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how to raise my score?

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Anonymous
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how to raise my score?

I need to get my mid score over 640 to qualify for usda home loan. Right now I'm mid 500, high 500, and low 600. Had a bankruptcy over 3 years ago. Two medical bills in collections (less then 12 months, less then $300), one bill in collections (less then 12 months, $1000). Two credit cards (paid down to less then 40%) one has a $750 limit the other has a $500 limit. Car loan $4500 left. Personal loan $1900 left. Personal loan $600 left. Never late on cc or loan payments.

Should I pay the cc's down more?

If I pay down (not off) my loans will that help at all?

What's the best way to take care of the collections, thats if won't do pay for removal? And what's the best way to go about the pay for removal.

How long will it take till my score starts to go up?
Message 1 of 3
2 REPLIES 2
rckstrscott
Valued Contributor

Re: how to raise my score?


@Anonymous wrote:
I need to get my mid score over 640 to qualify for usda home loan. Right now I'm mid 500, high 500, and low 600. Had a bankruptcy over 3 years ago. Two medical bills in collections (less then 12 months, less then $300), one bill in collections (less then 12 months, $1000). Two credit cards (paid down to less then 40%) one has a $750 limit the other has a $500 limit. Car loan $4500 left. Personal loan $1900 left. Personal loan $600 left. Never late on cc or loan payments.

Should I pay the cc's down more?
YES! your FICO score will see its best scoring increase once you balances dip below 10% util.
If I pay down (not off) my loans will that help at all?
This will help in your debt to income ratio for home qualification, but won't help you credit score.

What's the best way to take care of the collections, thats if won't do pay for removal? And what's the best way to go about the pay for removal.
If you know the debt is yours, you should offer a PFD letter, in attempt to pay for deletion. If that doesn't work, you can always pay the debts and attempt removal via the goodwill process, ie, sending a letter to ask for removal after payment. The medical debt, you could always contact the original provider of care and see if they will 'recall the debt' if you pay them, ie, ask the CA to remove the listing. Also for medical, there is something known as the HIPAA process. We can't talk about that on this forum tho, so google it.

How long will it take till my score starts to go up?
As soon as information changes and is reported, so it could happen very fast

 

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 2 of 3
guiness56
Epic Contributor

Re: how to raise my score?

The 2 collections are a score killer with reporting less than a year old.  Who is reporting, the OC, CA or both?

Message 3 of 3
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