URGENT: How to Raise Credit Score ASAP for FHA Loan

[Anonymous]

Hi everyone. I am a 1st time homebuyer and am trying to get approved for a FHA Home Loan. I'm about 20-40 points shy of getting approved (I need my middle score to be 640). I have a number of medical collections but have been told they don't count that in the scoring. 

I've completed the initial paperwork and everything looks good (e.g. income, DTI ratio, etc.) but my scores are the biggest problems. Any tips on how I can quickly boost my scores in the next few months? Looking to buy asap since we may need to move from the house we're renting (landlord selling). Thanks in advance for your help.

[Imperfectfuture]

They DO count those in the scoring. This will take some time, there is no magic bullet for rapid credit fix. First off, get with a lender that realizes all collections count in scoring, especially mortgage scores. Then, PFD (pay for delete) the medical school. Do not pay unless they remove. Vist the rebuilding forum to find out how.

If you just pay them, they will update as NEW collections paid. This will drop your score (had it happen to me, where equifax was over 100 points lower than my other scores). Do not dispute them until PFD agreed (some collectors will allow dispute after paid, because it costs them money to remove the collection).

Be prepared to pay in full for PFD. This is the quickest way to bump your score. I know it's not what you wish, but it is the best.