I Have A Fico Score Of 580 Does That Mean I Have Lousy Credit? Will I Be Able To Get A Home Loan?


3 Answers

donna jackson Profile
donna jackson answered
You may not be able to get credit at the preferential rates of someone who has a glowing credit record. Yet smaller less formal lenders do claim to cater to your situation.
First they want to know that you can remember to pay them. So have a budget, written down.
Then take any bits of paper than prove there are things that you have successfully managed to pay off, a car, furniture, student loan, something. It can't be all bad news.
Then in that note book, write down exactly what your situation is each month, it is not difficult to do.
Start with incomings, so salary and maintenance payment etc.
Then all your costs, listed systematically in order of importance,
Rent, utilities, phone, food, petrol, car, insurances, slush fund for emergencies. Don't leave anything out, they want to be sure you know what you are doing.
Don't forget to add entertainment, everybody has some. They will notice if you smoke and haven't costed it in.
When you make an appointment, turn up clean and neatly dressed. They are making a decision on you, not your car.
Anonymous Profile
Anonymous answered
You might get a credit (but just might), BUT expect a higher interest rate. However you ended up with that score, only you know, so if you really needed a loan, you will pay extra for not taking care of your credit before. Remember, the lender are companies that's helping people, so the people should take into consideration that they have to pay their monthly payment on time because some people that works in the lending institution has to have a timely monthly salaries too. You can make your score higher, but you have to work extra for that. Pay on time and don't borrow here and there just because you have a credit card. You have to save your extra lending capabilities in time of emergency only. Wisequeen is almost right, but not all the time what she's saying could work. It could back fire. Like how can you dress nice if you buried yourself in debt. When you apply for a loan, look into their eyes and do not lie to them or say things that you really will not do. Or else, wait till you get yourself out of debt and 2 years of paying on time every month. It should raise your credit score - oh, don't change job also within 2 or 3 years.

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