Help me get to 620..

[Anonymous]

Good morning all,

I'm currently working with a 573-593-547 scores(Ex, Eq, Trans); I just got a secured Visa yesterday, how long will it take me to get to 620 and qualify for a mortgage. As my credit advisor advised me, I used $30 of the $400 limit, and when the bill comes, I will only pay the minimum, not the entire bill. I currently have NO other debts(other ccs, or installment loans)...what should I expect.

[Anonymous]

Salary roughly 41k per year, in Memphis, TN

Any Memphis peeps on board

[Anonymous]

I think you left out the part that tells us WHY your scores are where the are; collections, write-offs, delinquents, bankruptcy, foreclosure, repos.....?  They can't tell you where you're going unless they know where you've been.

[Anonymous]

I see where you are coming from..

past collections, I have been working with a credit repair person to get to this point here. I still have a few collections(about 5), this score stems from a voluntary repo andn just mostly collections. I also have like 12 inquiries from this year alone, I thought I wanted to buy a new vehicle, HA!

[ShanetheMortgageMan]

Do you have any other trade lines other than the secured Visa?

When was the repo from, and when did the collections get assigned to the collection agencies?  Are these items still owing?  How much are they each?

[Anonymous]

I have a small installment 60 per month, very current with that. The repo was from 2004, and my guy has had that removed. The othe collections are current, like 2009 current. Give me a min to copy and paste the collections..

Thanks, Shane, I was hoping you would resond.

[ShanetheMortgageMan]

If you just have the 1 installment loan and the 1 secured credit card, I'd suggest you open a 3rd or 4th trade line (more credit cards) in order to start putting more positive payment history on your reports each month.  Further, I'd try any negotiate pay-for-delete's with the collection agencies if they are willing, particularly for any new collections within the past 1-2 years.

[Anonymous]

Thanks; because of past error, I can't get any unsecured credit cards, any suggestions...I got money to put up for new tradelines.

and I couldnt seem to copy my report

[ShanetheMortgageMan]

I'd go for more secured credit cards then.  Not sure which banks are easy going for those, but the general credit section has several threads on them.

[Anonymous]

Hey, Pay for deletes was the best thing for me. I had quite a few items drop off in disputes also. For secured credit, hit up the crdit unions. They are the best way to get secured cc's and loans from what I hear. Pay your balance off every month, dont go and charge a 500 dollar stereo on them, use them as a tool to get you ahead. As long as you don't get 30 new ones, charge more than 30% of the balance (I try to charge 1 small thing on them a month), and have a little patience, you will see your score climb. (look at my sig. They were in the low 500's in March 2010). Good luck!