How long does bad credit ned to improve to get a mortgage?

Answer 1

Obtain a credit report with your score on it--you will probably have to pay for it. One credit reporting company should do it: try Experion. Your best mortgage rates are going to be if your credit rating is 700 or more. If you pay everything on time, and catch up any old bills and keep things paid over the next two years, you should see improvement. Pay down the highest interest rate credit cards down first. Don't close the accounts, just stop using them (cut up cards) after you have paid up since the old accounts will help your rating. You should have two credit cards in good standing; store cards should be used minimally. In addition, your score reflects how much credit you are using, so do not go out and buy a new car at this time. You want to be using less than half of your available credit. You may want to visit a non profit credit counseling company for help if you are snowed under and follow their advice.