Does having no credit cards or loans hurt your credit score?

on July 16th, 2011
Posted in: Low Credit Score Mortgage     Tags: , , , ,

I have had mortgages and credit cards and car loans, but now I have none at all. Is this bad for my credit score? Would getting just one low limit credit card be better than not having any at all?

Where can I get a residential mortgage loan?

My credit score is right around 500. I make 32,000 year. I am trying to purchase the house I currently live in that my parents own.
The lender ordered an appraisal that came in at 52,000. I only need to borrow 35,000-40,000. I have steady employment and make 34,000 year. I currently have no other debts except credit card chargeoffs, that I am paying back….which is why my credit score is so low.
The mortgage co. I have been working with says they cannot find a "home for the loan" based on these three things:
1. low credit score
2. no verification of rental history( I’ve always paid my parents the rent in cash)
3. Loan amt. is under fifty thousand.
If you know of any lenders that would loan on this please let me know.

Late payment mortgage/credit score?

Okay so my ex and I split years ago. He has been keeping up on our mortgage that we have together (things are pretty amicable so I was fine with it) right up until he had surgery. He is on short term disability and although he is making payments he was 60 days behind and now 30 days behind.
I went to purchase a condo and found out that this has completely dumped my credit score. What used to be good is now weak. Other than his late payments I would have been just fine in purchasing… I am very upset about this. I have contacted our mortgage provider (Flagstar) and waiting for a supervisor to call me back but does anyone know of a way to make a payment plan deal where they consider all your late payments on time for past history? I know you can do this with credit cards.
Also, does anyone have any bonus thoughts on how to up a credit score by about 40 points quickly? I pay off every credit card every month (although I have pretty low credit limits). My mortgage officer suggested having a low balance at the end of each month rather than paying off. I do not want to open any more accounts… Ugh, this blows.

What bank will refinance my home with a 529 credit score?

The low credit score is due to a collection 4 years ago ( which I dont know about) and a credit card currently delinquent. I have never been late on my mortgage. I am facing foreclosure in the near future… Help!
The delinquent credit card is showing up twice on my credit report. Could that be affecting me as well, If so, how can I get that resolved?

Will My husband and I qualify for a mortgage with credit scores in the low 600's and a recent bankruptcy?

I want to know if my husband and I will qualify for a mortgage. WE have a bankrupcty file that was discharged on jan 2005. Our credit scores are in the low 600’s, we both hace auto loans and major credit cards that are in good standing. Our annual income is 60,000 gross but we don’t have any money for a down payment. I just don’t want to walk into a bank and look like an idiot!
Thanks
We do not have alot of debt we both have reasonable car payments and a credit card each with a 300 credit limit, so i would hope that would help not hurt us by showing that we are on the right road after filing.

can a person get a mortgage loan with a credit score of 650? If so where?

I have had credit trouble in the past. I am now trying to rebuild. I am finding it hard to get a mortgage loan or a major credit card. I have read stories about people getting loans with credit scores lower than mine. I found National City bank on a web site with stephen’s life after bankruptcy newsletter. Where are people getting these loans, with low credit scores. I live in Alabama. I can’t get a bank loan. I am not in bankruptcy. Please tell me the names of the mortgage companies that can work with me. I have read stories where people credit score is in the 500’s. They are buying cars and homes right after they file bankrupt. Thank you

Low credit score mortgage in California ?

on May 11th, 2010
Posted in: Low Credit Score Mortgage     Tags: , , , ,

I have a credit score of less thank 500 (due to an error with my credit card co, that is currently being disputed). I have ,000 to put down. Can I get a mortgage? Please don’t respond to be snotty or tell me your opinion on why my score is what it is. You don’t know me, or the situation, so please act like an adult. I’m looking for legitimate help here.

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