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You'll get a low double-digit increase (10-20 pts) by paying off your CCs and leaving at least $1 reporting on one of those.
@Anonymous wrote:
My credit score at the moment is around 580 [middle score] but working on it trying to get it in mid 600's. I have two credit cards 1) $3,000 limit [owe $700] 2) $300 limit [owe $40]. I also have a chapter 7 bankruptcy filed 2003. I've been with my current employer for 5 years with an annual income of around 50k. Is there any way that I would be eligible for an FHA loan in my current circumstances? Or any suggestions on what I should do since I'm trying to get into a house by October. Thank You.
Your goal is to get your mid score to 620 which you can come a little closer if you pay down those cc debts to near 0. Since fha loans require 3 tradelines, I would go and get 1 more credit card. Since it will be close to a year before you buy you will have plenty of time with ontime payments and decrease debt to bump your score. Also other factors can make your file better even with the low scores like downpayment
@Anonymous wrote:
My credit score at the moment is around 580 [middle score] but working on it trying to get it in mid 600's. I have two credit cards 1) $3,000 limit [owe $700] 2) $300 limit [owe $40]. I also have a chapter 7 bankruptcy filed 2003. I've been with my current employer for 5 years with an annual income of around 50k. Is there any way that I would be eligible for an FHA loan in my current circumstances? Or any suggestions on what I should do since I'm trying to get into a house by October. Thank You.
It would depend what is on your credit that is bringing your scores down to the 580 level, and when it happened. If you have clean credit for 12 months then that is a real good start. However since you are planning on buying by later this Fall, I'd recommend take others advice and work on improving your scores to as high as realistically possible, at least to a 620. Other factors to consider are if your debt to income ratio will qualify, how much of a down payment you'd have, where you are buying, sales price range, etc.