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Hi guys
im writing in regards to my wife and our situation and the best advice. She has a chapter 7 bankruptcy discharged in May of 2011. We want to get a conventional mortgage this may/June. Her score is hovering around 650-660. A banker I talked to advised to get that credit score above 680 before May to get favorable terms on the conventional mortgage. My credit is 750 but I have no income so me being on the loan is useless since they take the lowest of the two people. What can I do to slowly raise her Rico score in 6-8 months and have it be in the best shape before the hard pull? She has roughly $20000 in credit line and is showing zero balance on all of them.
One issue is all her cards are reporting a zero balance each month. Your scores get dinged for not reporting a balance between 1-9%. I would suggest she put some useage like a monthly bill or something to get a card to report a balance each month. Other than credit cards what else positive does she have on her reports?
Other than credit cards she has $113k in student loan debt and that is it. That debt is in repayment right now at $0 but will change next july. She's an authorized user on my citi double cash card and I noticed its reporting on her credit report now as well. I usually pay off this balance every month. If I carry a 1-9 percent balance on this card will it optimize her score as well since she's an authorized user or should I have her use her own cc?
@Anonymous wrote:Other than credit cards she has $113k in student loan debt and that is it. That debt is in repayment right now at $0 but will change next july. She's an authorized user on my citi double cash card and I noticed its reporting on her credit report now as well. I usually pay off this balance every month. If I carry a 1-9 percent balance on this card will it optimize her score as well since she's an authorized user or should I have her use her own cc?
Either way it will help her scores improve.