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I have a credit score of 538 , i am currently trying to get a mortgage in 6 months, i have 2 paid charge off accounts on my credit and a credit card that was lat for 90 day. My student loans are in good standing and i just started off paying down my credit card 50%. Any information on how to get my score up
I would suggest trying to deal with overt negatives, for example by writing goodwill letters.
I'd also try to get your utilization as low as possible (less than 10%).
If you don't have much in the way of positive revolving accounts, you might also consider adding a secured card.
thank you
The charge off's and 90 day late will be very difficult to remove within 6 months. Depending on the age of the three negative and the conditions of your individual account, you're better of bringing your utilization down to 9%. Since your debt to credit limit ratio is unknown it's impossible to help, whats your debt and credit limits?
My debt is now at 1000.00 my credit limit is 2000, one of the charge offs is a year old and the other is 2 months old I paid both off.
Bring your card down to $180, a 9% utilization rate will lessen your riskiness in FICO's eyes. Put all your money into lowering your account you have 50% utilization on now. On the other hand, depending on the age of your account it might be unfavorable to open another account to distribute the utilization between two cards. In the future if you do decide to open another account, apply at a bank for a secured card with no annual fee to help thicken your credit history profile. The cost will be around a $200 deposit that you will receive back when the account is closed or the creditor deems it, but the extra account will start to help your credit score over the long term in about 1 year.