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Hi, My credit score has been stuck at a 565 and 566 on Credit Karma for about a month! NOTHING has improved it. Even the simulators don't show improvement. I'm trying so hard to raise my scores to get a mortgage, but no one will accept a PDF, and nothing has been removed from my report. I'm sick of renting, but it appears that I will have to rent for the next few years. Can someone offer some tips on how to get a boost?
First off CK is not a real FICO score.
To make an edcuated guess we would need more data points such as open CC accounts open loans and chargeoffs and collections. You can get your true FICo score at CCt just cancel before the 7 days is up and it will cost you a dollar. or something like that. Please reply back with some more data.
2/3 of your credit score is obtained by the algorithmic measuring of figures and factors weight by the data being reported to the bureaus by your open and active credit accounts.
Generally speaking you want to have 2-3 accounts open that you use conservatively and pay religiously every single month. If you don't have any revolving accounts open and actively reporting your on time payment every month, then you need to do so NOW. Wait, not now, yesterday. Because it will take 2-3 months before your new creditors will even begin reporting your first monthly payment is the reason why you should start yesterday, but my point is that patience may be required.
However, these new accounts will help provide the positive type of account information you want to have recorded in your report vs. the derogatory type of information that might not ever go away and that you might want to address. (or at least elaborate further on this forum for guidance)
CK - is NOT a real score - even Fico8's are not the ones the mortgage companies use. (My mortgage scores were about 20 pts HIGHER than my Fico8's). I would recommend a full report so you can see everything being reported and when they should come off your reports. Then go to the Rebuilding forum and see what they have to say. Be prepared to list out everything - but they are pretty good at tackling issues and providing recs so you can get your scores up. Been hanging out in there for over 2 years - Set to close in Nov.
You may not be as far off as you think you are...... Also it's good to talk to a loan officer and get things rolling and have someone that knows the rules/area and can guide you at that end.
Renting might be way cheaper than owning, so don't assume that renting for the next 2 years is a bad thing.
How about giving us some data?
My FICO scores in March 2017 were 550-570. Today they are all 690-720 and by next week I expect them all to be 710-730. I spent 10-12 hours a week on credit rebuilding, and have since March.
Doesn't look impossible. But if rent is only $1200 a month and you don't have to pay for property taxes, core insurance, maintenance and upkeep, I'd wonder if the cost to buy would just cost way more!
I'd say I would focus on getting your finances in order, and save a ton more for a downpayment and emergency fund.