My credit score is 637, but my personal bank would not approve me because they wanted me score to be 640. I've been trying for a year to get my score up and it hasn't budged. Basically, I don't have any debt besides my student loan and my monthly payments are not enough to raise it significantly. So I applied for a loan though a different channel--The Lender's Network. From there Quicken Loans called me and Nations Lending Corporation called me. I completed the application, turned in all my stuff and I was approved. However, I ignored the fine print. Both companies approved me for $75,000, but they will not allow me to purchase below that amount.
What????
Yep, because these companies are not banks, they won't make money on a loan that is below $75,000. I explained to the supervisor that the house that I want is $44,000 and it will be my first home so I don't want to make a huge purchase. She sympathized with me and explained to me how I could raise my credit.
Basically, if I get a secured credit card, make a purchase less than 30% of the maximum limit, pay that balance and then keep a $10 balance, my score would raise.
OMG
I have to go into debt to get into debt.
Dag.
I DON'T WANT A CREDIT CARD!! UGH!!
So, I've been praying and praying. I really want to purchase a home, but maybe this isn't the correct time.
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