How to: Get credit score up the fastest

[Anonymous]

We are currently looking at a perfect home for us to purchase.  It's in foreclosure and I fear we cannot get a loan due to the fact that my husband and my credit scores are mid 500's.  We were both previously divorced which played a HUGE role in our credit decline. 

Most of what is on our credit report is old credit card bills and medical stuff.  What is the fastest way to get our scores up to mid 600's or at least a 620 so we can get a loan?  Thank you in advance for any and all responses.  We appreciate it immensely as we are truly ignorant about this scoring system.

Eva

[nothingman02]

What do your reports look like right now? Obtain all 3 of your CBRs from annualcreditreport.com so as to get the complete set of data.

- Now, examine each and every a/c on there. Study the dates, balances, inaccuracies etc.

- Understand the CRTP for all the paid a/cs. Figure out the CRTP and SOL for all the unpaid ones. 

- If any a/cs are past CRTP, dispute with the CRA.

- If any unpaid a/cs are past SOL or you can PIF, DV those CAs. And if properly validated, offer PFDs. A PFD is what you should be looking ofr as a paid CA a/c is just as bad, scoring wise, as an unpaid CA a/c.

- Refer to the medical debt boards for the medical collections paid or unpaid. 

- GW any other paid baddies within CRTP.

- Leave the baddies you cant PIF and within SOL alone for now. 

- Look at what you have open. If not, you badly need to open a couple of revolving a/cs. Thats the fastest way to go. In fact, if you feel that nothing is gonna come off of your CBRs any time soon, immediately open a couple of CCs and let them work on your score while you work on your reports an cleaning up. Else, clean up your reports some, open a CC, pull your scores, check the best and use that score and report to open another CC. 

All the best and welcome!