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?

Does cancelling credit cards lower credit score?

on March 24th, 2011
Posted in: Low Credit Score Mortgage     Tags: , , ,

I know opening new credit accounts and taking out mortgages will lower FICA scores but doe it lower if I cancel old credit cards with no balance? Just curious!!!

Best Mortgage for Low Credit Score?

My husband and I are trying to buy our first home.
We make about ,000 – ,000 a year gross in our household.
His credit score is 635 and mine is 565.
We can definately afford a 0,000 mortgage and the house we are most interested in is a duplex.
But we are willing to look at other houses to suite the right mortgage program.
Are there any mortgages or programs out there that will qualify us?
If so, what is the company or program with the lowest interest rate that you have ever known about for such low credit scores?
All of the negative items on our scores have been resolved 6 months ago, but of course it takes 7 years for them to be removed. So my credit is slowly creeping up, but it is still VERY low.
Also, can anyone give me more information about FHA loans. I have heard of these, but I don’t know anything about them.

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