how long does it take to raise fico scores

Anonymous · ‎03-11-2007

my bankruptcy was discharged in march 2005, i have obtained credit cards, auto loans (both paid off),student loans and a mortgage. i had two consecutive late payments on my car last Jun/Jul then paid it off after a refi in Aug. My scores are 648,665,691. I was told that i need to be two years out of my bankruptcy, and one year past my late payment to get a construction loan and my score at least 680 to get approval. can anyone tell me how long it would take me to reach a score of 680+ and what I need to do. I want to do my construction late spring? which score is the most accurate that is used by lenders?

Barry · ‎03-13-2007

...can anyone tell me how long it would take me to reach a score of 680+ and what I need to do. I want to do my construction late spring? which score is the most accurate that is used by lenders?....

southie --

While no one can really say how long it will take to reach a score of 680, it looks like you're already there with one bureau and getting there with the other two. The best things to do over the next few months, besides not being late on anything, are: 1) get your credit card balances down as low as possible without paying them off completely or closing them, i.e. <$100 is ideal; and 2) don't open any new accounts.

As for which score is the most accurate that is used by lenders, all bureaus tend to be equal in terms of accuracy of data and the scores are always as accurate as the data. Often a lender will look for the middle of the three scores to be at a certain level, regardless of which bureau, so you may want to check on this with your lender.

Good luck with your construction.

Barry

Anonymous · ‎03-13-2007

Ask a friend to include you on one of his/her credit card as a join member and you could raise your score very quickly within 30 dyas by as much as 40 points...

Good Luck

Anonymous · ‎03-18-2007

You may also want to visit www.mileshomes.com they do Construction to perminant loans and you only have one closing cost, When I spoke with them they said you had to have a mid score of 640 to qualify. It looks as if you already have that. Good luck hope to hear your building soon

.

Message Edited by nikkoslilmouse on 03-18-2007 09:52 AM

Message Edited by nikkoslilmouse on 03-18-2007 09:53 AM

STT340 · ‎03-19-2007

Barry said: "1) get your credit card balances down as low as possible without paying them off completely or closing them, i.e. <$100 is ideal;"

Why do you say "without paying them off completely"? I'm confused now.

I have two cards - The first has a zero balance and the second is at 43% of it's limit.

I want to apply for a loan in a few months and thought that beforehand I should pay the balance of the second off completely. Should I carry a small balance on the first card?

Anonymous · ‎03-20-2007

how does being added to a friends credit card boost your FICO score?

Anonymous · ‎03-20-2007

if you get added to someone elses credit card you dont even have to do anything, all they do is keep paying there bill and it reports on both your credit reports and both of you get the credit, but on the downside,if the other guy does not pay or misses payments then you are both liable for the same bill and you both will get negative score ratings from one person being late and you were the innocent one!!!!!!

Anonymous · ‎03-21-2007

"if you get added to someone elses credit card you dont even have to do anything, all they do is keep paying there bill and it reports on both your credit reports and both of you get the credit, but on the downside,if the other guy does not pay or misses payments then you are both liable for the same bill and you both will get negative score ratings from one person being late and you were the innocent one!!!!!!"

AU has no contractual liability unless the AU uses the card. Both on the perspectives of paying or having negative info on the report.

antredd67 · ‎03-22-2007

Everyone's scenario is different. But what I have discovered is that when I stopped charging things on my credit cards, paying down $7,000 of my debt in one month which helped reduced my balances below 50% of my credit limit, my Fico scores shot up 30 points that month. I can attribute this also to not being late payments on any of my bills for over 2 years and having some accounts with ZERO balances.

I did notice using Fico's Score watcher that when I merged two credit cards I had with the same bank, closing the newer account thus increasing my credit limit on the older card, my fico score shot up 6 points that month for doing th at.

antredd67 · ‎03-22-2007

Everyone's scenario is different. But what I have discovered is that when I stopped charging things on my credit cards, paying down $7,000 of my debt in one month which helped reduced my balances below 50% of my credit limit, my Fico scores shot up 30 points that month. I can attribute this also to not being late payments on any of my bills for over 2 years and having some accounts with ZERO balances.

I did notice using Fico's Score watcher that when I merged two credit cards I had with the same bank, closing the newer account thus increasing my credit limit on the older card, my fico score shot up 6 points that month for doing th at.