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need help for fast rebuild

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need help for fast rebuild

I need to rebuild my credit asap.  I am hoping to buy a house within the next 6 months.  I have had 3 charge off in the last 5 years total of 2000k now in collections.  However, I did just pay them in full, but was unaware of pfd's.  I have an auto loan with 3 late payments from changing jobs in the last 6 months.  I finaced 20k and have paid 8000k.  My scores are 563, 547, and 498.  I have just opened a First Premire card with inital 350 credit line.  I have no other debt or credit lines.  Besides the usual pay on time routine, what can I, and should I do to raise my scores and see an immediate increase?  I need any advice you can think of.  My charge off were from Cap1 and HSBC.  Should I apply for another card or sit tight.  Please help.
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Re: need help for fast rebuild

This is going to be challenging to pull off in 6 months.
You are really going to want 12 months of "clean" payment history w/ no lates.

Start be disputing the CA's "Not mine"

Send GW letter to the Auto loan- If ever in this situation again CALL THEM - they are more understanding before there is a problem than after the fact.

Goto you local CR and open an account (or your existing bank) and get a secured card. BofA has a 99/500 (you have to be offered it after being denied a regular one)

Keep records of your Rent payments- make sure they are on time.

Keep records for you utilities (phone, cell, cable, power, electric)and pay them on time.

Save 3-5% for a downpayment.

This will get you into a position to do a FHA loan.



natenate wrote:
I need to rebuild my credit asap. I am hoping to buy a house within the next 6 months. I have had 3 charge off in the last 5 years total of 2000k now in collections. However, I did just pay them in full, but was unaware of pfd's. I have an auto loan with 3 late payments from changing jobs in the last 6 months. I financed 20k and have paid 8000k. My scores are 563, 547, and 498. I have just opened a First Premire card with initial 350 credit line. I have no other debt or credit lines. Besides the usual pay on time routine, what can I, and should I do to raise my scores and see an immediate increase? I need any advice you can think of. My charge off were from Cap1 and HSBC. Should I apply for another card or sit tight. Please help.



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Re: Need help for fast credit score rebuild

Message 3 of 4
Moderator

Re: Need help for fast credit score rebuild

Old thread.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
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