Help, on how to improve my credit! Completely lost!

[Anonymous]

Thank you in advance for answering my question. I am seriously lost and I explain it all. I will try to be short and to the point. Please, HELP!

In 2005 I was young and stupid. I bought a house with Arm. In 2014 I lost the home in a short sale, BUT MY CREDIT JUMPED UP from a 520 to 583.

I have 10 credit cards. All of them are paid off at the end of every month. All are in good standing and reported to my credit every mont.

I have a car loan for $15,000 I have been paying off and NEVER LATE now I only owe 11,000 on it. NEVER A LATE PAYMENT for two years maybe 2 1/2 years.

I have about 80,000 in student loans. I am on IBR and pay it every month. When I was in my early twenties I blue it off, even in my early 30's. I have been good on those for maybe the last 8-10 months.

That's it. My credit score will not go past a 583! It's fustrating. I am paying things on time. No late payments.

Should I get a personal loan?

Should I get another credit card?

Should I go and get a home depot/Macy card?

I need to know what I can do. It's fustrating.

My goal is to buy a house, when I applied for a loan a few montsh back they told me I had to get a 625. I want to get better than a 625 just to save more money.

How?

Thank you

[Anonymous]

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Ebenezerstwo wrote:

Thank you in advance for answering my question. I am seriously lost and I explain it all. I will try to be short and to the point. Please, HELP!

In 2005 I was young and stupid. I bought a house with Arm. In 2014 I lost the home in a short sale, BUT MY CREDIT JUMPED UP from a 520 to 583.

I have 10 credit cards. All of them are paid off at the end of every month. Are they paid off prior to the statement closing or are they paid after you get the bill?

All are in good standing and reported to my credit every mont.

I have a car loan for $15,000 I have been paying off and NEVER LATE now I only owe 11,000 on it. NEVER A LATE PAYMENT for two years maybe 2 1/2 years.

I have about 80,000 in student loans. I am on IBR and pay it every month. When I was in my early twenties I blue it off, even in my early 30's. I have been good on those for maybe the last 8-10 months.

That's it. My credit score will not go past a 583! It's fustrating. I am paying things on time. No late payments.

Should I get a personal loan? No, it would not help.

Should I get another credit card? No, you seem to have plenty of accounts.

Should I go and get a home depot/Macy card? No, store cards are scored slightly lower than Bank Cards. A store card would not help.

I need to know what I can do. It's fustrating.

My goal is to buy a house, when I applied for a loan a few montsh back they told me I had to get a 625. I want to get better than a 625 just to save more money.

How?

Thank you

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I would geuss that the derogatories from the ARM are whats holding you down. What is it reporting?

[Anonymous]

Exactly ..... I'm assuming that the ARM that defaulted had 90 and 120 days late...if so , that's what's holding your scores down... Hopefully when you pay down you installment loan to about 4K that would help....So I would think in about 1 year and keeping your CC below 10% should get you there....