Credit Score in Kingwood>Question Details

Md_17, Renter in Kingwood, TX

What steps should I take to repair my credit? I just signed a 12 month lease and I need to be able to purchase at the end of my lease. Please Help!

Asked by Md_17, Kingwood, TX Mon Apr 11, 2011

I recently sold my home and moved to Kingwood TX. I have been working with a credit repair co. disputing issues on my report for a year and my score has not changed, around (600). Over the last year I have paid off all my debt and would really like to purchase again in about a year, but at this rate I don't think I would be able to purchase next year. Any ideas on what steps I need to take?

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Here are some basic guidelines to follow in reference to credit:

1. Have 2-3 open tradelines of revolving credit (i.e. credit cards). In order to build positive credit history, you must use the cards. I suggest charging a tank of gas every month to a credit card. Carry a $5 balance into the next billing cycle. If you pay the card off every billing cycle, then you are not "building credit".

2. Do not allow the balance on any revolving account to exceed 30% of the available credit. If you have a $1,000 credit limit, do not let the account balance exceed $300 at any given point.

3. Pay your bills on time. Late payments will impact your score negatively.

4. Do not close old account with a $0 balance. The length of your credit history impacts your credit score.
0 votes Thank Flag Link Tue Apr 12, 2011
Hi, Md_17!

After you paid off your debt, did you close the accounts? Do you have any open tradelines at this time?

I would be more than happy to discuss how credit-scoring works and what you can do to raise your score with you at your convenience. Please contact me at 512-584-6109 at your convenience.
0 votes Thank Flag Link Tue Apr 12, 2011
It sounds like you are doing the right things. Here is an important one you need to start ASAP. Most lenders require trade lines. If you do not have any due to bad credit it is important to start some now. IE: Go to a local bank and give them $500 for a CD. Then take out a loan using that CD as collateral. Most lenders need trade lines to be at least a year old so do this today so they can be as old as possible by the time your lease is going to end. Also get a secured credit card that reports to the credit bureau's. If you give the bank a $1000 to open a secured credit card make sure you do not charge more than 30 or 40% of that amount as going higher can hurt your credit or at least stall your credit scores from rising.

If you do these steps and keep your debt load down you should be able to buy something in a year or perhaps a little longer.

Good luck to you.

Don Groff
REALTOR | Mortgage Broker | Consultant
Buy - Sell - Lease - Invest
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes Thank Flag Link Tue Apr 12, 2011
Talk with a local lender, a "good" one will show you where you are at and what you can do to increase your scores. While you are working on it, start saving so you will have your downpayment by the time you get your scores increased. I know it sounds basic, but you need to pay your bills on time and look to get credit extended and pay it off. Work on paying of debt and etc. It make take some time but usually anything worth having is worth working for.

Best of luck.
0 votes Thank Flag Link Mon Apr 11, 2011
No one can answer your question without looking at your credit.
Here is a link to a free e-book about credit..... That is a start.

Sounds like the credit repair people aren't helping much.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends
Lending all across the Great State of Texas!!
0 votes Thank Flag Link Mon Apr 11, 2011
Hi- I am hosting a home buying seminar on Thursday, April 14 @ 7 pm at the Octavia Fields Humble Public library. We will discuss every aspect of the home buying process as well as credit.

Please come by and we can hopefully get your questions answered. I am providing my contact info for you. Feel free to send an email or give me a call.

Amy Rocka
0 votes Thank Flag Link Mon Apr 11, 2011
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