Lenders Wary of Low Credit Score
REM # A765
By Ilyce R. Glink
Summary: A ThinkGlink reader would like to borrow money but has a credit score in the 500s. Ilyce suggests checking out FHA loans and credit unions.
Q: I read your article and you mentioned that even if you have bad credit there
are people out there who will finance for a new mortgage. Do you know of any?
My husband and I have good jobs and have made our house payments on time for the past year but there are still things that are pulling our score down.....is there anyone you know of that will finance with scores in the 500s or should we give up?
A: Right now it's very difficult to find a subprime lender who will loan to
folks with low credit scores. Please check out FHA loans. Or, talk to a local
bank or your credit union (if you belong to one). More importantly, you’ll
have to work through your issues to improve your credit score. If you have too
many debts, you will have to pay them off. If you have been late paying other
bills, you will have to make sure to pay all of your bills on time.
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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