Low credit score.

[Sherl Bloom]

Hey All! I'm a single mom and I want to purchase a new home. Its my first home purchase and unfortunately my credit score is below 500. Will I be able to find a good mortgage. Please advice.

[Mark Elliott]

hi sheri. no, with that low of a score, you will not be able to get a mortgage; at least not one with a decent rate. my advice to you is to go to www.annualcreditreport.com. by federal law, you can get a copy of your credit reports from all three agencies for free, once a year. this is where you get that. next, dispute anything that is negative on your report, even if it is true. reason being...... when you dispute something, the credit agency is required by law to request authenticity from the creditor. the creditor then has 30 to 45 days to answer back as the whether or not it is true. if they do not answer back, then the whole record gets wiped off the report as thought it never existed. this will help to raise your credit score. you will be amazed at how many things may be on your report that are not yours. check it out.