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

[HatchHero]

Jenn, I hate to tell you this but you are completely wrong when it comes to FHA loans.. The POINT of a FHA loan is to give it to people who don't have a credit score high enough for a conventional mortgage. I respect that you have had a history of auto loan issuance but I know what I'm talking about when it comes to mortgages..

Proof Positive..


Borrower's who are applying for a FHA mortgage do not need to have a certain minimum.In fact HUD does not impose any minimum credit score standards. While some lenders may impose minimum this is not an FHA requirement and is a lenders choice in order for them to minimize their risk of potentially problematic loans. While not perfect they do give an indication of the borrower’s credit history. Borrowers withabove 620 will generally be able to get approved through the use of automated underwriting engines. Borrowers withbelow 620 may not get approved through the automated engines and have to go through a manual underwriting process. Manual underwriting usually takes a few extra days and a little more documentation. Once again it will be the overall pattern of credit that will be evaluated. Beginning July 14, 2008 borrower with a representative credit score between 300 - 499 will not be eligible for financing above 90% LTV.

you are right in everything to say. FHA does not have a credit requirement but the only way your gonna get it is thru a lender like you said, and majority of lenders are putting a credit limit of 620 PERIOD. Its getting harder these days IM a broker i deal with it everyday. My buddy with a fico of 603 cannot buy a house. ITS AT THE LENDERS DISCRETION AND LENDERS ARE TIGHTENING UP MAN. PEOPLE WITH UNDER 620 may have a chance man but I don't see it happening. why do you think these lenders an banks are folding? because they lend money that they are never gonna see again. would you do that now knowing people wont pay it back? maybe in 08 but it is now 2010 and i assure you the only reason the housing market is picking back up is because lenders are stricter and lending money to people with good credit and want to pay the money back! but you on the right track