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 Credit Scores
Profile Image

Question By
Tpauley1976

0 Contributions
0 People Helped
What credit score do u need to purchase a home
I have a crdit score of 569 and wanna purchase a home but can't seem to find any bank to help me I never even had a crdit card in my name most of my bad credit is hospital bills

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-9 of 9Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2898 People Helped

Helpful to 71 out of 72 people

If you purchase your home through www.naca.com your credit score doesn't matter.  Around 4% interest rate, zero down payment and zero closing costs.  They are a non-profit organization that helps low to middle income folks get into homes regardless of their credit situtation.  You do have to prove to them you can afford the home, but other than that very few hoops to jump through.

2 Contributions
24 People Helped

600 Credit Score for FHA

Helpful to 24 out of 25 people

Lenders can approve you with a middle score of 600 for a Fha Loan. You can get loans through the USDA Rural Home Loan programb with a 620 middle score.

Top Contributor
2192 Contributions
3930 People Helped

To even qualify you will need at least

Helpful to 22 out of 22 people

a score of 650.  to get a lower % rate you want to get your score over 750.

If you have never had a credit card, Lenders consider you a very high risk because they have no credit history on which to base your reliability of re-paying the loan. 

Scores over 750 take years to build.  But you can get your score up to 650 if you work at it. 

Educate yourself on how credit works on sites like this one and others.  Knowing how it works is your biggest advantage in raising and maintaining your score.  

Good Luck

5 Contributions
8 People Helped

Very helpful

Helpful to 4 out of 4 people

Thank you,Carl

5 Contributions
8 People Helped

helpful

Helpful to 1 out of 1 people

thanks

5 Contributions
8 People Helped

Very helpful

Helpful to 1 out of 1 people

Thanks Carl1943

5 Contributions
8 People Helped

Very helpful

Helpful to 1 out of 1 people

Thank you very much,Carl1943

5 Contributions
8 People Helped

Very helpful

Helpful to 1 out of 1 people

Thank you,Carl

3 Contributions
1 Person Helped

My Year's Experience

Open a credit card, 2 credit cards is possible. No matter what the interest rate is, no matter how small the credit limit is, get those cards. Use only 30% of the credit limit. Be sure that by the last day of the statement cycle, the balance is less than 30%. Make 100% on-time payments. Pay attention to the cycle period, put a note on your phone 2 days before the cycle ends so you can make any payment for the excess over 30% BEFORE they send you a bill. That way the statement balance always shows less than 30%.

You will quickly see a credit score increase within 3 months. DO NOT fall behind on scheduled on-time payments, DO NOT exceed the 30%.

Results 1-9 of 9Results 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.