Paid up in full, how long do I have to wait until my credit grows???

[Anonymous]

Here's my situation, I've been building my credit for almost 4 years (virgin) and with the exception for one over 30 day with Best Buy 3 years ago my credit is clean. Last year I took alot of stuff on credit as I was rebuilding my new rented home so my DTC ratio brought my credit down to 550 on average. Before the end of December I paid off everything in full and all I started January with was my continuing car loan which is always on time for three and a half years.

My question is this, I want to try and buy a house this year hopefully with Government assistance, if I dont qualify for Govt assistance I have been for just over a year now building a relationship with my credit union (direct deposit rent pay and other small bills), so how many months before I can expect my credit scores to start to rise and how much can I expect them to rise to? How long should I wait before talking to housing lenders and what other surprises can I expect and try to circumvent. My total revolving DTC ratio is now 1% and my total DTI ratio including the car loan is 40%. Any advice to the 1st time home buyer virgin?????

Message Edited by yunginthisthing on 02-25-2009 10:46 AM

[haulingthescoreup]

Hi, welcome to the forums!

I'm going to move your post, as it doesn't really involve recovering from credit problems.

Right now, we don't have enough info to advise you. What open credit do you currently have, and if any of it is revolving (= credit cards), what are the balances reporting and credit limits on each account?

What are your current FICO scores for EQ and TU? This essentially means scores that you buy here, although you can buy your FICO EQ from the Equifax site. On your FICO score reports, on the second screen (that shows the scales), what are your positives and negatives listed for each report?

EX stopped allowing consumers to buy their FICO EX scores on 2/13. But if you have a FICO EX from the last month or so, that will help, too.

Please don't provide scores from TrueCredit, CreditSecure, the Experian website, etc. They're all FAKO's and worthless for what you're asking.

While you're waiting for additional replies, if you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.