according to experian my credit score is 621. which i thought was really bad. I just found this online:
FICO score from 620 to 679 is OK. You won't be denied but the terms are not going to be too generous. Still you are officially a nice person. But you better check the increase credit score page.

So why is it that i cant even get a stupid loan for 2000.00 to pay off debt to improve my score? I cant even get a credit card i always get denied. Why???? Can someone help me?

mindsecho

Thank you thank you thank you for all your helpful hints. I rethought the car thing, you are right! Anyway, why would i want a car payment! The "house" im considering buying, is a victorian and it will also be my business, its a small town and i want to turn it into a bed and breakfast, So when i apply for a mortgage, is there a different kind of loan to apply for since it will be a business also?

Clough

Yes, there are business loans for something like that. Someone else would know more about those.

Are you sure that you would be able to operate it as a bed and breakfast according to all of the requirements of the town that there might be to establish and run such a business? No doubt there would need to be a license or licenses, insurance and zoning issues as well as others...

Dr D

If you are looking to buy a "primary residence" FHA is probably the best vehicle for that purpose. FHA is not intended for commercial property. The following is an FHA guideline: "A qualified property must be predominantly residential in use and appearance. Any nonresidential use of the property must be subordinate to its residential use, character and appearance. A property, any portion of which is designated or used for nonresidential purposes, is eligible only if the type or extent of the nonresidential use does not impair and/or remove the property's residential character and appearance."

If you want to buy a HOME and can qualify on your present income, then do that. If you are seeking financing for a business venture, you will have to look elsewhere. Good luck.

jerichowood24

Try Capital One, they have a credit card that is designed for those who have bad credit, or no credit. They report to all three credit agency's to improve your score. Once your score raises, then try and get a car loan or a personal loan. They effect your score more positively than anything else.

hailey1hayden2

If I did a voluntary repo, How bad would it hurt my credit?