Help please

[brownlayde]

Hey everyone i would like to first thanks for all the information that i am recieving on this web site , I was discharged in march 2006 and i,m trying to get a mortage with 100% financing but i,m being told that i need to either wait 6 months or pay 20% down , what i don,t understand is i have 4 postive reports on my credit report and that have never been late and my thing is my credit score is only 516 ( given to me by loan officer) he said to get my score up than reapply , why is my score not increasing all my positive accounts are new shouldn,t have increased by now , if any one has any infomation on mortage companies working in florida that can help me please let me know

[Roadrunner]

Need more info...

First off, you have 3 credit reports (Equifax, Experian, and Transunion). Which was he referring to by saying your score is 516? Beyond that, what specifics are reporting? For your new accounts, are they showing with low balance to limit ratios? For your old / in bankruptcy stuff are those accounts accurate or are they reporting that you still owe a balance.

All of this and more goes into what makes up your score.

[brownlayde]

Mortage

When it comes to a mortage they take your middle score and my accounts are all paid up and my credit reports are not reporting accurately none of the accounts are stating iib .

[SinkingFast]

When it comes to a mortage they take your middle score and my accounts are all paid up and my credit reports are not reporting accurately none of the accounts are stating iib .

That's a huge problem right there. All the hard work you're doing establishing new, positive reporting tradelines is being held down by the inaccurate reporting.

You might wanna sign up with a credit monitoring service and start disputing things to get your accts reporting correctly.

Being included in BK is gonna be a ding, but dropping the weight of the debt is gonna be a positive for you. Get your accts reporting accurately and you'll probably see an increase in your overall scores.

[Minnymouth]

Okay,

You are only 2 months out of discharge and your credit report still has low scores......... no mortgage company will touch you without a large downpayment - 20%, especially one with no downpayment.......

First pull your credit report, check for accuracy and dispute anything not posted correctly.......

Next, you will probably have to wait 6 months to a year, or possibly 2 years before you can get a mortgage no money down......

Filing bankruptcy makes you a risk...... especially if you discharged a mortgage in the bankruptcy.... SO they are going to demand a downpayment of at least 5-20% towards the purchase of another home....

You have not been out of bankruptcy long enough to establish a good new credit line..... be patient......

Save your money, fix your credit report and time will pass quickly.... also check into different options towards buying another home.....

[tinroofrusted]

Hey everyone i would like to first thanks for all the information that i am recieving on this web site , I was discharged in march 2006 and i,m trying to get a mortage with 100% financing but i,m being told that i need to either wait 6 months or pay 20% down , what i don,t understand is i have 4 postive reports on my credit report and that have never been late and my thing is my credit score is only 516 ( given to me by loan officer) he said to get my score up than reapply , why is my score not increasing all my positive accounts are new shouldn,t have increased by now , if any one has any infomation on mortage companies working in florida that can help me please let me know

You are not getting a 100% financing on a mortgage, period. It's not going to happen.

I would suggest to get the scores up FIRST, and then worry about a mortgage. Your credit score that the LO is mentioning is your middle score of the 3, which is conisdered low. Unless you have a middle FICO of around 580, you aren't getting 100% financing, and I don't care what anyone tells you otherwise. It's not happening.

However, start those disputes, clean up the report, and see what happens!

[JeepMom]

You are not getting a 100% financing on a mortgage, period. It's not going to happen.

I would suggest to get the scores up FIRST, and then worry about a mortgage. Your credit score that the LO is mentioning is your middle score of the 3, which is conisdered low. Unless you have a middle FICO of around 580, you aren't getting 100% financing, and I don't care what anyone tells you otherwise. It's not happening.

However, start those disputes, clean up the report, and see what happens!

We got 100% BUT mid-score is 628 and we are only 5 months out. The loan officer told me that I also had one of the cleanest reports he's ever seen 5 months out. That's because as soon as the BK hit the reports I got on it. Look in my sigline. That's pretty much all from cleaning up my report and I still have a judement on it.

[tinroofrusted]

We got 100% BUT mid-score is 628 and we are only 5 months out. The loan officer told me that I also had one of the cleanest reports he's ever seen 5 months out. That's because as soon as the BK hit the reports I got on it. Look in my sigline. That's pretty much all from cleaning up my report and I still have a judement on it.

Yes, but THAT person's mid-fico is only 516 or so..... minimum requirements are 580 for 100% financing, and that's if you get a company willing to work with you...............

She/He is NOT getting 100% financing on a mortgage right now, until they get their report cleaned up, and get those FICO's up.