Whats a good credit card for a low credit score and immediate approval?

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Originally Posted by chnco

wow, the posts from Dallas are just retarded. I don't even think he speaks English.

Never take advice from someone who doesn't know how to spell beyond a 6th grade level and doesn't understand proper grammar.

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agreed. im not hating on him but im trying to prove a point here. things change and the gov doesnt want something like this to ever happen again

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Originally Posted by JennB

You should have put that in quotes since you copied and pasted it from a website.

Yes, I know this but have fun finding a lender that will give you a loan with a score under 620. I may not know every single in and out of mortgages but I have two of them and I just asked a mortgage lender this exact question a few months ago. He said 620 for FHA, anything else, he shops as subprime or doesn't even bother with at all. To get an FHA with Fannie Mae and Freddie Mac, you need a 620. And as was said above and which I totally agree with, the FHA itself may not have a minimum but if the lenders do, that's what matters. You aren't applying to the FHA for a loan but when Fannie Mae and Freddie Mac, the largest FHA lenders, have something as a minimum, you're going to have a hard time getting around it.

http://www.housingwire.com/2009/12/0...-score-to-620/

http://www.azmortgageguru.com/min-cr...-fha-va-loans/

If you don't have a 620, you shouldn't be buying a house. You should be saving money and fixing your credit.

Also, FHA loans are not just used for people who cannot qualify for conventional mortgages, they are mostly used for people who do not have a large down payment. The FHA minimum down payment is 3.5% while banks and other lenders may require 20%. FHA loans are also heavily used by first time buyers who do not have equity in a home to use as a down payment on their new home.

I worked in auto finance over a decade ago and since then I've had two mortgages and one refi. Over ten years of home ownership, I've learned a lot. I may not know it all, but I know enough and I try to learn more as the rules and regulations change. Being an accountant, anything that involves money gets my attention. I'm actually quite happy about the recent changes in the loan industry. I think people need to start seeing home ownership as something to work for and not something they can just walk away from when they can't take it anymore. I'm certainy happy about it because I just closed on my second house last month and paid $80,000 less than the original listing. Brand new home inside the perimeter... yay housing crunch! lol

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not to be rude JennB but ive been tryin to say this the whole time. you know whats going on

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Originally Posted by wannab20hatch

credit is like any motor or swap. Everyone has a different opinion on its usefulness so to speak. The following is based on my experience.

First off credit cards have never lowered my score. they say you shouldnt carry more than about 25% debt vs available credit. Meaning if you have 1000 dollar card never carry more than 250 for more than one month. A good income with bad credit isnt gonna get you crap. At the end of the day the creditor still wants their money they dont care that you have the ability to pay it they want to see that you will pay it. Good credit makes all the difference one half of a percent on a 30 year mortgage can equal 15000 dollars or more in some instances.

if you want a card save up 500 bucks and get a secured card and only put gas on it then pay it in full everytime the bill comes. youll see a difference within 6 months. Granted your interest rate will be well over 20% but that has alot to do with the economy. right now alot of creditors are only lending money to people that really dont need it.

Example: my parents make well over 250K a year and best buy gave them a credit limit of over 5 grand with 24 months no interest. when my dad got his new tv it came out to less than 19 dollars a month for 24 months simply because of no interest. This just shows you that good credit can get you far. granted with his income he could buy the TV cash but now he doesnt need to because with no interest its the same as if he did pay cash.

I started off with a secured card and ive never made over 25k a year and i have a credit score of 690 never once have i had a co-signer. I just pay bills as they come and watch what i spend.

one other quick note is always get your free scores every year to check for mistakes. Youll have to call all three credit bureaus and ask to have it sent but they have to give you a free report every year by law. Especially if your like me and are a Jr. Ive gotten my reports before and saw where i was 19 and making 2000 month house payments because they made a mistake.

hope this helps

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He is completely correct, other than a credit card can lower your credit score. If you were max it out as soon as you get it. Depending on the debt you have already accrued, it may lower it a few points. You should never carry more than 25-30% on a card. As long as you make the payments your score will go up exponentially. I'm 20 years old my score is 712 doing the same things. I was already approved for a house at 150k on a 40k a year salary. At a good interest rate, it does make a huge difference over 30 years. PM me if I can help you with anything.