My Credit score is in the the upper 500's I wanted to get a mortgage?

My credit score is in the upper 500's that's only because I haven't used any credit cards and I have a late payment of 180 days in my record, That's only because nelnet put my account on skip mood because they had the wrong address, I found this out yesterday and payed it off. I have had a job for the past couple of years making good money 30,000 last year and 60,000 this year. I want to take out a mortgage for a house but I don't think I should yet due to how high my interest rates would be. what should i do? should I put a hold on it, get a credit card? should I apply for a mortage now? I live in a trailer buy the way making payments with 9% interest. I want out!!

Asked By: -Sweetie- - 2/21/2008
Best Answer - Chosen by Asker
There are two ways to look at this... More
Answered By: Mr. Taco - 2/21/2008
Additional Answers (5)
if you have not been late in the last year on your rent/mortgage and currently are paying all your bills as a first time home buyer you can go FHA and still have a decent interest rate you would need 3% down and get seller to pay closing costs
Answered By: Rick K - 2/21/2008
candid answer... More
Answered By: robert w - 2/21/2008
you won't get an affordable mortgage until you increase your score at least 100 points - if you would happen to be able to qualify for one now, the rate would be high and you'd probably have to put a lot on downpayment - work on your score and start saving money - credit cards will be very high int rate also, but you... More
Answered By: Doctor Deth - 2/21/2008
Well, you really won't know for sure what your rate would be until you talk a mortgage professional. I am a nationwide mortgage broker and can help you if you contact me... More
Answered By: americannationwidemtg - 2/21/2008
Keep making your payments and USE the cards (it's not to your benefit...charge things like gas and utility bills and pay them in full at the end of the month). Wait a year, and when your score goes up to at least 620 mid-score, you should fall into A-paper rates. Just be patient.
Answered By: A Real Realtor - 2/21/2008
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