low scores: Answer to Question - 530 credit score - 11/30/16 01:23 PM
Question: I have a 530 credit score and was told that I can get an FHA loan with a substantial down payment but the lender is giving me a hard time in getting the loan. What’s going on?
First, let’s understand what a 530 credit report looks like? Several factors can bring a score down that low (300 is the lowest). Perhaps the person has 1 credit card and 5 collection accounts that are currently reporting as delinquent. Almost always, collection account balances match the credit limit which further lowers the score. The person may have several collection accounts and no open … (2 comments)

 
Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

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