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natasha cox Asked:

Hi I've been at my job for 3 years. I bring home about 20,000 a year (not much) and my credit score last time i checked (about a year ago) was 566. I had collections and almost all of them but 2 are paid off. I have others on my credit report that have been paid and i tried having them removed with no such luck. I would like to buy a cheap home say 50,000. Is this even possible for me? What can I do? [Clinton MI]



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Answer Provided by: Drew Sygit [10/16/2009]

You'lll need a minimum of a 620 FICO score at this time to qualify for a mortgage, but that's just the first hurdle. You must also have at least 12 months of clean credit with 2-4 quality accounts. So, even if you pay off all your collections, you need to be also simultaneously establishing good credit.