Paying Down Revolving Credit

Mar 042011
 

I am in the process of trying to get approved for my home mortgage and due to new FHA standards, my mid score of 627 is no longer high enough – it needs to be at 640 or higher.  My lender advised me to pay down as much credit card debt as I could last month to try and bump up the additional 13 points I need.  My total credit between all cards was at $4500. I did have $4176 utilization between those cards and paid it down to $3147 over the course of the month.  The problem is I haven’t even seen a 1 point improvement on my score and the balance changes have been posted to my credit report. 

 

Why would my debt to limit decrease of over 20% not have made a difference on my score?  I am really confused.

New To Board Need to Rebuild To Buy Home March 2011

Nov 062010
 

New to the board and newly committed to rebuilding my credit.

 

I have several credit issues I am on track to resolving. The major ones have been student loans. I recently got all of my loans back on a current payment status.

 

I have 3 collection accounts totaling about $200. I plan on paying these off.

 

What kind of score increase can I reasonably expect between now and January? Assuming I pay off the collection accounts and keep the student loans current?

 

I have been reading the boards and noticed that 620 seems to be the lowest score to secure a mortgage. I don’t have any open credit cards, auto loans, or store cards. (I can’t get approved for any)

 

Experian – 575

Transunion – 587

Equifax – 579

 

New to Boards also and looking for advice

Oct 242010
 

Hello to everyone,

 

I am also new to the boards and looking for some good advice. I also wanted to thank everyone for the loads of information that I have recieved from the boards. I have been working hard at getting my credit cleaned up as well. I went from having 7 negative impacts on my report to now having three. This was in the course of about two months. I have just been calling creditors and paying them off. I have a couple of creditors that I plan to pay off in the next two weeks also. My mid credit score is sitting at 519 now however I’m waiting to see how much of a change I will see once my new score is posted next month. I have three years of positive credit which is helpful but I am trying to get approved for a mortgage and am looking for all the information I can get. I want to get all of the negative things paid off as soon as possible however can anyone explain how long it may take before I actually see a 620 or higher for a credit score?

help….advice….

Aug 072010
 

Hi…My current FICO scores are trans 641…equ 654…just pulled 8/7/2010

 

I am interested in purchasing a home for 135,00…my salary $110,000…i have 2 small CC both paid on time every month!!  i have recently been rejected for walmart cc…and another cc (after much consideration :)   lol!!!

 

my thoughts were to get more cc to boost my score some…is this good idea?  any idea who would approve me?  i have orchard bank and hsbc (hooters) currently

 

will i get approved for mortgage with these scores?

 

thank you in advance for all your help….

Related Blogs

  • Related Blogs on help….advice….

looking to buy house through credit union need advice

Apr 122010
 

currently im in a owner finance thats not on my credit but im looking to buy  a house in a better neigborhood the  owner finance is in my name im a  673 equifax and 643 transunoin

heres my question

shoul i let my credit union know im in a owner finance house that i will rent out if i get approved

or just put down i rent

 

and do you think i can get financed with thos score my bad on my report  is a 4000 credit partial payments charge off but non of my other credit cars are bad

 

Your Personal Financial Goals

Apr 122010
 

 Q. what’s your personal financial goals?

 

A. 

 

-contribute to 401k

already have, stock market is starting to improve. went from 0% to 15%

 

-build and analyzed budget

 in process
   

 

-enroll at credit unions as member

 hopefully by next week
   

 

-start up checking acc’s and contribute bi-weekly to fixed and variable expenses

 pending
   

 

-also build a savings

 pending
  

 

-deposit funds every quarter into secure acc’s.

 pending
  

 

-increase credit into secure acc’s

 pending.
  

 

-keep low credit utilization

 in process.
  

 

-obtain a cd secure loan / installment loans

 auto loan in process. rejected an offer that was approved from a lender named “santander.” went and apply for credit at a different car dealership, hopefully ill get approved by a different lender with a better reputation with consumers and interest rather than 24.9%

 

 

-no more inquiries for the year

in process

 

-pay off 401k

by end of 2010

Cosigners on Credit Cards

Apr 012010
 

Me and Hubby are working on rebuilding his credit and I am reading a book about rebuilding credit and it suggests if you can’t get approved for a credit card use a cosigner, what are you suggestions on this and if this is possible after say a few months is there anyway to have the cosigner removed so its solely in my hubby’s name? Thanks

Asset Acceptance – Noticed Something New

Mar 292010
 

I am comparing my EQ Oct 2009 report to my current CCT tri-report.

 

I see in Oct 2009 they reported me 120 days late.  In my current report they moved it off October and put it on the current month. Interesting, they can move it around to make it more current. They can call it an open account. They can call it a 1 term. They can illegally charge interest. We are guilty until proven innocent, only no one will listen to us when we provide proof.  Are you confused what country it is that allows this?

 

I’m still trying to figure out how to get this incorrect information off my reports.  All 3 CRA’s have done nothing.

 

I guess I will have to drop it until after I find out if I get approved for a mortgage or not. And if so, then wait until the papers are signed.

 

 I hope they get sued, I really do, they are so despicable! And I have to put up with the illegal reporting until Feb 2011, unless the FTC or AG goes after them. GO GET ‘EM!

 

 

Anyway to get 60 points fast?

Mar 122010
 

I am trying to get my score up over 600!  In order to get approved for a mortgage to take advantage of a the tax credit and get away from renting and throwing my money down the drain.  Anyways I have all but one credit card down to a 0 balance.  I have filed bk 5 yrs ago, have made a couple of late payments but nothing more than 30 days.  I have goodwilled the credit cards to try and remove the late payments with no luck.  Anyways, anyone  that could offer any advice please let me know!

 

Thanks

Finally approved for credit cards after recovery, but need some advice

Mar 102010
 

Hello,

 

I’ve had a long road to recovery on trying to repair my credit. I’ve been using a reputable credit repair company, as well as my own hard work and knowledge to get my credit back on track. Its still not great, but I’m finally able to obtain credit cards. In the past two days, here is what I’ve gotten:

 

Walmart - $600

Carnival Sea Miles – $500

JcPenney – $200

Best Buy - $100

 

I applied for these all at the same time so that the inquiries will fall off at the same time.

 

The main reason that I used the credit repair company is so that they would be able to help me dispute and delete items to raise my score so that I could finally get approved for credit cards, which I have. There are still delinquencies on my credit report, but I’m thinking about just being responsible with the credit that I already have and recently obtained to prove my credit worthiness and raise my scores. My scores are as follows:

 

Equifax: 575

Experian: 652 (Fako)

Transunion: 620

 

The only delinquencies that I have are paid collections, and the credit repair company keeps disputing them, but with no success. I’m thinking that I should just save my $59 per month and just keep sending GW letters until I can’t anymore. Any advice? Thanks in advance for any advice given.

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