Should I apply for a mortgage loan with a 560 credit score?

I want to apply for a mortgage loan, most likely an FHA loan. I have a credit score of 560 and I have two default negative accounts on my credit report totaling around 3,000 and one good account for my student loans. I have about 3,000 saved so far for a down payment. Should I pay off the debt or apply with my credit score as is and set up a payment plan for the debt. I really need to purchase as soon as possible but I’m not sure if I will be approved with a 560 credit score. Will paying off just one of the accounts increase my credit score enough to be approved? Will applying for a secured credit card improve my credit score or hurt my chances at being approved for a mortgage because it is new credit account? Thanks to anyone that can help!

Register New Account
Reset Password