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Member Since: June 2014

Most Helpful Contribution

my credit score is in the 560's how can i get a mortgage?

Jul 11, 2014
Helpful to 10 out of 13 people

we've got to be clear about a few terms being used here.

"Write off" or "Charge off": this does not mean this debt has disappeared.  It simply means the creditor with whom YOU have initiated the debt has given up on ever getting anything from you, so THEY have sold the debt to another entity.  THIS DOES NOT MEAN YOU CAN NOT WORRY ABOUT PAYING THIS DEBT.  IT MEANS NOW YOU HAVE A COLLECTOR, QUITE OFTEN A LAW OFFICE NOW TRYING TO COLLECT FROM YOU.  In all honesty, your debt was probably sold to them for pennies on the dollar if not less, packaged together with a few hundred other similar debts.  So settlement is still a win for the current owner of your debt.

@ Shuna39... with all due respect, none of this addresses the question of "How do i get a mortgage with a 560 credit score".

I'll take a stab at it.  You guy see this guy named Jimmy the Finger.  They call him Jimmy the finger because he charges no fees, he just takes a finger every time you miss a payment.  

You catch my drift?  There ARE actually guidelines governing what lenders CAN and CAN'T accept when it comes to credit scores if the loan is going to be guaranteed in any way.  For example, if you want an FHA loan, 580-640 is the min range on paper (640+ is where credit rating transitions from "poor, to fair").  The 580 low end is all fine and good, on paper.  The actual lending atmosphere is such that virtually no honest lender is going to touch you unless you're in a 620 to 640 range, MINIMUM.  And minimum means they know you're begging for scraps, so you're likely a target for predatory loans, ARMs, high interest rates, etc.

The way to approach the situation is to actually get a handle on your finances and credit situation FIRST.  Get your score up.  Start it now, because if you're in a situation like the classic, "But I don't have TIME to get my credit score up!  My landlord is selling my building and I have to have a place to live next WEEK!" by the time you first realize you need to fix your credit, you just painted the very reason as to why your credit got shot in the first place.  Lack of foresight, financial planning and personal discipline.  Those types of ppl aren't cut out to be homeowners, you're just a target for predatory lending agencies.

With a few slight exceptions, ofc.  There are always are exceptions.  SOMETIMES you can find a lender who will use non-standard means of assessing credit risk.  But don't count on it.  Manage your credit and finances.  Dispute errors, even in a valid debt.  Take control.

Activity (3 Total Contributions)

my credit score is in the 560's how can i get a mortgage?

Jul 11, 2014
Helpful to 3 out of 3 people

you probably mean "FICO" score.. that IS your credit score... at least the score most often referred to.  THere are often other scores that utilize the FICO score as part of their formula... renter's score etc.  But FICO is your scredit score wit hthe 3 major bureaus.

my credit score is in the 560's how can i get a mortgage?

Jul 11, 2014
Helpful to 10 out of 13 people

we've got to be clear about a few terms being used here.

"Write off" or "Charge off": this does not mean this debt has disappeared.  It simply means the creditor with whom YOU have initiated the debt has given up on ever getting anything from you, so THEY have sold the debt to another entity.  THIS DOES NOT MEAN YOU CAN NOT WORRY ABOUT PAYING THIS DEBT.  IT MEANS NOW YOU HAVE A COLLECTOR, QUITE OFTEN A LAW OFFICE NOW TRYING TO COLLECT FROM YOU.  In all honesty, your debt was probably sold to them for pennies on the dollar if not less, packaged together with a few hundred other similar debts.  So settlement is still a win for the current owner of your debt.

@ Shuna39... with all due respect, none of this addresses the question of "How do i get a mortgage with a 560 credit score".

I'll take a stab at it.  You guy see this guy named Jimmy the Finger.  They call him Jimmy the finger because he charges no fees, he just takes a finger every time you miss a payment.  

You catch my drift?  There ARE actually guidelines governing what lenders CAN and CAN'T accept when it comes to credit scores if the loan is going to be guaranteed in any way.  For example, if you want an FHA loan, 580-640 is the min range on paper (640+ is where credit rating transitions from "poor, to fair").  The 580 low end is all fine and good, on paper.  The actual lending atmosphere is such that virtually no honest lender is going to touch you unless you're in a 620 to 640 range, MINIMUM.  And minimum means they know you're begging for scraps, so you're likely a target for predatory loans, ARMs, high interest rates, etc.

The way to approach the situation is to actually get a handle on your finances and credit situation FIRST.  Get your score up.  Start it now, because if you're in a situation like the classic, "But I don't have TIME to get my credit score up!  My landlord is selling my building and I have to have a place to live next WEEK!" by the time you first realize you need to fix your credit, you just painted the very reason as to why your credit got shot in the first place.  Lack of foresight, financial planning and personal discipline.  Those types of ppl aren't cut out to be homeowners, you're just a target for predatory lending agencies.

With a few slight exceptions, ofc.  There are always are exceptions.  SOMETIMES you can find a lender who will use non-standard means of assessing credit risk.  But don't count on it.  Manage your credit and finances.  Dispute errors, even in a valid debt.  Take control.

how long do hard inquiries stay on your report

Oct 28, 2015
Helpful to 1 out of 2 people

Enter Your Reply To those in the following replies saying that different credit bureaus use different scoring models, that is completley false.  Each company uses your FICO score, and by definition, FICO ITSELF IS the scoring model.  What each company DOESN'T have is the same information.  Not every lender refers the same info to all 3 bureaus.  Your landlord might only report to TransUnion, while your bank might only report to Equifax, while your credit card company reports your activities to all 3.. TransUnion, Equifax and Experian.  THAT is why the scores might differ between them.  Reporting you takes time, and time is money.  Additionally, there are sometimes costs associated with the whole shabang, so it follows that not all "creditors" will report in the same fashion.  That county you have a delinquent parking ticket in might not report it as a derogatory at all, or it might report it to all 3 bureaus.  This is one reason why if you are shopping for a credit card to raise your credit it is recommended that you research how that card reports your activity, and to whom.  There are places you can get credit lines who don't report anything, and so a perfect payment history might avail you zilch.

Now, where I think at least one commentor was confused in their statement about how bureaus score with what models, what IS correct is there are several different SCORES themselves from agencies OTHER than the 3 FICO credit bureaus who HAVE come up with their own scoring models... like your Vantage score, for instance, which is not your FICO score, but which WAS developed as a different scoring model by the 3 major FICO using Bureaus as a means of calculating a score based in part on your FICO score.  ANd different credit ISSUING agencies in many cases have come up with their own models, but your FICO score is your FICO score, based on the FICO model... and that is the main score you will end up dealing with, and the score you are getting when you pull your free yearly score from each of the major bureaus.  GOOGLE Fico and read it's wiki, it'll help it all fit together a little better.