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The general way to raise your credit score:

1. pay your bills (including your credit card bill) on time.

2. keep your balances as low as possible

3. don't take new credit. Don't get any new credit cards, for instance.

You might also want to take a look at your credit report, and see if there's anything on there that doesn't belong. Anyone who's ever worked with credit reports will tell you that strange things can pop up on a credit report.

I doubt that you'll be able to jump up 200 points in a year, though you can show substantial progress if you dedicate yourself to it. There are plenty of decent mortgages out there for people in the 630 - 675 range.

I wrote you a book (Appearently I need to find a date, because I've given you so much information:) sorry!! and enjoy

I am a sub-prime lender. Although I don't work directly with the home buyers, I fund the money, so I say what goes and what doesn't! Here are a few inside tricks and spacific ways to get started:

1) PAY CREDIT CARDS DOWN TO 50% of what your credit limit is. EX. if your Target card has a $500 credit limit, make sure you never have a BALENCE that exceeds $250 (which is 50% of $500).

  • ** *** 2) DO NOT close out your credit cards. Contrary to popular belief, KEEP THEM OPEN FOREVER.

The more MATURE credit cards you have, that are still OPEN (NOT CLOSED OUT), the more weight they will pull with regards to increasing your credit score, also known as your FICO score. MATURE means credit that have been open for a long period of time. The longer the better.

Lenders will often REQUIRE you to have 3 MATURE (greater than 2 years) lines of credit, in order to give you the most financing (0% down loans). Lines of credit are typically credit cards and/ or car payments.

I still have my student visa open; it's going on 13 years old, with a $300 line of credit. I use it two or three times a year, so it keeps it's status. IT WILL PULL MY FICO SCORE UP HIGHER THAN ANY OTHER CARD I OWN. It balences any derogatory things that happen on my credit, because it's so MATURE. In other words, if I close that card out, my score will drop (not significantly), but slightly.

3) If you have any derogatory accounts, even from years ago, call the companies and ask for letters stating they have been paid off. Then send a copy of those letters to all 3 of the credit agencies listed below:

EQUIFAX POBOX 105873, ATLANTA, GA 30348 (800) 685-1111

TRANS UNION, 2 BALDWIN PALCE PO BOX 1000, CHESTER, PA 19022 (800) 888-4213

EXPERIAN, PO BOX 2002, ALLEN, TX 75013 (888) 397-3742

ALSO YOU MAY DISPUTE ANYTHING ON YOUR CREDIT REPORT WITH THE AGENCY. IF THERE IS NO RESPONCE FROM THE COMPANY WHO REPORTED YOU IN THE FIRST PLACE, THEY MUST REMOVE IT FROM YOUR CREDIT.

  • EVERYTHING TAKES FOREVER, SO START TODAY

4) Last but not least... TRY NOT TO HAVE YOUR CREDIT PULLED OFTEN. Pull it now to see where you stand, and maybe in 6 months to see your progress. But, keep in mind, everytime you apply for a new credit card or a new car loan etc... they pull your credit. THIS WILL DROP YOUR SCORE EVERYTIME.

  • ** 5) FIND A GOOD MORTGAGE BROKER WHO YOU TRUST, AND WHO DOES CREDIT REPAIR.

DO THIS NOW, SO YOU'RE PREPARED IN 8 MONTHS. Everything takes forever with the creidt agencies, so start now. It's free.

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10y ago

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Is credit score 663 good to purchase a house?

Credit score ranges are relative, and there are a couple different ones, so the true answer depends on whether your 663 is a FICO score. If it is, it falls within the rating of "fair" or "average" credit, and a loan to purchase a house will likely come with higher interest rates.


If you buy a house from someone who has declared bankruptcy how will it affect your credit rating?

==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.


What does bad credit mortgage rate mean?

A bad credit mortgage is sometimes called a sub prime mortgage. It is for people with low credit rating who wish to purchase a house. Due to the risk of lending to such people, the rate will be slightly higher.


What does your credit score have to be to purchase a house?

if you can afford it.


When buying a house for the first time does it lower your credit?

It lowers your capacity to avail credit. Effects your credit rating when you miss out on repayments.


What are the implications of selling a house within a year of purchase?

Selling a house within a year of purchase can have financial implications such as incurring capital gains taxes and potential loss of investment due to short-term ownership. It may also impact credit history and future mortgage eligibility.


Buy More With Good Credit?

If you want to purchase a house or car, the best thing to do is to repair your credit. If you have repossessions or bankruptcies, or even a divorce on your credit history, it is a good idea to contact the creditor and get started improving your credit rating. To repair credit is easy. Find a store that will let you make payments and make them on time, or buy a car from a car dealer that reports to credit agencies. This will increase your credit rating, making it easier to buy bigger things.


How might one still buy a house with bad credit?

By taking time to pay your debts and improve your credit rating you can make yourself eligible for a good credit rating resulting in mortgage approval. Paying your debts in full will prove you are serious when applying to buy a house


How does consumer credit work?

Consumer credit can be considered to be a complicated work of art. When a credit purchase is made it affects the credit score. Having good credit is essential to making huge purchase such as a house or a car.


Is there a mortgages for poor credit rating?

Yes, mortgages are always there when you buy a house, despite your bad credit, you may not even be offered to buy a house. So you should try to fix it.


What is the process for obtaining loan approval for a house purchase?

The process for obtaining loan approval for a house purchase involves applying for a mortgage, providing financial documents to the lender, undergoing a credit check, getting pre-approved, finding a home within your budget, and finalizing the loan with the lender before closing on the house.


Why should you strive to maintain a good credit rating?

If you have a good credit rating, then lenders (such as banks) will be more willing to lend you money. It is possible that at some time you will wish to borrow money, for example, to buy a house.