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Wondering!!!!!

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cp79
Valued Member

Wondering!!!!!

As most people, I would love to get my own home. I know that with the score I have right now I wouldn't qualify for loan. So I'm currently paying down all of my cc and I'm hoping that my score will go up. I did the score stimulator and it told me that my best action would be to pay down my cc and my score could jump between 645 to 685 within the next 24 months. Which is great but why so long? as I read the forum on I notice that most people have their score up in a few months. I understand that every person credit is different but is there a possibility that my score can go to at least 620 before 24 months?


Starting Score: 564
Current Score: TU- 676, EQ-643 MyFico
Goal Score: 700's


Take the FICO Fitness Challenge
Message 1 of 5
1 ACCEPTED SOLUTION

Accepted Solutions
Anonymous
Not applicable

Re: Wondering!!!!!

The BEST thing you can do is adopt a more positive attitude and lose the "Let's see if it happens" portion of your siggie!

Why? Because a positive attitude will get you where you want to be! You CAN do this. You WILL do this. Buying a home isn't out of your reach (no matter how it feels right now)!! You CAN DO IT!!

525 is pretty low for simply being fairly maxxed out on your CCs. What else is ugly on your CRs? Some collections? A lien? A string of late payments?

If any of the answers to those questions were a "yes" wander over to the Rebuilding Your Credit Forum and start posting questions about those baddies!! You WILL raise your scores. You WILL. It's not a question of "if it happens." Its a question of when you MAKE it happen!

We just closed on our first home at the end of January -- and when I first came here, my DH's scores were in the literal toilet. High 400s. In just a few months (not 24 months) I brought them up to the mid-high 600s -- with the help of those here in the Mortgage forum (for what lenders wanted to see) and those in the RYC forum (for what to do about fixing those baddies).

So trust me, 'cause I know, if WE can do it, YOU can do it.

And don't ask the average LO about what to do as re your credit scores. Many will tell you to outright pay collections off, even though short-term, it does significant damage to your FICOs (since FICO will see the newly paid collections as "new" ). Ask here.

We're here for you.
Message 5 of 5
4 REPLIES 4
DallasLoanGuy
Super Contributor

Re: Wondering!!!!!

if you pay the cards down, your score will reflect the increase at the very moment that the cc company reports the new balance.

 

Retired Lender
Message 2 of 5
cp79
Valued Member

Re: Wondering!!!!!

That's great,

 

I have another question any help appreciated. Would it be wise to speak to a professional so that they can tell me what other steps I should take so that I can qualify for a loan? I really don't know much about this


Starting Score: 564
Current Score: TU- 676, EQ-643 MyFico
Goal Score: 700's


Take the FICO Fitness Challenge
Message 3 of 5
DallasLoanGuy
Super Contributor

Re: Wondering!!!!!

you can apply today.

 

1. the lender scores may vary a few points.

2. the lender may have the ability to run you thru a score simulator

3. there are other factors to get a loan besides fico and these can all be addressed now.

 

Retired Lender
Message 4 of 5
Anonymous
Not applicable

Re: Wondering!!!!!

The BEST thing you can do is adopt a more positive attitude and lose the "Let's see if it happens" portion of your siggie!

Why? Because a positive attitude will get you where you want to be! You CAN do this. You WILL do this. Buying a home isn't out of your reach (no matter how it feels right now)!! You CAN DO IT!!

525 is pretty low for simply being fairly maxxed out on your CCs. What else is ugly on your CRs? Some collections? A lien? A string of late payments?

If any of the answers to those questions were a "yes" wander over to the Rebuilding Your Credit Forum and start posting questions about those baddies!! You WILL raise your scores. You WILL. It's not a question of "if it happens." Its a question of when you MAKE it happen!

We just closed on our first home at the end of January -- and when I first came here, my DH's scores were in the literal toilet. High 400s. In just a few months (not 24 months) I brought them up to the mid-high 600s -- with the help of those here in the Mortgage forum (for what lenders wanted to see) and those in the RYC forum (for what to do about fixing those baddies).

So trust me, 'cause I know, if WE can do it, YOU can do it.

And don't ask the average LO about what to do as re your credit scores. Many will tell you to outright pay collections off, even though short-term, it does significant damage to your FICOs (since FICO will see the newly paid collections as "new" ). Ask here.

We're here for you.
Message 5 of 5
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