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Meta
Credit Restoration?
29th April 2007
newhomebuyer1130 asked:
I’m 25 and working on restoring my credit to buy my first house in about 15 months. My credit score is 624. I would like to get a good rate for my mortgage. I’m currently paying off the little annoying 500 and 1000 dollar credit cards this month and working to bring down the balance of my bigger credit card(3000). I also have student loans and a car payment(both of which were never late). What’s hurting my score is late payments on the smaller credit cards and 90 day no pay on Ballys Gym, along with short credit history.
I’m 25 and working on restoring my credit to buy my first house in about 15 months. My credit score is 624. I would like to get a good rate for my mortgage. I’m currently paying off the little annoying 500 and 1000 dollar credit cards this month and working to bring down the balance of my bigger credit card(3000). I also have student loans and a car payment(both of which were never late). What’s hurting my score is late payments on the smaller credit cards and 90 day no pay on Ballys Gym, along with short credit history.
Can my score move up to at least 700 in 15 months?
Chauncey
Posted in: Cars | | Comments (5)
5 Comments
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Sounds like you’re on the right track.
I would dispute the entry by Ballys Gym. (They’re notorious for destroying people’s credit.)
Keep everything else current and bring down your debt-to-income and you should be just fine.
Don’t forget to start saving for your down payment!
Comment by Kat — May 2, 2007 @ 6:02 pm
Absolutely. Keep paying off the credit cards. Once the balance is zero, DO NOT close them, you need that length of credit history. Negotiate with the gym to see if they will remove the derogatory mark on your credit. Keep making your car and student loan payments and do not open any new accounts. Doing this should get you where you want to be.
Read this interesting article regarding credit.
Comment by WFR — May 3, 2007 @ 5:19 am
over a period of time like that yes it could move up to that or better. try and get your creditors to say you paid as agreed on your past due accounts. As for your credit cards use as much money as you can to pay them at least 1/2 of the way off this looks better on your credit file it shows you have charged stuff but you still have a lot of unused credit available.
Comment by Gertie — May 3, 2007 @ 9:52 pm
1. You need to make all your payments on-time, even if it’s just the minimum payment.
2. Review your credit report. Talk with the credit cards about removing negative comments on your credit report.
3. Focus on paying down the loans with the highest interest rates first so so spend less money on interest.
4. Don’t close your accounts after you pay it off. Keeping it open will increase the age of your accounts and the available balance, and increases your credit score.
5. Ask your credit card companies about increasing your credit limit.
Comment by majenwen — May 4, 2007 @ 3:43 pm
Hi,
I used “Credit Solution” to settle my mortgage.They managed to reduce my mortgage up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
Comment by Jennifer — May 5, 2007 @ 3:21 am