Rebuilding for a new Home

[Anonymous]

Hi Everyone. I'm new to this as well. I've been doing alot of research and reading about repairing my credit. My scores are 512 EQ, 558 TR, 540 EX. My husband doesn't have any scores reporting at this time, however he does have some old collections which were paid this year. I'm in the process of trying to but a home, but our credit is a factor. We are working with a credit advocate from the mortgage company that we plan on purchasing from. She has given us some advice to build some new credit which we have followed to date. They are trying to get my husband and I both at a 600 median score. Does anyone have any advice on how I can get my husband to get a FICO score and how long would it take? The credit counselor told me I should have no problem reaching a 600 within the next 3-6 months, but my husband may take up to a year. I really want to take advantage of the $7500 tax credit and other programs that we're eligible for if we close by July 2009. Can anyone help with this?

Message Edited by llecs on 11-18-2008 02:26 PM

[llecs]

Sunni2008, I removed your other post as it was duplicate to this one. Also, if you wanted to change the thread title, feel free to click "Options" then "Edit".

Your husband won't get a FICO score unless he has 6 months of history. Unfortunately (or fortunately) the collections (if CAs) won't factor into his history. Does he have any CCs or loans he is paying on? If not, then there's a couple options. One is to go for a secured CC somewhere. Once that CC reports for 6 months, then a score will be generated. If you have any CCs that are in good shape, then you could add him as an AU. If you do that, the history becomes immediate and a score will be available once it reports to his CR.

He may want to tackle the collections. Read around for ways to properly repair his credit, post back and someone will answer. He'll be asked for terms like DOFD, debt type, and SOL.

[Anonymous]

Any chance of qualifying on your income alone?  Even if he did get a credit card right now, 6 months is cutting it kinda close to the 7/1 deadline if you can't take llecs' advice and add as an authorized user.  I'm just thinking if he got a card today and kept it open for 6 months, that would be the end of May already.  Then you have a month to work out a contract and close.  Everyone would really have to be on the ball..

Look on the bright side - worst case scenario, you miss out on a $7500 loan

[Anonymous]

I would focus on improving your scores, as you start from a better position, and work on his as AU on your accounts if you can.