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Bad Credit and Good Income
Bad Credit and Good Income Posted on November 9, 2011 by Realty Executives The last few years have been rough on everyone. Bankruptcies, foreclosures, short sales, and unemployment have ravaged the savings and credit ratings of hard-working honest citizens, and their effects can linger. As our economy gets back to work, you may find yourself in an increasingly-common position: bad credit but good income.
Mountains of debt?
Is your credit score only hampered by past behavior, or are there current items weighing you down? If you have unpaid judgements or high revolving debt balances, you should almost always pay them down first. Doing so will increase your buying power and decrease your risk in the bank’s eyes, but it will also save you money right away. If you can hold off until you’ve paid off your most dangerous debt, do it. How bad is “bad?”
Don’t assume you’re out of the running just because you were turned down for other kinds of loans in the past. A credit score as low as 580 can qualify for an FHA home loan if the borrower meets other criteria. If you’re below that cutoff, your options are limited, but in many cases, while a ... more

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