Trying to buy a house

I am trying to purchase my first home. My credit score is in the low 500. My mortage company told me to try to pay off some of the things on my credit record so that my score will go up. 1. I have 30 days to close. will that be enough time. 2. My realtor told me I could do a straight mortage or bond for deed. She had me to sign a contract and now I hear nothing about the bond for deed I am using all my money trying to pay off old debts. Will this help me to meet the deadline.
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you will have to ask your realtor that question get recipt of payments, Use recipts for proof of payment you can dispute items as you pay them to speed the credit report update processsay paid off in full, or paid as agreed I did a straight mortgage to get financed on my first home6 mos later i got a fixed rate mortgage. Is this what the realtor is talking of?

I am trying to buy a house with a 426 FICO score

I have a question for you and hope that you can help me. I am trying to buy a house. My credit is awful. My FICO score is 426. I am trying to get a letter of pre-approval or something from my lender. Because of my credit score the sellers are allowing me 6 months to get my score cleaned up enough to put the house in a loan with my name. They are letting me do a lease purchase for the 6 months. I already have things in dispute with the credit bureau and I am waiting on them to contact me back. Is there anywhere possible that I can try to obtain a letter of pre-approval or something?
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pre approval?
for a 426?
no I haven't. Letter?
you need owner financing.
3 open rated lines of credit 12 months MR
and obviously you have nothing but a slew of bad credit. some of that need to go away

10 year old accounts schould be deleted credit report pager bill can't quailify for a home loan

My question is I have an account for a local company that was opened in 4/1997 but it also say's that it was opened on 8/2001 (not true). It also states on my credit report that is is a unsecured loan, how do I get this off my credit report, It was for a pager bill of 10.53. I thought that after 10 years it comes off of my credit report. It is affecting my qualifying for a home loan.
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Try this and say it not yours 10yrs.
Then validate the debts.
Then negotiate and pay.
10 years and the accounts should be off your credit anyway.
Pager contracts are not secured debt.
Utilities are expected to be paid by reasonable people even if they move.

debt to high credit ratio, home loan, remove clean delete. quailify approved accepted

1 1/2 years ago we bought my dream house at the time we had a lot of errors on our credit reports, I payed a lot of debt off was very ill, so when I got back to work I took out a loan from a friend and called all the company's and made offers in compromises. no dept left. well I wasn't as smart as I am now should of asked for deletions but didn't, that's OK that was 3 years ago, and everything is payed except a couple I am still working on

my problem is this I have a arm coming due in july 08
this is what I have

1 morgage never late for 3 years
1 mrgage ( rental property never late 3 years )
1 major credit card 3000.00 limit owe 1200.00
1 truck haven't been late in 3 years ( 4 more payments to go)
1 new truck ( 6 months never late)
bancrupt. 9 years ago
although I got some things deleted, some credit card judgments, my trans union score is 698, don't know husbands yet, waiting to pull his what kind of loan should I look for or will I even qualify for a loan to refinance? I am worried sick I have 6 months to go, trying so hard to reach 700 on FICO, everyone says no new credit something about dept to ratio, the rental property is rented and I have a lease to show the mortgage company. thanks
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Looks like your open credit is very good and your score reflects that 698
I would dispute some of the older paid items and hope?
A 698 SHOULD get you whatever you want.
2 more points might help you a percentage point or less, but not much difference is there.

So dispute some old stuff
maybe pay the remaining four payments on the truck
Other than that? You look good if the mortgages are reported to bureaus.

The top, get approved banking standard, max debt to income ratio, for approval, is gross reported debt or outgo to 45% of total verifiable income.
If I am over 45% on my debt to income, then I get turned down on most loans, even a car loan and home mortgage.
I I am over 80% debt to high credit ratio my score might be lower but I will still get approved if my debt to income ratio is relly low. Like when one files chapter 7 and has no debt.
Max reported debt to reported high credit limit is 80% or less per account to quickly raise a credit score.
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Credit dispute letter
oops
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Hello, thank you, the truck will be payed off by the time I need the loan, so that will help also, do you think I should get 1 more credit card for a better mix, or just stay on the course I have in the works?
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N new credit card now
cards need 12 months to help you.
you have enough credit: 3 lines reported now.
dispute some old accounts and hope
Universal legal credit dispute form

Loan officer told us to close our credit cards for new good credit.

Loan Officers don't seem to know what they are talking about I've learned. I see that you state we should reopen accounts and NOT close accounts in good standing. I have read this statement (not closing accounts) on other pages as well.
While on maternity leave with our 2 nd child my job was closed unexpectedly. That caused some late payments, we went through a "credit counseling" that took plenty money from us but weren't up to par with our creditors.
We talked to a Loan officer who told us to take & close our accounts we did not use & the ones that were in good standing. Even though the balances were at ZERO, she said it was still considered "possible debt". So we did this thinking what she said made sense. Now we hear different. The cards on our reports still state zero balance/account closed by consumer's request. But it has been a couple years and our score that has plummeted could we still request that they be reopened?
B) I have had 2 Loan officers RECENTLY tell us 2 different things.1) we should negotiate paying off our debt but do it in Monthly payments so that reflects monthly on our credit report that they are paying as agreed.
2) The other said to come up with a sum and pay it in full with one payment, creditors will be more likely to cooperate with one check than with payments over time. either way it won't help our score.Who is right?also the 4 accounts we are having these issues with have been transferred to collection companies. The original creditors have $0 balance with the collection Companies holding the balance. However the 4 accounts are reported 8 times. (1 each for the 4 original, then 1 each for the 4 collections) The one original creditor said they can't do anything because it is not in their hands anymore. so should io still try to negotiate with the original creditors or just go straight to the collections?I've heard 2 stories for this also.1) The original creditor will take arrangements & call off the collections company.and2) The Original Creditor may take payment but have no hand with the collection company so we may end up having to pay the collection company also. Since the original was already charged or written off they are getting the benefits twice while the collection company will still want the debt they bought from original creditors.P.S. a word on one of your blogs regarding the double jeapordy. I challenged this with the credit bureaus and they have been changed on our reports to show the same date to be off the record as the ORIGINAL debt. So even if the collection company bought it 2 years after, it was changed to show the original date to be taken off that is posted by original creditor. so it is possible. You just have to try.
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Either way it wont' help your score right NOW is the right answer.
One should have at least three open accounts.
If you have like 8 or 10. Then it is good to get down to 3. So closing does help sometimes.
BUT
Not your only good rated credit. How the heck are you going to be able to raise your score with no good credit open now?

Loan officers by an large are not credit people. They are loan people.

I would work with the collection companies. You already called orginal creditor.

Pay in full if they will remove it from you credit. But pay no matter how you do it.

Monthly payments will not help you if you are have non revolving credit issues. Collection is not revolving credit. So monthly payments is NOT going to help you with those accounts.