Rebuilding Your Credit

[TrishN]

I just paid off debt in CA in SOL . So good lol 

[Serasvae]

Hey everyone,

Just want to say that within the past few months - after "settling in full" all my debts, and officially being DEBT FREE, that my credit score as risen almost 100 points!

It still isn't great though, but I am so excited to finally be out of the 500's in regards to my FICO score only. For some reason, the credit bureaus (individually) still have me in the upper 5's (but hoping to turn this around soon as well!).

I have established two new credit cards through Capital One- and I have been paying them EARLY or on time, every time.

Here is the thing though.. I am about to go for  a mortgage loan very soon, with a credit score (MYFICO score) of only 617. To be approved for the FHA loan I know you need at least a 639/640. I know it is possible for me to get there, but I need it to happen like overnight, lol.

After I settled all my debts, I tried doing a couple GW's but didn't hear anything. Right now, I have $0 balances on all my debts listed on my credit reports, but they all say Charge Offs & the payment history is still VERY bad.

What do I need to say in my GW letters to have all this BAD stuff removed/adjusted?

Thank you so much for all your help!!

[kitty9779]

I am so happy to read this!! Way to go!! It gives me so much confidence to read such great success stories. I'm going to be paying off most of my bad debt when my tax refund and annual bonus come to me in the next 30-45 days, and I hope that my credit score jumps as much as yours did! I'm also working on getting some of my PIF collections off of my CR - so hoping that in the next 6 months or so that I have a huge jump too! Congrats!

[Robertwd82]

Do you have a significant other or family member that will add you as an authorized user on one or more of their credit cards?  If so that would give you an instant score boost.  Hopefully it will be an old account that has never been late and is at a 0 balance. Even better if the limit is over 2K.