topic Re: Credit Crisis... in Rebuilding Your Credit

Credit Crisis...

Anonymous — Tue, 09 Sep 2014 04:23:18 GMT

My fiance and I have been shopping off and on for a new home for almost a year now. I'm personally to the point that I want to give up hope. I feel like I'm always so close, but yet when my credit is pulled, I've feel so far away. I know I'm the one holding us back, but I want to make things better for the both of us. Her credit score range is 600-630 and I'm consistantly seem to be stuck in the 530-560 range. What steps could I take to increase my credit score? Some of the places we have visited have said to I needed atleast a 575. But that still leaves me with probably a 12% interest rate (up to 35% down payment), and I'm not feeling that. How long would would you think it would take me to atleast obtain 600-650?

Re: Credit Crisis...

jwills1218 — Tue, 09 Sep 2014 04:36:38 GMT

Provide more details about your credit profile. What cards open, auto loans, length of time, collections, Ect.

Also check out the rebuilding credit forum.

Re: Credit Crisis...

Anonymous — Tue, 09 Sep 2014 06:03:14 GMT

Is it possible to be in the 500s after one year of clean payment?

Re: Credit Crisis...

kezia2410 — Tue, 09 Sep 2014 11:52:51 GMT

@Anonymous wrote:
My fiance and I have been shopping off and on for a new home for almost a year now. I'm personally to the point that I want to give up hope. I feel like I'm always so close, but yet when my credit is pulled, I've feel so far away. I know I'm the one holding us back, but I want to make things better for the both of us. Her credit score range is 600-630 and I'm consistantly seem to be stuck in the 530-560 range. What steps could I take to increase my credit score? Some of the places we have visited have said to I needed atleast a 575. But that still leaves me with probably a 12% interest rate (up to 35% down payment), and I'm not feeling that. How long would would you think it would take me to atleast obtain 600-650?

It is possible to raise your score to a 650 or higher. It just depends on what postive and neg accounts you have. I did it ..I went from a 550-560 range to a 650-700 range within in 8 months and I just closed on my house 2 weeks ago with a 4.75% rate. I paid off alot of accounts and had them removed and I also made sure I have al least 3 open trade lines postive history.

So yes it possible. Like the other poster stated list your baddies and you can reacieve some guidance and check out the rebuilding section. it was a big help for me.

Re: Credit Crisis...

sports1965 — Tue, 09 Sep 2014 15:28:47 GMT

Have you looked at FHA Loans?

3.5% down payment.

Credit down to 500 ' s.

Re: Credit Crisis...

madmann26 — Tue, 09 Sep 2014 16:28:43 GMT

OP,

We need more information about your credit profile. Yes, you can raise it. It won't happen overnight but it will happen.

(I recommend moving the to rebuilding section)

Re: Credit Crisis...

pizzadude — Tue, 09 Sep 2014 17:43:57 GMT

Moving to rebuilding forum

Re: Credit Crisis...

Anonymous — Tue, 09 Sep 2014 19:34:52 GMT

I have a few deliquent accounts, they have been either paid off or charged off. I only have two revolving accounts, a car and a credit card. The car is a clean slate compared to the old car, which had a 2 bad months within the last 6 months before i traded it in. The other thing I have is a credit card (secured) with a $500 limit. Its always been paid on monthly but at times, I would end up slighty going over my limit by no more than $10-$20, and by the time I catch it. Its been reported as being over.

Re: Credit Crisis...

Anonymous — Tue, 09 Sep 2014 20:03:28 GMT

I haven't looked at an FHA yet. But we are at crossroads between trading in our single wide for a double wide, or moving into a house and finding a third party to purchase our single wide.

Re: Credit Crisis...

Anonymous — Tue, 09 Sep 2014 20:06:56 GMT

@kezia2410 wrote:
@Anonymous wrote:
My fiance and I have been shopping off and on for a new home for almost a year now. I'm personally to the point that I want to give up hope. I feel like I'm always so close, but yet when my credit is pulled, I've feel so far away. I know I'm the one holding us back, but I want to make things better for the both of us. Her credit score range is 600-630 and I'm consistantly seem to be stuck in the 530-560 range. What steps could I take to increase my credit score? Some of the places we have visited have said to I needed atleast a 575. But that still leaves me with probably a 12% interest rate (up to 35% down payment), and I'm not feeling that. How long would would you think it would take me to atleast obtain 600-650?
It is possible to raise your score to a 650 or higher. It just depends on what postive and neg accounts you have. I did it ..I went from a 550-560 range to a 650-700 range within in 8 months and I just closed on my house 2 weeks ago with a 4.75% rate. I paid off alot of accounts and had them removed and I also made sure I have al least 3 open trade lines postive history.

So yes it possible. Like the other poster stated list your baddies and you can reacieve some guidance and check out the rebuilding section. it was a big help for me.

See, that's what I'm talking about. I'm trying to get something like that. I'll check out the rebuilding section, maybe there is hope for me yet.