Fix My Credit Report Houston
2010
1 year plan. Do you think it’s realistic?
Currently live in Chicago but want to move to Houston next July. Credit current around 590-610. Chapter 7 in 2001(discharged)/Chapter 13 2003(dismissed). No credit card debt. Consolidated student loans. No auto loans. Credit report has collections from cable & utility companies plus misc. bullsh**. I plan on taking my tax refund in February to clear up everything except the student loans. I also plan to make monthly on-time payments for my current rent/utilities/student loans to have 12 months of steady payments. If I am able to succeed, will this look favorable to mortgage companies? I already expect to pay a higher interest rate because of my credit. I’ll be looking for 30 year fixed rates with 100% financing. What else can I do now to prepare myself and better myself for mortgage financing?
This is about the best time to be seeking mortgages. The mortgage companies are virtually throwing money at people today. I doubt it will be quite so easy next year, but it may be.
If you can go in to next July with 12 months of no bad overhangs, that will be ideal. You don’t say what the other miscellaneous things are, but if any of that is current debt, try to keep paying current on those, and not let anything else get behind. I wish you could pay off all those bad debts this month instead of waiting until next February, but if you have to wait , you have to wait.
I think you’re thinking in the right direction, but it won’t be a perfect case. You’ll probably still be able to qualify for something, but your rate may be high, and they may flinch at the idea of 100% financing. If you can put even 5% downpayment together, that will help you a lot. But that also may be a lot to ask.
House Session 2010-04-20 (14:00:26-15:03:39)
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