Depending on the lender that you get your financing from, expect more flexibility with manual underwriting versus automated underwriting. The human element can look at your situation with more consideration and understanding than a computer will

Dispute and repairing take about 2-3 months at least. If you are trying to obtaining some kind of financing, always start early enough that your credit would be ready when you need it.

It is often helpful to have a loan officer help you with the open house. The loan officer can actually sit with you and talk to prospective buyers about financing options. Some people are more open with a loan officer than they would be with you, the home seller. It’s a potentially good partnership for both parties.

If you’ve developed a relationship with a loan officer, you might consider asking him for a stack of his business cards. You can then hand them out to home viewers, and the loan officer can then speak with them regarding financing options. You will then have the benefit of knowing whether these potential buyers are truly capable of obtaining the financing necessary to purchase your home.

The fair credit act allows up to five credit inquiries when refinancing your home before your fico score drops.

To many inquires that count against toward your fico can prevent you from refinancing or purchasing a new home

Car loans are another way to establish credit. If you are thinking about getting a new car make sure you are getting something you can afford. Everyone wants a nice new expensive car, but not everyone can afford the monthly payments. Be smart about the car and financing you choose, don’t stretch yourself out too much with the monthly payments.

Fha financing and fannie mae financing are attainable with mid 500 credit scores. There typically needs to be some sort of compensating factor(s) such as a strong equity position in the property, good assets reserves in the bank and/or 401k, or a very low debt-to-income ratio.

There are many loan programs for people with mid 500 scores that will allow you to purchase a home with as little as 10% down. Some programs will even allow 90% financing all the way down to a 500 credit score. Loan programs in this niche change frequently, but most will require a full documentation loan, that will require you to prove your income, employment, and assets.

This account was charged off. Why is it still on my credit report? A charge off is an accounting concept. It means the creditor is no longer counting the account as an asset. However, this account is still owed by you and will remain on your credit report for at least 7 years from the date of last activity often you can negotiate a reduced payoff for a charged off account. Depending on the creditor, this could be anywhere from 10% to 60% of the balance. Further, a few creditors may change how this account is reported in order to get payment. Removing the account completely from your credit report would be the best choice. Changing reporting to paid as agreed and not changing the date of last activity is a pretty good choice as well. Do not disclose that you may be refinancing or purchasing a home because you lose leverage. Get any agreements in writing and agreed to by original creditor and any collection agency.