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chrissinamarie · Apr 23, 2012, 10:04 AM

My credit score is low-493/high-569 and my husband's is not much better. I am a disabled veteran receiving VA disability and SSI. My husband works as well so we have an income between my new husband and myself of about $5,239 per month. We live in Riverdale Georgia with my daughter(paying half her mortgage and utilities). We don't really want to do the "rent to buy" thing but don't want to rent anymore either. Is there anyone out there that can help us? We are currently working with Lexington Law firm to square away our reports but it is taking so long and putting a strain on our marriage. Is there any advise (constructive, not insulting) that someone can give us? We will do whatever we have too but really want to move into our new home asap.

chrissinamarie · Apr 23, 2012, 10:11 AM

I have bad credit but am in the process of rebuidling it. What if any grants are there for A disabled veteran with a middle score of 514 wanting to buy a new home?

Fr_Chuck · Apr 23, 2012, 10:14 AM

Grants will not buy an entire house, it may help with part of the funding, you should look at the loans available to soldiers. But you will have to improve your credit before you can do anything, and they will still need to know you have the income. Also have you looked or contacted Habitat for Humanity that helps low income with housing

joypulv · Apr 23, 2012, 10:15 AM

No grants, but didn't the VA give you a bunch of information about loans when you were discharged?
Homeloans.va.gov

chrissinamarie · Apr 23, 2012, 10:22 AM

joypulv, yes in fact VA did give us information of which about 90% has now changed. Also the fact that my score is so low I have probleming simply getting my foot even in the door let alone getting approved. Like I had said in the original question, I am in the process of improving it however I am simply trying to see if there is something else I can do as my marriage is under a huge strain due to the living conditions we are currently under.

Fr_Chuck · Apr 23, 2012, 10:29 AM

First if you are trying to do a "credit repair" which of course a pure credit repair company is not even legal in Georgia. But by and large they don't work, they can not take anything true off your report. Most merely charge you for simple things you could have done yourself.

After that how much are you paying for 1/2 of your daughters payment ? I am saying this because if you are making 5000 plus a month, you should fairly easy live off 2000 dollars and be saving 3000 a month toward a house. In Riverdale or almost any area, you can buy a nice 3 or 4 bedroom 2 bath home that is a foreclosure for aobut 40,000 to 50,000.

So within a year you can very easy save up enough to buy a good 3 bed room or have at least 1/2 the money for a great home.

chrissinamarie · Apr 23, 2012, 10:31 AM

Fr-Chuck, thank you for your response. I'm not sure if you are referring to the ones spoken of when I first discharged back in 97 or if you are referring to some new ones but the ones that where offered back then have either been cut or my score (as you made mention of) prohibits my qualifing for it. I am currently in the process of rebuilding my credit score, however I am not sure my marriage will last due to the strain of my new husband feeling like less of a man living in my daughters house. Which is why I am looking every where (I believe), the Holy Spirit puts on my mind. My income is more than sufficient, it is the score that is the hindrance. Again thank you for responding.

smoothy · Apr 23, 2012, 10:34 AM

You need to be realistic here... most banks would not even lend to people with scores of 650 and that's way higher than you have...

And a lawyer isn't going to preform a miricle on that if you legitimately have a lot of late payments or collections on your record. Those are legitimate.

Yes my wife is a loan officer... so I know about some of this stuff.

If you are going to even get enough of an improvement to qualify... you are going to pay higher rates because the risk is higher on people with scores as low as dirt. The lowest rates go to those with the lowest risk meaning the highest scores.

The will really reduce what you can buy because a few points on interest will make a big difference in monthly payments.

You can't dictate what advice you get... you agree to that with the Terms of service when you joined up.

First you have to get your credit scores up about 150 points at a minimum... which is no small task. And until you do its senseless to even go mortgage shopping to get pre-approved... pre-qualified means nothing... you NEED to be pre-approved meaning you have a lender that WILL give you the money. Most realtor know they are wasting their time on window shoppers that aren't...

And above all, get the thought you can do this ASAP out of your head... because that's NOT going to happen. Credit Unions won't even lend to people in the Mid-600 range much less lower.

There is a lot you haven't told us that is key... such as WHY your scores are so low... and how many negative reports are on it and for what reasons...

Major issues will take years to turn around... but actuall mistakes you can prove can be done faster... they however won't drag the numbers anywhere near as low as your are.

I'm trying to get you to be realistic... its NOT being insulting.

Fr_Chuck · Apr 23, 2012, 10:46 AM

Remember by law credit repair companies can not charge you until they have completed any "repair" Also they can not legally remove any true debt that is listed.
I hope you do not believe ( if you have really bad credit and not just a error on your report) that any company will get it raised, and if so more than a few points.

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chrissinamarie · Apr 23, 2012, 11:17 AM

Mr Smoothy, I am in no way offended. Not by your statement nor any other made. I have been looking and have heard worse than anything posted here, so though I appreciate your concern, no I am not bothered. Yes there is some on my report that are mine and I am currently paying or requesting payment arrangements for those. There are others that due to my allowing someone to put their lights in my name, I have now others that I was'nt even in the same state where they were incurred nor did I give my permission for. So those I am fighting. I am not foolish enough to think that by tomorrow I can move into my home, however, (though I don't know where you stand in faith of what God can and will do), I trust God to help me because I am making amends to the ones I owe. I also believe that He told me to trust in Him and watch how He moves. As I stated before, I believe that He (the Holy Spirit) told me to begin looking and various places and things to do, of which I am doing. So though I fully understand what the world says or what mortgage lenders have been saying, I am following what my God says. I am fully convinced that in the right time and season, my God and home will come through. Therefore there is nothing that can be said that will offend me, I simple asked that I be answered with respect and not stupidity. Of which you and the others have been so polite in doing. Thank you.

smoothy · Apr 23, 2012, 12:41 PM

As far as the problems where you have cosigned or put them in your name... those are effecively yours... no explanations or arguments can change that. This is why we tell parents to never cosign for their kids unless they are ready to make the payments themselves.

Also understand... the very act of being a cosigner on a debt that IS actually being paid on time by another100% of the time will still reduce your score... because you are legally Liable for that debt.Good luck on the ones you are fighting...

As far as the other debts that are yours... until they are current and have been paid for a period on time after coming current (meaning no past due ammounts are outstanding) you aren't going to start moving those numbers in a positive direction. Now I'm not going to pretend to know how much it will change and how fast it will change (its a real complicated method they use)... but that's what I meant by its going to take time...

Besides being late for payments... or having them go for collection by not paying them at all, other things that will drag down your number is excessive loan applications... approved or not. Or using more than a small part of your available credit on credit cards or credit line. Being laid off or fired will also cause it to drop as many have found.

Basically you want to use as little as possible of what you have available to you.

Also strangely enough... if you don't use enough (by paying cash for everything always)... you will not show a regualr on-time payment history...

So its bad to use too much... and its bad to use none at all.

smoothy · Apr 24, 2012, 07:22 PM

Really, you get freaking RUDE with a NOT ACCURATE on my post above chrissianmarie... I challenge you to back up that bulls*t claim PROVING anything I said was wrong or inaccurate... IF you was such an expert on the topic then do it... I demand an Apology because NOTHING I said was incorrect in the least.

I take the time to give you the answers you need, and you get rude with a Not accurate on a topic you have ZERO knowledge about... when MY answers are backed up by current Banking practice...

Good luck... you are in for one hell of a shock when reality smacks you in the face.

And even at a FICA of 650, you are going to be lucky to get a loan anywhere today... below that you have NO chance.