improvemtent credit score?

Deal Score0

I request VA home loan and mortgage at the scene said they could probably be approved if we reduce the loan, but for them to finance “in house” my wife and I had to perform their credit ratings necessary. We both have bad credit, but we are only a few points off of their “minimum requirement”. I need 11 points, and my wife needs a 21st What is the best way to get points quickly. I have a lot of little things to my credit, and then a few great things that take time to pay. Most of this is very old. What should I attack first? To my wife, she was in the late 06-car payment, he has a bill of old cell phone and I guess the key, it is lower than that for me is because we use our credit for this we do. We have 2 small loan signing to his credit, and we financed through our power company uses the machine to his credit. What do we do?

  1. Reply
    February 18, 2011 at 5:45 am

    The quickest way to get a small bump for your scores is to make sure that any loans, or credit card balances aren’t exceeding more than 30% of the availible high credit limit.

    Time usually gradually increases your scores. Just make sure that you don’t have any additional late payments or new credit.

  2. Reply
    N K
    February 18, 2011 at 6:03 am

    Get everything that is 7+ years old removed from your credit. Many agnecies dont proactively drop everything that is 7+ years old so you have to dispute it.

    Try to piggyback on someone’s good credit. Get your parents or someone you know lend them your good credit by making you an authorized user and letting their good info reflect on your account. Piggybacking is still working for equifax and transunion but not experian. It will stop eventually by years’ end or next year.

    If you ask to be an authorized user, make sure that the credit card company reports authorized users’ credit reports. I know MBNA and FIA card services do infact report authorized users and capital one doesn’t. Remember you are asking your parents or freinds to lend you their credit. Dont take that credit card and never use it! There are 3 authorized ppl on my MBNA card but they dont have the card. I just let them borrow my credit. Once reported, your credit will see a huge jump!

  3. Reply
    February 18, 2011 at 6:44 am

    Opt both out. 888-567-8688 this stops credit card offers in your mail box and typically in 7-10 days your scores will go up by 10 points each.
    I have seen this many many times with some increases as much as 50 points.
    I am a mortgage banker in TN & KY

  4. Reply
    February 18, 2011 at 6:57 am

    First of all, if you’re trying to buy a home, but you already have a bunch of debts, you’re not going to own the home, the house is going to own you.

    There’s a lot of people who can’t accept better jobs in new cities, because they can’t sell their house and get out from under. That’s what I mean by the house owns you.

    STEP 1 – Change your mindset.
    “I solemnly swear, I will never use a credit card again.”

    STEP 2 – Move into the cheapest apartment you can suffer through.

    STEP 3 – get current on your debts.
    If you have bad debts, make good on them.

    STEP 4 – Save up $ 1,000 cash.
    This money goes into a picture frame (not the bank).
    Put a sign in the frame that says
    “In Case of Emergency, Break Glass”

    STEP 5 – Attack the debts. EVERY DOLLAR you can squeeze out of your budget goes to the debts.

    STEP 6 – Once you’re debt free, set aside CA$ H
    You need 6 months expenses, plus 20% down for the house.

    STEP 7 – Buy the house.
    Your credit will be in good shape then, and you won’t need a second mortgage, PMI, a 80-10-10, or any of those other fancy things.

  5. Reply
    February 18, 2011 at 7:28 am

    A low interest rate is what everyone who secures a home mortgage or loan wants to have. Not only will a lower rate reduce your monthly payments but it will save you literally thousands over the life of your loan or mortgage. Unfortunately not everyone will have access to low rates, mainly because of credit issues and low credit scores. However by using some simple credit score improvement tips you can boost your fico score to a level that will get you those low rates.

    Simple Credit Boosting Tips

    Increase Credit Lines- This is by far the easiest and oldest trick in the book. It involves requesting a credit line increase on your accounts in order to bring your balance to limit ratios back to around 50%. A credit score boost is very common once a credit card or store account card has a balance at or below 50% of the account limit. If you can do this to multiple accounts the results can be dramatic.

    Dispute Old Information-If you have a copy of your credit report make notes of the accounts that are negatively affecting your credit score. Once you have these accounts identified you can go right to the credit reporting agencies websites and dispute the information. You can dispute anything on your credit report,even accurate negative information. If you succeed in getting some of this information removed your credit score should rise as a result.

    Get Added To Good Accounts- Although this trick is not as powerful as it used to be it still works for a small increase to credit. What you do is have a friend or relative add you as an authorized user on one of their credit accounts. As long as the account has a low balance to limit ratio and is paid on time it will show positively on your credit report. This however is a risky method because if the person ever defaults or begins to pay late it will affect your score as well.

    Although increasing your credit with simple tricks can be done the most important this to remember is that paying your bills on time and spending responsibly will result in long term positive credit that will help you get the best interest rates possible for you mortgage or loan.

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