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Posted in Saving Money
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FEEREM72

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Will I ever buy my own place
Score is 530

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1st time homebuyer?

It's amazing how loose the requirements for FHA loans are.  It may seem far away, but adding 100 or so points to your credit from the 530 level is not as daunting a task as it may seem.  It just takes some history (1yr or so) of on-time payments on a few low-credit level accounts (maybe a store card and a subprime credit card) with balances well under 20%.  During that year you can save-up the 3% downpayment you'll need.  Very doable.

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With a Credit Score like that you would need to pay Cash. 

Google Dave Ramsey and the 7 baby steps.   This should help get you on the correct path.

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jwsister is right. I had crap credit as late as last year (yay Chapter 13 caused by massive hospital bills!), but with time, a bit of patience, discipline, and the right tools, I went from the upper 500s to now just clearing 700.

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Also, read the very educational articles here so you can learn how to build a good credit score, and it can be done because I did it.  Bought a new car recently because of the improved score, and I am on a fixed income.  Read, use the financial tools, make needed changes and you will see the scores improve. 

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