Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
Posts: 1,084
Registered: ‎06-24-2007
0

I need to raise my fico score really quick I want to buy a house

Hi
I want to buy a house soon. My TU fico score is 581 and my eq fico score is 545 and EX fico score is 563. What is the bets way to increase the fico scoe? What kind of credit cards I can appy for to re-establish the credit history.
Thanks
 
Established Contributor
Posts: 510
Registered: ‎04-17-2007
0

Re: I need to raise my fico score really quick I want to buy a house

get your Util within 1-9%. That is the best.
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: I need to raise my fico score really quick I want to buy a house

The fastest way is to pay off any debt owed.  30% of your score is credit utilization, so if you owe a lot more than your available credit (including amount owed that has been charged off), you will really get hurt on your score.    Even if you pay off the debt, it will take 60 days for the CRAs to reflect the changes.  You may need the services of a mortgage broker that does rescoring.  They will be able to get an updated fico score for purposes of mortgage qualification very quickly (a few days) but it is going to cost you some.  Getting new credit is not a quick fix.
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: I need to raise my fico score really quick I want to buy a house

Also applying for new credit is not wise idea when looking to get a mortgage soon.  It is frowned upon by some lenders.   As advised  lower any of your current utilization.   get all
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: I need to raise my fico score really quick I want to buy a house

whoops don't know what happend there.
 
But any way   get ALL  of your bills, utilities included upto date.    Lowering your debt to income ration is just as if not more important than your credit score.  
Valued Contributor
Posts: 1,084
Registered: ‎06-24-2007
0

Re: I need to raise my fico score really quick I want to buy a house

I just got orchad bank unsecured card and bank of america secured credit card. How many open accounts I should have to improve my credit. Right now these are the only 2 open accounts on my credit?
Thanks
 
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: I need to raise my fico score really quick I want to buy a house

Right now I would just chill with that.  But I think the best piece of advice I can give is, to print out a copy of all three of your credit reports and bring them to your local bank mortgage lending department and sit down with a mortgage lender and have him look it over and see what advice he can give you on what THEY look for in obtaining a mortgage with the best possibly rates.     Racking up credit cards is not the best option. 
Valued Contributor
Posts: 1,084
Registered: ‎06-24-2007
0

Re: I need to raise my fico score really quick I want to buy a house

Thanks for your reply. Do you really think I can approve for a home loan with that kind of fico score? Do you have any mortgage lenders in mind?
 
Thanks
 
Frequent Contributor
Posts: 491
Registered: ‎05-23-2007
0

Re: I need to raise my fico score really quick I want to buy a house

You should be able to easily get approved for an ARM with those scores with 10-15% down. The lender will use your mid score at its basis for setting rates and such. My question to you is do you have any collections or other baddies on your report?? If not you maybe able to go Fannie Mae.
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: I need to raise my fico score really quick I want to buy a house

There are still alot of sub prime lenders out there but you have to ask yourself are you ready to buy a house with a subprime lender?   What's your time line?   Can you hold off a year or so and to get your credit scores up and you Debt to Income ratio lower?   With your scores you will most likely get approved by someone somewhere out there but can you live with the terms you might get offered?
 
Those are just some of the questions you have to sit down with your sign. other if you have one and decide on.   This is more than likely going to be the largest and most important purchase of your life and are you ready for it?   Are you ready for the unseen cost's of owning a house.  The boiler breaks down, no landlord to call.   Property taxes, water bills, school taxes etc.  
 
I'm not trying to discourage you or anything, I'm just hoping you are prepared and done all your homework on how the home buying process works and all the cost's that go into it and everything.   I think if you look at the foreclosure fiasco and the sub prime lending burst that has happend this past couple of years, you'll find that many of those home buyers weren't ready to buy a home and we caught up in some horrible mortgage terms because they weren't in position to obtain a mortgage with a prime lender. 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.