Moving in Dec. and trying to buy a house....Bad Credit :(
A few months ago I was checking my credit to buy a car. My scores were around the 635 range. Terrible, I thought. A month ago, I started looking into buying a house when I move in December. I saw the FHA loans and other similar bad credit, first time homebuyer options where if your score is at least a 520, you are in. So I thought I would give it a shot! Sent my information to a mortgage associate and I was turned down! ??? WHAT?? So she sent me a copy of my FICO credit report and my score was a 471!!!!!!!!!!!!!!!!!! I decided to do the Deluxe myFICO purchase to see all of my scores because this was just crazy to me. How did my score go down 164 points in a matter of three months!? Apparently when I was shopping for a car, everyone and their mother pulled my credit report. No no no. Bad. Then there were collections that were posted that were supposed to be deleted months ago [via FCRA] and I am flipping out. A few months ago I had good enough credit to get a house... now a few months later, I am screwed. I feel jipped. I submitted disputes to all three agencies in hopes to bring up my score in the next few weeks. I am moving at the end of the year. I dont have any other option other thatn buying a house. Apartments there cost way too much and would use up all the savings I had to buy a house. Leases are usually one year and by that time, I know my credit would be better, but I just dont have that kind of money to be throwing away on apartments and moving trucks.
Does anyone have any clues how to bring up my scores in the next month or possibly speed up the dispute process? How long does it take for your scores to update? How long does it take for the credit beureaus to update your information [for instance, payments on installment accounts]?