topic Re: Credit score help in General Credit Topics

Credit score help

Anonymous — Tue, 20 Dec 2011 23:07:19 GMT

So I'm looking to by a house and the lender told me my score had to go up 20points! How long can that process take. I have 2.credit cards both with 300 limits both have a balance of $48 dollars. Is that good or bad or what else can I do to make my score jump really fast? I'm applying for a usda loan so my score must be ay least 640. Is it possible to make my score jump 20 point that fast?

Re: Credit score help

llecs — Wed, 21 Dec 2011 03:15:57 GMT

@Anonymous wrote:
So I'm looking to by a house and the lender told me my score had to go up 20points! How long can that process take. I have 2.credit cards both with 300 limits both have a balance of $48 dollars. Is that good or bad or what else can I do to make my score jump really fast? I'm applying for a usda loan so my score must be ay least 640. Is it possible to make my score jump 20 point that fast?

Welcome to the forums!

Aside from repair and rebuilding, the fastest way to improve your scores is via CC utilization. For best results, get all of your CCs to report $0 with the exception of one and get that remaining one to report a balance of uder 9% of the CL. So, if that CC has a $300 CL, get the balance to report under $27 and get the other to $0. You might squeek out a few, maybe even into the double digits.

Do you have any other CCs reporting, good or bad or unpaid (outside of these two)?

Re: Credit score help

Anonymous — Wed, 21 Dec 2011 17:20:40 GMT

@llecs wrote:
@Anonymous wrote:
So I'm looking to by a house and the lender told me my score had to go up 20points! How long can that process take. I have 2.credit cards both with 300 limits both have a balance of $48 dollars. Is that good or bad or what else can I do to make my score jump really fast? I'm applying for a usda loan so my score must be ay least 640. Is it possible to make my score jump 20 point that fast?

Welcome to the forums!

Aside from repair and rebuilding, the fastest way to improve your scores is via CC utilization. For best results, get all of your CCs to report $0 with the exception of one and get that remaining one to report a balance of uder 9% of the CL. So, if that CC has a $300 CL, get the balance to report under $27 and get the other to $0. You might squeek out a few, maybe even into the double digits.

Do you have any other CCs reporting, good or bad or unpaid (outside of these two)?

And Welcome to the Forums

Re: Credit score help

Booner72 — Wed, 21 Dec 2011 22:15:42 GMT

Hi - it's very possible to get your 20 points nearly instantly if you have revolving credit cards - pay them down - have your lender do a "rapid rescore" by providing the lender the new statements w/ the new balances, that should take a week - then boom. Your scores can come up.

Or you can wait it out and let the new balances report naturally - the balance that is on the STATEMENT is what is reported each month. People think if the pay their cards in full each month, the balance should be zero. But if that person then charges on that card after they paid it off, that new amount could end up on the statement.

Go back thru your account histories to determine the dates of statements for your accounts.

Another fast method is to get yourself on someone else's account as an "authorized user." When I added my husband to 3 of my accounts, all his scores flew up about 100 each, but he didn't have any revolving credit.

For specific info, please provide us with what is on your reports, the good, the bad, etc.

Good Luck!!

Re: Credit score help

Anonymous — Sat, 31 Dec 2011 15:39:08 GMT

Thanks everyone! So my CC are at 18% as of Thrusday and are now reporting on my credit report. The only other negative thing I have on my report is a medical bill for 240. I have my car loan and student loans but have always been in good standing. Wait also my CC's are 600 limit together my first premier has a30day late. My HSBC was 30 days late but they removed that so that no longer shows on my credit. As of Thursday also. I have orders a free 30 day watch with Equifax.but I'm confused bcuz when I started with them 1week ago. My score was at 605 lower then what the lender said but then Wed it jumped to 617 but come Thrusday after my CC's hit it drop to 600. How can that be? I'm scared to even go back to the lender next wk with a score like that.