please help

ariehmm08 · 08-05-2008, 03:40 PM

I need a new home quickly, right now we are renting, with enough room for my family. I am in a custody struggle, and home environment needs to allow each child their own room. My cr scores ae 517,530,582 and I have charge offs totaling 4800. I do not have the funds available to remove these or to pay a settlement firms fees. I have just been accepted for a small credit card, one step in building my financial history. I am disabled with limited income, my fiance has steady full time income. What are the necessary yet frugal processes available for repair? Thank you.

jlynn · 08-05-2008, 03:57 PM

Credit repair is never quick.

Home loan requirements are changing by the hour these days, but your only chance might be FHA.

Have you looked into renting a larger home?

ariehmm08 · 08-05-2008, 04:08 PM

I'm currently looking for rental home, yes, however am trying to find a location that cuts the 20 mile one way commute for Mike. So far nothing is available and in our price range.

Ohio Boy · 08-06-2008, 12:33 AM

With those scores you will be paying way to high of an interest rate to take new debt on.
I would suggest as above to rent a larger home and get to work on repairing your credit file.

It is not easy but is well worth it.

Once you can get some removals and some things changed you will benefit bigtime from the boost in scores.

Contact the doctor in the mortgage forum to see where you might fall with those scores but my advise is to not take on the extra interest rate and work on the negs.

Many have been able to shake off several incorrectly reported items and added new TL's to get the needed boost in scores for a much better interest rate.

How old are the CO's? Important because you need time that has passed by for some type of good payment history. If they are in the last year you will most likely need to wait, if not loan doctor can tell you more.

Ohio Boy · 08-06-2008, 12:36 AM

Good luck with the custody issue, just for the matter of limiting the stress on this and home buying, I would drop the home buying idea and rent a house that will help your custody situation and then work on your report.

Hedwig · 08-06-2008, 11:09 AM

I agree. If you don't have funds to pay your chargeoffs or pay a service fee, you probably can't afford to buy a house.

There is much more than just the mortgage payment that you have to worry about. You have to take care of maintenance and upkeep, taxes, insurance, as well as all the utilities.