Credit Score in Philadelphia>Question Details

smc913, Renter in Philadelphia, PA

How to improve your credit?

Asked by smc913, Philadelphia, PA Sat Jul 5, 2014

I was wondering if anyone could help me with some credit questions? As of right now my husband and I have low credit scores. What steps should we be taking to improve them?We would like to buy a home within the next year and a half.

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4
I recommend that you meet with a credit repair specialist or a mortgage loan officer. Have them run your credit report, analyze the credit score, and determine which actions will have the greatest impact on your credit score. The required actions are sometimes counterintuitive so don't do it by yourself in order to get the best results.
0 votes Thank Flag Link Tue Jul 29, 2014
You will definitely want to find a great Realtor and mortgage broker in your area. They can assist you in the process. In the meantime, pay every bill on time. Pay off low balances and keep them paid off. Don't extend yourself by asking for or getting any more credit cards or lines of credit. If you have unpaid student loans those will prevent you from buying a home, as will unpaid taxes. If you have old collection accounts reach out to those creditors/representing agencies and make a deal. Most will take something over nothing, but get in writing the terms the of pay off and make sure you send those to the credit reporting bureaus as well. You have plenty of time to get going on this. Buying a home won't be as scary if you get the details on what you need to work on now. Best of luck!
0 votes Thank Flag Link Wed Jul 9, 2014
SMC,
Great question, I wish more considered this early in the process. Here are some basics. Pay everyone on time or early. Keep your balances low and pay down any high balances you have to 1/3 or less of the credit limit. Dispute any errors you have on your credit report in writing with each agency that reports them. Do not close any accounts or pay any old collections unless/until instructed to by your loan officer.
Some lenders assist with credit repair and may be able to speed the process up for you, so start hunting for a great local lender early ask if they help. You may be in position to buy sooner than you think.
0 votes Thank Flag Link Sat Jul 5, 2014
We have people in-house that can help you with that and can work with you when it's time to get a mortgage. Feel free to reach out any time, I am always available via email/cell.
0 votes Thank Flag Link Sat Jul 5, 2014
All my contact info is on my profile, apparently Trulia is filtering for spam again.
Flag Sat Jul 5, 2014
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