Pamela Madore Mortgage
My Credit Is Bad But I Want To Buy A House
This is somethig that I hear very often. My first question is always, "how do you know?"
Answers range from:
I've got some stuff on thereI've got some medical collectionsI had a repoI had a foreclosureI had a bankruptcyI don't really know but Credit Karma says I am in the 500'sThe bank turned me downSound familiar? Have you ever said any of those things?
First, let's get a few things straight. "Bad" means different things. It can come in degrees. Credit scores are not always the deciding factor.
For instance, let's say you go to a local family owned bank. You have your checking and savings account there and you have a car loan. That would be the logical place to go, right? Let's say, for whatever reason, your score is a 619 (they require a 620 score) on the day you go in. They say "no". What do you do next? Your bank …