13 People Helped
Member Since: June 2011
640 for FHA- USDA used to possibly take lower but I have heard they are changing that soon.
xstitchmama1027's response was:
Do you have high balances on any loans/credit cards? If so paying them down to within 50% or 30% of the limit might help.
I would contact the mortgage company first and make sure you are not somehow listed on the loan. Then ask them for a letter stating that you are not on his loan, and submit them to the credit bureaus as a dispute. I believe there are templates for dispute letters on myfico.com somewhere, if that helps. You may also be able to just do a search for a disput letter template online.
I know that the lender we are working with said I have to have a 640 to qualify for FHA. USDA may take a lower score but I have heard rumors that they are going to increase the requirement for their minimum score.
No, it is a soft inquiry so it doesn't affect your credit score. It says that somewhere on the site but I can't remember where.
Go to annualcreditreport.com. You can pull your report from all three bureaus once a year for free. It will not affect your score since it's your own report. I think to actually get your score there is a fee, but you can view all three of your credit reports. It's good to get all three because different creditors report to different bureaus; some will not report to all three, maybe only one or two.
Not sure if it varies by state, but where I live the minimum to qualify for an FHA loan is 640. Most places (if not all) will pull your credit report with all three bureaus and use your middle score. They do this because not all creditors report to all three bureaus. ( I know from experience as I am trying to get pre-qualified to buy a home! :) )
Sorry didn't read the whole question! I would submit disputes to the credit agencies reporting them, but also do some research as to who can help you with identity theft as it sounds like someone may have gotten your information somehow.
I have been doing some credit research and have read most places that yes, it does. It is better to keep it open and use it occasionally and pay it right off, from what I have read. MyFico.com is a great site to do research on about how different things affect your credit score. They have a monitoring service also but it isn't free. They do however offer a free trial. :)
Do you have any credit cards? You may try Discover, my credit score was lower than that and I didn't have much credit anymore (used to have too much several years ago) and I got approved. Sounds like you need to add some trade lines to your credit report. What kind of credit do you currently have, if any? Any loans or credit cards?