trying 2 get things in order...

[Sinamenone]

What is the name of your state? PA

Hi, I've been seriously thinking about buying a house. I do have credit issues. I recently consolidated my student loan for $8360 & am making monthly payments, $983 balance on a '01 judgment which I pay $75/mo, $768 to UofPenn Dental School although I am still making $75 monthly payments, $500 to PGW-gas co., which I stopped paying, $350 to Sprint & a $5438 judgment from Sears which I have not paid on. How can I begin repairing my credit to bring my 645 score up? Is there anything I can do? Thanks in advance.

 

[kat1963]

This is a legal advice board; however here are some links to get you started on your way to home ownership. Good luck.
Discussion on credit repair:
http://www.debt-consolidation-credit-repair-service.com/forums/
Start listening to Dave Ramsey (on line streaming available). I highly suggest his Money Makeover book which you can pick up cheaply on half.com
http://www.daveramsey.com/

KAT

 

[danno6925]

First - don't get judgments levied against you.
Second - Pay your bills. Owing Sprint $350 is not the way to start.

I am amazed you have a credit score that high with all of the adverse conditions in there. However, the generally accepted score for a FNMA (fannie mae) mortgage is generally between 620 and 640 depending on the lender.

You may have to worry about your DTI (Debt to Income ratio) morethan anything else. Sounds like you have a lotta bills you have to pay each month.

An underwriter is going to look at a number of factors to determine if you're a suitable borrower. Things like how much money you have in the bank. Whether you've proven able to hold a steady job, your DTI ratio, and how much house you're trying to buy.

In other words, you need more than a solid credit score to buy a house.

Hope this helps.

I am not a Lawyer. I have worked in Pa title insurance since 2000.