The 580 or less club

[Anonymous]

hello how did your score increase what did you do

[anca21bi]

I don't know if I posted this here before, but I had 23 negatives on my CR plus a paid judgement.  My experian score was 532 (and was the only one received by the officer), she said it had to be at least a 580 before they could work with me on a mortgage loan, and DOFD had to be at least a year. 

Then my husband had a lower score than me and they would have used that against me too.  She referred me to credit counseling, but I decided to work it out myself.

[hoping2rebuild]

Here is my situation I went through a divorce that tanked my scores they are right now at:

408 EQ

481 TU

522 EX

I was wondering if it is possible to get my scores up to the 580's by NOV

I have an auto loan that I am paying on time as well as a CC that I paying on time

The reason that I am in such as hurry is that, the House that I grew up is coming up

for sale around the first of Nov and I would really love to be able to purchase it

any and all advice is appreciated

[Anonymous]

I am now easing out if the 580 or less club and just a few months ago I was apart of the 480 or less club. After continuously paying down my credit card debt, disputing and paying collections, and keeping my bills on time I have finally received two pre-approvals with conditions. The house I am looking at will be finished in Jan 08 (26 townhomes- 4 BR 3 Bath Garage 1900 SF). I qualified for what I needed to buy the home and am going through a program who gives up to $10,000 towards downpayment and closing. The conditions are simple- pay down the rest of my cards, pay two collections accounts (in the works), incur no more debt and/or inquiries and I am on my way. This should cost approximately $2300. By mid September I should be signing my the contract and paying my lot deposit. There are 12 homes remaining and over a month ago there were 13. This has been a struggle that will continue until I reach the 700's (55 points away). My utilization still is high, about 60% so paying down will help.

It really takes one step at a time. In February all my scores were in the 400's (lowest 415) and today two are in the 600's and the lowest is 555.

My advice is to dispute collections and/or pay them, make sure you have at least 2-3 pieces or revolving credit or installment accounts, pay down credit cards, and with FHA I had to provide verification of rent showing no 30 days lates in the past 12 months. Try to keep $1000 or more in your bank account if possible to show that you can hold onto money for saving purposes.

It still has not sunk in yet and will not until I sign the contract for my lot hold but in there eyes I am there after clearing up the conditions. I took up a second job working 7 days a week altogether and put off a lot of things, no vacation...OMG..

It does pay off and I am sure that my credit will improve more and more over time. Good luck to all and my best advice is to read the forums, consult a mortgage professional, and keep your head up/ stay positive....

"I am a young woman in my twenties who struggles through life and college, and will proud of the day I have the keys in my hand and can say that I am a homeowner..."

[WhirledPeasPlease]

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