Hi,
I just recd a copy of my credit report. I tried for a refi and the lender said my scores were in the 500's and too low to get approved. Not sure what else to do. My credit is as follows and I would like to know how I can improve it. No collections, judgments, late mortgages, and no CC lates since April 2005.
Discover, Limit $5000, Bal $3768, Pmt $150/mth (Credit Card) (Closed)
5th 3d Bank, Limit $300, Bal 0, no payment (Credit Card) (Open)
GEMB, Limit $2,000, Bal $1734, Pmt $15/mth (Credit Card) (Open)
HSBC, Bal $145,000, Pmt $1006/mth (Mortgage)
Car Loan, Bal $10,812, bal $3947, Pmt $191/mth (Co-signer for daughter's car loan)
Sallie Mae, Bal $6,500, Bal $6500, pmt deferred until 2013 (Co-signer for son's student loan)
WFF/Finance, Bal $26,013, Bal $5222, Pmt $549/mth (My car loan)
All other accts were closed...oldest account was about 1989 but they are all closed now...but were never late. Did not know I needed old accts to keep updating on report or otherwise would have left them open with no balances or did balance transfers. I am going to reset on my mortgage within the next 6 months and while I can handle the payment, I do not want it to increase and pay more if I don't have to. I would like to increase my score and refinance within the next 6 mos. I would appreciate any suggestions you guys can give. My sister referred me to this site and said you guys were awesome. Thanks.
Mike
Message Edited by Mr_Mike on
10-20-2007 09:52 PM