Credit Score in Charlotte>Question Details

Bmg1002, Home Buyer in Charlotte, NC

I am currently a renter with a bad credit score of 556. I am looking for some help from someone who can advise me on how I can raise my credit score.

Asked by Bmg1002, Charlotte, NC Wed May 8, 2013

I would love to be able to buy a home for my family. I would greatly appreciate any guidance. Thanks!

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11
Christina Solorzano’s answer
Have you pulled all three of your credit reports? You will need to begin there. Do you have open and revolving credit cards? You can apply for a secured visa with Capital One and US Bank, they both will report the secured card as an unsecured card, which will bump your credit score(s) dramatically. I also have free tips on my blog here on Trulia.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
https://www.facebook.com/EverlastingCR?ref=hl
0 votes Thank Flag Link Wed Jun 12, 2013
Where did you pull the 556 score from? A report you get online will have different scores than a lender pulls, sometimes I have seen a 50-80 point difference in either direction. I know quite a bit about credit and have mortgage lenders that can work with lower credit score in the upper 500s. If you want some advise email or visit our website. Thanks!
2 votes Thank Flag Link Tue Aug 20, 2013
First step should be checking your credit report. You can obtain one for free once a year from http://www.freeannualcreditreport and start checking for errors, any late payment and that the amounts owed for each of your open accounts is correct. Making your credit payment on time, is one of the biggest contributing factors to your credit score.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
2 votes Thank Flag Link Wed Jun 12, 2013
Good afternoon Bmg1002,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and
Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
2 votes Thank Flag Link Thu May 9, 2013
Here are a few tips to increase your credit scores.
http://www.creditfirm.net/blogs/5-simple-credit-repair-tips.html
1 vote Thank Flag Link Thu Aug 1, 2013
You don't say what is the CAUSE of your score. High balances or too many cards or too many inquiries? Charged off accts? Step one is pay ALL your bills in time. Step two, lower the balance ratio on existing accts, say you have a card with $1000 limit and it is maxed out. Work on paying it down to 25% of the balance owed. Getting an income tax refund? Buy a CD and then about 3wks later take out a CD loan with the bank. Usually about 2.5% above your interest on the CD, get a 12 month loan and either use this money to pay off other higher interest bills or put it into an acct to pay off the loan. Don't apply for credit ANYWHERE, no store cards, mastercards, visa etc, no car loans etc. Inquiries stay on your record for two years. and you cannot pay someone to clean up your credit. It will take time but you can make changes pretty quick if you stick to those simple guidelines. It may be worth it to you to sign up with one of the credit agencies for a paid monitoring service so you can "see" how your efforts are coming along. They also have interactive what if scenarios you can use to see what will directly your score, such as paying one bill down vs another. Good luck!
0 votes Thank Flag Link Wed Jun 12, 2013
be careful on who you call and use...Some will charge you a fee for a service that should not cost you anything but time and money on your part to maybe pay off or down your existing debt. I work with a mrotgage company that helps people liek you get theri credit score up to an acceptable level where they can buy a home. The only request they have is that you give them a fair chance at your mortgage after they help you get the credit score up.

His name is John Norton. 704-512-0169 is his office number.

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell:704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
0 votes Thank Flag Link Wed May 8, 2013
There is a great company out there that does just what you are asking. The name of the company is National Credit Care. The manager is Adam Kunda. He absolutely can help you repair your credit score by working with you to make the right choices and form a plan that will get you where you need to be to buy a home of your own.

Adam Kunda
NCC (National Credit Care)
309-747-6390
adam@nationalcreditcare.com

Best success!
0 votes Thank Flag Link Wed May 8, 2013
Bmg,

Movement Mortgage has a great program that can help you. Contact Melissa Messick 704-905-4009. Depending on what is needed to help your score will depend on if she sends you on to a credit care company that we are partnered with.

Best Wishes,
Erika
0 votes Thank Flag Link Wed May 8, 2013
We have a company that does credit repair if you want to give me a call. 704-737-4663 or email me at tburdette@regenthomesnc.com
0 votes Thank Flag Link Wed May 8, 2013
Raising your credit score really depends on the reasons why the score is low in the first place. If the problem comes from credit card debt, then don't close credit accounts as a short term fix or try to move the debt around to other accounts. Set up reminders so that you can pay off bits of the debt at a time and always make sure that you are on-time with payments. Late payments on cards is one of the main things that can affect your credit score. Try and at least make the minimum required monthly payment on time and keep the number of cards to as few as possible with as small of a balance as possible. If you make a lot of expensive puchases and use up a lot of your available credit on your cards that can lower it as well. Another thing to consider is that any unpaid bills like medical bills, rent, parking tickets, etc can eventually be reported to a collections agency and can show up on your credit report for years. If you score has been affected by something like a foreclosure or short sale, the good news is that you can still improve your score with on-time credit card payments - the affects of the foreclosure or short-sale should not be lifelong.

If you need help please email me at kalexander@cchrealtors.com - I would love to help you find a house when you are able to qualify for a loan! I can put you in touch with lenders that can offer more suggestions or give you an idea of when purchasing a home will be possible
0 votes Thank Flag Link Wed May 8, 2013
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