Q: I have a house for rent in Rhawnhurst for $,1200. I have had a few people fill out applications, but nobody has been able to provide me with a credit score of 650 or above. Is this an unreasonable request? Should I lower my standards?

A: As you may know, some people are forced to rent – although they would prefer to own – because they do not meet the minimum credit score required to buy. With your qualification of a 650 credit score, you’ve actually made it harder to rent your property than to buy a home. Many mortgage lenders only require a minimum score of 620. continue reading »

Are you considering applying for a mortgage or a car loan sometime in the near future?  Have you checked your credit report recently?  It is better to know ahead of applying for a big loan.  There would be nothing worse than getting your hopes up to make that big purchase only to find out that there are some unexpected items on your report.  The lending environment has not really improved much despite the improvements that we have seen in the financial sector since the market downturn in 2008-09.  In order to secure good lending rates, your credit score has to be in excess of 700-720. continue reading »

Q: My boyfriend and I are looking for a house together. I have good credit, but his credit score is bad. We are thinking about going to credit counseling before applying for a mortgage. How long do you think it will take to repair his credit? Do you think we will make the June tax credit deadline?

A: Most mortgage banks and brokers are looking for credit scores in the 600s, so how long it will take to repair your boyfriend’s credit really depends how low his credit scores are. It could take a couple months or a couple years, depending on the severity of the situation. continue reading »