Can I Get a Mortgage Loan with Some Bad Credit History ?

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I have held the same Job for 25 years, but I have some negative payment history. Can I still purchase a home in the South Bay.

  • Employment status or employment history has nothing to do with your credit score, but some lenders may review it to determine if you are stable enough to repay a loan.
  • Your income has nothing to do with credit scores. Your savings has nothing to do with your FICO’s credit scoring equation. However, some lenders may consider these factors to determine the likelihood that you will default on a loan.
  • I cannot get a loan due to poor credit. This is not true. There are many lenders who give loans for bad credit but charge high interest rates.
  • Bad Credit never goes away. With sound debt-management practices, the negative marks will eventually vanish. Late payments, bankruptcies, foreclosures and collections typically remain on your credit report for seven years. (The exceptions are Chapter 7 bankruptcies and tax liens, which remain for 10 years and indefinitely, respectively.)
  • All Credit scores are created equal. Each of the three major credit bureaus produces a FICO score based on the information it has about your credit history.

About Carol

As a premier real estate agent in the South Bay, I’m here to provide you with all the resources and information you need to buy or sell real estate. I work with buyers and sellers in Torrance, Redondo Beach, Rancho Palos Verdes, Palos Verdes Estates, Long Beach and the surrounding areas and I’ve had extensive training in the latest real estate marketing strategies. I’m confident that I can offer you knowledge and tools most other agents can’t. Contact me so I can keep you updated on the latest real estate activities in our community and answer any questions you may have. I look forward to working with you!
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