topic Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09 in Rebuilding Your Credit

SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 19:50:20 GMT

ok, i'm new, any vital information would be helpful. i'm tring to get a mortgage loan for $350,000.00. I'm self employed and I can afford the mortgage. the only problem is my fico score is 538 and before you can get a mortgage your score has to be atleast 620. I have money for down payment. all of my accounts on my credit report is atleast 4 to 5 years old. I have been paying cash for everything b/c my score is too low to get credit from any company. can someone tell me how i can increase my score within a month time. I've been working on my credit report now for 2 months and i haven't seen an increase in my score yet. the collections accounts thats on my report all together equals to about $2500.00 if that much. But they are medical bills that insurance should have taken care of and they are in the process of being disputed, and even if i just pay them, that won't increase my score so i've been told. any advice I would be greatful.

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 19:58:24 GMT

Your scores are made up from installment loans and CCs and history. CCs count about 35% of your scores and installment only about 10%.

Paid medical collections must be deleted. You need to follow the HIPAA process from beginning to end. You do not dispute like you do other debts!! Either hand write all disputes or use colored paper & type in italics.

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=27537

What else is on your CR? Baddies?

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 20:10:56 GMT

thanks for responding. How do i find out how to follow the HIPPA from front to end? I have no installment accounts nor credit cards. I have never had credit cards,judgements,etc. the other small loans that I had are showing paid and late but they are 4 or 5 years old but they are all paid in full. I don't have any knowledge of writing letters as you mentioned earlier, I would need that as well if you don't mind please. And the info that you're telling me, will it increase my score by the end of FEBRUARY? I'm willing to work nonstop on it to get it done.

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 20:13:57 GMT

i got the link for the HIPPA LETTER you added. THANKS

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 20:30:55 GMT

I don't see how you can raise the scores in such a short time. You have no creditors reporting.

You can start with being added to someone's CC as an AU. but it must be a CC in good standing with no lates with low UTIL. It may take 2 to 3 months for them to start reporting.

You must have creditors reporting in order to have good scores.

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 20:49:37 GMT

First of all thanks for the advice, forgive me for not knowing the short hand. what does being added to someone's CC as an AU mean?

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

Anonymous — Fri, 30 Jan 2009 20:58:42 GMT

Authorized User= the owner of a CC adds you to their CC account. They are responsably for all payments but your name is added to use the account. CRAs report AUs and you receive the same credit as the owner of the CC.

This will explain much of the credit scoring

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=29793

abrevs that we use

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=584&jump=true

frequently requested thread full of info. listed in abbrevs.

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=584&jump=true

Re: SCORE IS 538, IS IT POSSIBLE TO GET IT TO 680 BY THE END OF FEB. 09

wilee — Sat, 31 Jan 2009 16:14:00 GMT

Once the collections are removed, I don't see why you wouldn't acheive the 620 score for a mortgage. 680 seems like a pretty ambitious goal with only 5 years of history and no credit card. I would suggest getting a secured (or as Bruce Williams says "collateralized" ) credit card to help long term, but that will likely lower your score short term.

Message Edited by wilee on 01-31-2009 08:14 AM