Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
bedenjimenez

0 Contributions
0 People Helped
i want to purchase a home how can i pick up my score to 540 at the most

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7372 Contributions
3811 People Helped

540 will not qualify you for a mortgage.  Work on building your credit score (re-read the articles here to help understand waht needs to be done and why) and save for a down payment so you can have a better mortgage rate and avoid PMI.

Top Contributor
84 Contributions
47 People Helped

FHA reqiures 640 now

You need to bring credit score up to 640 if you want FHA mortgage.   I am currently working on getting my score there.   I had no credit history because car loan paid off and account closed and no credit cards for 6 years.   I started at 604 in October 2015.  Got secured credt card for $300 from Capital One.   Charge less than $30 (less than10% utilization) and pay off completely before due date.   My Transunion credit score is 642 as of Jan 5, 2016 (Equifax at 620).   I will be able to buy home in 6 months under FHA. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.