Wednesday, May 26, 2010

My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is pa

and closed. will it be hard to get a loan for a house



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

Partly it depends on how long the current loans have been on the books. If you had one derogatory, and only two other accounts, the lenders would like to see those good loans be %26quot;seasoned%26quot; for at least 2 years, preferably 3.



At 685, though, and no current delinquencies, the lenders will look a bit harder at your Debt-to-Income (DTI) ratio and your employment history. You should get the loan, but the interest rate will depend on how the lenders like the rest of you.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No it won%26#039;t; you%26#039;re not going to get a competitive interest rate, but your score is good enough to get financing. If you have a down payment, you shouldn%26#039;t have any problems.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No hard but a higher rate than if you had good credit.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No, that%26#039;s not all that bad. It would help if it was over 700. You will be offered higher interest rates than you might otherwise have received. Look at getting an interest-only loan for five years (which will then revert to an ARM). After a year of having the mortgage, your score will be higher. Look around then for an affordable conventional 30 year loan. If all goes well, it won%26#039;t cost much, if any more than the interest only loan, because your credit score will have moved up.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

Check your credit report to make sure there%26#039;s not faulty information with any of the 3 agencies. Lenders will look at a multitude of factors including income, current debt, and credit limit.



The bigger your downpayment, the better. If your current debt is high, make extra payments to the account charging the highest interest. If your credit limit is high, consider closing one of the accounts. If your income is a concern, get another job; remember people who work on tips report their income.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

You shoud qualify for 100% financing. A good loan officer can help you get the negative item removed as well. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don閳ユ獩 simply 閳ユ竾orget to call you back.閳? They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .

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