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My husband and i have bad credit, 485 and we make approx 40k each. Right now I am on track to make over 50 for this year. We have never been late on our rent, and are wanting to buy a house for around 50k. Ive read that there is bad credit mortgage companies, but is this true? and will they loan if we have the income but not the credit? we have a lot of old collections, that will fall off within 1 year. I've found the house i want, and want to find a company to help. what do i need to do,( we have never bought a house before), to make this happen?
getting a house
Hi Nancy,
I am afraid that with a score of 485, you will not qualify for a home loan. You should first try to improve your score. Can you tell whether or not you have paid the collections?
To improve your score you need to work on your credit.
1. First of all try to become current on all the delinquent accounts.
2. Request the collection agencies to agree to a "Pay for delete" agreements. This should be done before you make the payments.
3. Take a secured card, and make small purchases with these. Then make on-time payments on the card.
All these together can help you to improve your score.
Thanks,
Aaron
I think you have a hard copy of your credit reports but confirm this. I would dispute the negatives on your credit report and see what falls off. this is a timing thing. You can improve your credit but it will take months.