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Couple with 501 [yikes!] and 605 credit scores

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Married couple has a 501 [him] and 605 [her - lol] i can post specifics of their credit report later but from that info what are their chances of getting financed? Tell me what info you need to accurately answer the question and i will provide it when i get back from the gym

 

Thanks

 

Verb

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A lot of things to look at on the report.

Let's try to take it to basics.

Foreclosures?

BK's?

Judgments?

Tax liens?

With a 501, that normally would indicate late pays within the last few months, and/or a number of collections reporting very recently even if there are old accounts.

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You are most definitely correct Pilot. The husband has 4 student loans totaling 22k that each show as being 90 days or more late 7 times in the least few months. They also owe 10k on a car, 4200 in miscellaneous collections if I read the credit report correctly.

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I'm no mortgage broker, but with a credit report and score like you described, verb, they're unlikely to qualify for financing. Put them into a Rent To Own and they are pretty much throwing away their option money.

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