Credit Score in Boise>Question Details

Cj, Home Buyer in Boise, ID

I have a credit score of 583. I just paid off 2 loans and one credit card, how much will this increase my score? And in what time frame?

Asked by Cj, Boise, ID Sun Feb 21, 2010

I am trying to buy a house next year.

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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.

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.

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
0 votes Thank Flag Link Sun Apr 29, 2012
It depends on when your credit card cycle is, usually 30-60 days-keep payingon your other accounts ontime-if your middle score is 583, that would be high enough to get an Idaho Housing loan
0 votes Thank Flag Link Sun Feb 21, 2010
You need to speak with a lender, who will take into account the info you provided, in addition to other info.(such as cash on hand, current pay stubs, tax returns, etc.). It will be good for you to develop a relationship with a lender, who can give you info you need to do to qualify for a loan, if , for some reason, you don't qualify for a loan now.
0 votes Thank Flag Link Sun Feb 21, 2010
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