Bad Credit Hurts Home Buyer
REM #A704
By Ilyce R. Glink
Summary: A reader would like to purchase a home but is worried about her bad credit. Ilyce explains that the best way to buy a home is to improve the credit score.
Q: I want to buy a house, but I have bad credit. How can you help me?
A: Even if you have terrible credit, someone will lend you the cash to buy
a house. It's just that you might pay credit card interest rates of 10 to 15
percent on the mortgage.
That's going to hurt.
Instead, you might want to pull a free copy of your credit report from www.annualcreditreport.com,
to see if there are any errors or mistakes on your credit. If not, you'll need
to hunker down and start working on improving your credit history.
You can improve your credit simply by making each payment on time. If you have
credit card debts that are overwhelming, you might want to think about filing
for bankruptcy and having most of your debts discharged. Otherwise, it should
take one to two years of on-time payments to help improve your credit score
dramatically.
If you need assistance budgeting your resources, you can make a free appointment
for counseling with the Consumer Credit Counseling Services of Greater Atlanta
(www.cccsinc.org).
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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