Q: How can I get a loan if my credit score is low? Are there specialty loans available for those of us who can't qualify for A paper credit? How much more will I pay for a sub par loan? Is it best to wait until my credit score goes UP... or should I just bite the bullet and apply right now as is?
A: We get TONS of questions from folks who feel stuck between a rock and a hard place when it comes to their credit scores, the prices of homes in their area... and TIMING! After all, when mortgage money is so cheap, as it is now... and home prices are down, as they are now... isn't it BETTER to suffer paying MORE for less when it comes to a loan, rather than wading into an uncertain future where everything may be radically different?
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The truth is, there IS no right or wrong answer. And the KEY is, not to over-complicate things to the point where you suffer paralysis by over analysis. If you are ready to buy a home NOW, and think that rates are favorable and prices where you want to live are ripe, there is nothing wrong with taking MASSIVE action and investing in yourself, your family and your future. (rather than waiting until your credit is perfect is some future circumstances that are completely uncertain)
That said - taking 30 -45 days to work on improving your credit score in advance can be a wonderful investment in your time, energy and income... and when it comes to your FICO score, there are a number of things you can do right NOW to make a major move in the right direction.
For example - paying DOWN your existing balances, as it relates to the total amount of credit you have available to you, can be the absolute FASTEST way to bump UP your credit score there is. (and as far as some lenders go - may be better than having that money for a down payment as well)
So too is reducing the amount of cards and open accounts you have to 4 or less. (but NOT zero - you need to have at least several open accounts when you apply for credit in most circumstances)
Disputing erroneous information, or challenging negative listings on your file IS exceptionally effective and most traditional credit restoration strategies (or professionals) can advice you how to do this in 45 days or less, and quite possibly REMOVE some of the most egregious and harmful information on your file as well.
Remember, TIME is one of the most important elements that is factored into your FICO score.
What most folks don't realize is, a 30 day late payment LAST month is far more detrimental to your score than a charge off from 3 years ago.
If you are currently behind on your payments, I don't care how good interest rates are, or how low prices may be in your area, it's a very bad idea to apply for a loan while you are behind on your bills, simply because the lenders WILL take advantage of that, even if your prior history has been good.
In summation?
All things being equal, wait until your credit score is in the 650 range or ABOVE to consider applying. 700 or more is better... and if you see a steal of a deal and KNOW you can get approved at a risky rate, take 30 days to get your score UP, even if you have to tell the buyer you'll pay a few dollars MORE for the house if they'll wait!
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