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Trying to get a house this year, but I am running into no luck. I thought maybe if I paid off auto loan in full early it would increase my credit score. I read online today it does not. I got dinky credit card thinking it would boost my credit score, well I did bad on the utilization so I paid it off in full early this month. So now my TU is 615, Experian the same, and equifax the same. I can't get to 640 for the life of me. I tried Goodwill letters and PFD toSallie Mae and Penn State University for the late payments to be removed. All I got left on my credit report is a repo, Sallie Mae student loan, U.S. Dept of Ed loan, Auto loan, and a dinky credit card. This is some B.S. I am starting to get discouraged. My lease was up in November, and I am on month to month and my landlord wants the rent at $800 now. I don't qualify for the city of Houston Downpayment assistance program, because I make too much money. Basically have to be poor.
if the repo is paid, you might have some luck with goodwill.
2-3 revolving lines are recommended for rebuilding.
@jordanmedical wrote:2-3 revolving lines are recommended for rebuilding.
+1
I would have atleast 2 cards. I have also read three is ideal.
Hello,
You are almost there.....don't give up! I know it's tough, but you are in a waaaaayyyy better position than I was...ready my story. If I can pull it off, I know you can. If lender has a fico simulator, that will help you. My lender had one and I was able to identify actions that got me to a 641 Mid. I am in agreement with the others...you may want to get 2 additional cards, but maybe after you have gone through a simulation with a lender...you dont' want to generate too many inquiries.
Hang in there...it will happen!
Phumanr
I will try and get another revolving credit line.
My landlord is being an A-Hole, and we never paid him late. We told him we were trying to get a house. He insisted we buy his condo. I was like no. So this February we have to start paying $800 a month, or do a year lease for $775. I don't want to be trapped in another lease. We tried to ask for 6 months, and landlord refused.
I am. We are already discussed with a LO into doing the T-5 Star program here in texas. It does the same 5% of closing and downpayment costs along with a $375 fee. Me and my husband already talked about doing $1000-2000 extra to put on the house. I been looking at houses in the $70K-100K range. I feel that is feasible. But the LO needs a 640. Trying either to get Transunion or Experian up. Then I will be good to go. Experian I am only 6 points off.