What would you do? 575 Credit. 20k in Savings, ready to buy.

[Rodger Curbelo]

Context: I have bad credit. My fiancée has good credit. I have proof of income. She doesn’t work. We have 20k in savings, we’re ready to buy.

Question: What would you do? How would you actually go about making this happen?

I’m a newcomer, and my credit doesn’t seem to be going anywhere anytime soon because I have accounts in collections.

[Forrest Faulconer]

Hey man! With a 575, you are right on the cusp of the FHA loan requirement of 580. I would try to boost your credit a few points so you can take advantage of 3.5% down. Even though you have 20k in savings, that doesn't mean you have 20k to spend on a house. It is always prudent to have a rainy day fund.

So perhaps you being "ready to buy" is different than your credit, debt, savings, being ready for you to buy. If I were you, I would focus on paying off debt and collections, getting that credit score up, then directing your focus on a house.

Forrest Faulconer