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Question By
Nickels523

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Are there any mortgage lenders that lend below a 580 score?
I'm sure it's been asked a thousand times but... My girlfriend and I are looking for a larger place to call home and raise our kids. She has "new" credit and mine took a few hits back when the economy tanked and I've been trying to rebuild for a year now. I've added her to my cc to try and get her a solid tradeline with time attached to it but cc cycle hasn't came back around yet. When her score was pulled it was 560 mine was 550. Any help would be appreciated tia

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Mortgage lenders will use a version of FICO scores, not the ones here. It sounds like you should focus on rebuilding for a couple of years and save up down payment money in the process then go for the mortgage.

Reply by
Nickels523

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The scores I gave are the mortgage scores I was given and I do have a down payment already.

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There are no lenders that will give mortgages that low (please remeber when the economy tanked a few years ago it was because of that type of lending) You will need to get that score up, a few suggestions, get all CC's 100% paid in full. Depending on your utilization that can give a good bump.  You did good to give her one of your CC's as long as it was one WITHOUT any negative remarks, otherwise they transfer to her credit too.  The card will give her some age of credit if you had it for a while, and some history to start getting her up. Typically this will show within 45 days or so.  You can also dipute any items that maybe are incorrect, just getting one or two negative off might really help your score. But be aware the agencies may remove them then put them back on at a later date as I believe they give benifit of doubt until lender proves debt is valid.

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Nickels523

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All my credit for the past four years is spotless and my card just went from 92% uti to 19% so I'm hoping for a significant gain there. No new negatives on anything and I've been using Lexington law for a year however... they are very slow. It's just a frustrating thing to deal with and I have a time sensitive situation so I need to do something soon.

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Reply by
Nomadre

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That should give you a jump in score, getting it below 10% would help some more too. I do not know lexington, but any credit repair is not something that happens fast, and quiet often repair firms actually hurt you more in the begining. They do this to save you money which helps start repairing faster. Remember credit scores are a game of long time, not short term thinking so a year into it and seeing yourself better than a year ago is a good thing using them.  In another year you will be even better off, but who knows getting that utilization down maybe enough to shop for a mortgage, Just dont expect the lowest rates.

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The mortgage company I used had programs for lower scores but they wanted a lot more money down. I tried using advice on here but it didn't work. I ended up working with Select Us and they got my score up fast. I didn't have time to figure it out and they really knew their ****. I own a home now and my credit isn't an issue anymore. I'd look into it instead of spending more money on down payment.

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