ATTENTION MORTGAGE GUYS! NEED OPINION!

[Anonymous]

We have had some credit issues within the last year due to my husband losing his job. We are now back on our feet and cleaning up our credit. We would like to build a new home and would like to know how long it takes for your score to increase.

Please see details below:

• Credit score: Mine 562 Husband 540 ( we only pulled from one company)
• All unpaid items on credit report will be paid off within 3 months
• We have had (6) 30 day late payments on our mortgage within the last year.
• My car payment has been late 6 times as well.
• We will have $50K to put down on a $325k property. This is a custom build.
• If everything is paid on time for 12 months..can we get it up to qualify for a low interest rate?
• Also, we will have about $20K in student loans as well.

Thank you in advance for any advice that you can give me!

Message Edited by Pinkdress88 on 11-07-2007 08:42 PM

[Anonymous]

Welcome to the forums.  You probably should start with the credit scoring 101 thread (if you haven't already read it). -It can be found under general credit issues- but, there's a link below -

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

The thread has just about everything you'll need to repairing your credit.  Reading through the forums also helps because there are so many different scenarios here - one may fit your need and help you out (or give you an idea).

You probably should review all reports and write a dispute letter (found in the thread) for items found on your report that you do not identify.

You should also pay attention to writing "goodwill" letters in the thread (you should do that for the lates on your report).