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Kristie Krejci Asked:

I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year??? [Asheville NC]



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Answer Provided by: Andy Dilts [06/05/2009]

Yes, but you need to get your scores at or above 620. Credit score standards have become more strict, even on FHA loans. My advice would be not allow anyone to draw your credit, except you. You can do consumer credit reports which are not considered a "hard inquiry" but stay away from banks, mortgage companies, credit card etc, pulling your credit because inquiries will further reduce your scores. A credit retstoration comapny may be able to help you dispute old and incorrect information on your credit reports which should help. Good Luck!