you probably wouldn't have to show good payment history yourself, it is reported on your credit report already. So, if you paid well, it will show up and your score will already account for that. For future, those rent-a-center loans are not considered good credit sources. So, avoid them. They are a big rip-off anyway. Good luck

Answer 3

Sure you can, but it won't matter.

The fact that you rented a washer and paid twice the price by the time you were done does NOT show good judgemnt.

I am pretty sure those places don't report to credit bureaus, so all of that probably did nothing for your credit.


Based on your question, I highly doubt that you are ready for a home.

Start saving until you have AT LEAST 10% to put down plus a CASH EMERGENCY FUND of at least three month's expenses. Build up your credit, THEN look at a house.

If you have bad credit, you will get a horrible interest rate and end up paying a fortun in interest. You alreday did that with your rent-to-own stuff. Start being SMART about how you are using money.

Also, most high risk mortgages are gone. Have you read the paper or watched the news this month? There are probably not going to be many sub-prime loans given out in the near future.

Answer 4

Unfortunately, because a lot of people are defaulting on their loans due to the really bad market, your payment history via Rent a center won't carry much weight. I am going through the initial process of mortgage myself. They will look at all three credit checks, and if it shows less than good numbers, they will give you a bad rate.

The best thing you can do right now, is avoid buying things that you don't need. Buy food and gas (and other absolute nessecities) on credit card, but pay it on time. This way you will build a good credit history, and save atleast $300 - $400 a month in ING savings. They give high interests. This way give yourself about a year - year and a half to save up.

Remember, it takes 7 years to clear out bad credit history. Good luck :)

Answer 5

Try paying off the small debt first then call all of the large debt holders and make a agreement that you can afford and can keep that way you will build a strong payment history . you can also find a good debt conselor to help with a budget that can help you save so that you can have that big down payment that you are going to need. Good luck

Answer 6

No that won't help, they will know your credit history in total. You would be better off spending a year focusing on paying off any old debt and getting debt free and having better credit before you get a mortgage. You will get annihilated on interest rates if you take a mortgage with bad credit and probably even find it unattainable in reality. You might get a loan, but it will be "bad" debt at too high an interest rate.

Answer 7

Anyone can get a loan...........

You can get whats called a "no doc Loan" but you will need a significant down payment.

Cash is king.

However bad credit and no money make a bad combination for a loan.

You need to pay all your bills on time.

Answer 8

There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

Answer 9

wrong time for you to try to but a house -- throw as much money in savings as possible for a down payment-- pay all you bills ahead of schedule and let the market settle down a bit-- they will be a lot of good bargains in a few short months!!!