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My mom has good credit but mine is poor. But we need both of our income. what can we do?

by j_roch_345_280 from , . Feb 17th 2013 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

Sorry, there is no magic. You'll have to wait until you get your credit repaired...

Feb 18th 2013
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Brenda Sanders (Cruisinlady)
#189 ranked lender in Florida - 34 contributions

Depending on what is causing your mom's credit to be bad, you will need to work on getting her scores back up to over 620 minimum. There are several things that can be done to raise it. Unfortunately, most lenders will not look at anyone with credit scores below 620, therefore, you need to work on the credit or increase your income. It's probably easier to fix the credit situation.

Feb 17th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 399 contributions

There are lenders that will accept credit scores under 620 and I work for one. I'm not sure where you are located but if you are in the southwest perhaps I can help. Even if you are not I welcome you to contact me via my profile page do discuss your specific details.

Feb 17th 2013
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Blake Kleckner (BlakeK)
#386 ranked lender in California - 258 contributions

There is a very quick way to improve your credit score depending upon why it is poor. What is your middle FICO score and where do you live? Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 40+ quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Feb 17th 2013
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Cathy Talley (VBmortgagePro)
#58 ranked lender in Virginia - 1 contribution

As lenders, we have rules we have to follow just like anyone else. One of those rules is that if we are using the income of an individual we must also use their credit. Another rule is when two people are buying we must use the LOWEST MIDDLE score. So, if your credit is not good, it is a matter of improving your credit to meet the required scores to buy a home. (Generally speaking 620 minimum middle score, although some companies are requiring a minimum 640) It may be possible for your mom to purchase the home as an investment property and you could live in it while you repair your credit, however that requires a good bit of down payment. Bottom line you need to work towards improving your credit. Unfortunately there is no quick solution. If you would like to email me, I will be happy to send you a brochure that offers suggestions as to how you can go about improving your credit, thus your score. Good luck to you.

Feb 18th 2013
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Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

Unfortunately you both have to have the min credit score for the program you're applying for. So, if the program mandates a 640 credit score, then you both must have a middle credit score of 640. The good news is; there are programs out there that can help increase your credit score fairly quickly. I would be more than happy to help you in increasing your score and afterward help you with your new home purchase. Feel free to contact me: Ray at rlewis@englending.com or 254-449-7196

Feb 18th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Morning! Working with someone in the mortgage field can be a great tool as your mortgage credit score is what needs to be worked on. You may have your consumer credit score, which usually doesn't exactly relate to the mortgage credit score, so it is wise to start a relationship with someone who you feel can work with you best. Credit score is not the only issue to worry about, as there may be collection accounts, judgments, etc, which all need to be analyzed and figured in to how you will eventually get approved once your score reaches the minimum standards. Please take a few minutes to review my blog on credit score tips and let me know if there is anything I can help you with going forward. Have a great day! Here is the link: https://www.lender411.com/mortgage-articles/7016/here-are-8-tips-to-help-improve-your-credit-score/

Feb 18th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Find a lender that still allows for a non-occupying borrowers existence within the loan (but not ON THE LOAN) in order to obtain the best of both worlds. Most banks and brokers will tell you this does not exist - However - they are wrong. It does exist. Call me 800 813 3291 Andrew Alfonso

Feb 18th 2013
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Darren Copeland (Darren_Copeland)
#32 ranked lender in Missouri - 17 contributions

Having poor credit is not a deal killer, but there are definitely some easy things you can do to improve it. Find a lender who can help you with it; and remember the simple things: Pay your bills/rent on time, pay off outstanding debts and collections, Don't sign up for more credit cards and don't use the ones you have already.

Feb 18th 2013
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