Credit Score in 11221>Question Details

lesley, Home Buyer in 11221

who can help me improve my credit score?

Asked by lesley, 11221 Tue Sep 20, 2011

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9
Good Morning!
You an always use such websites as Credit Karma http://www.creditkarma.com where you can see all bad signs of your credit history. This knowledge will help you to improve your credit score!
9 votes Thank Flag Link Thu Jan 23, 2014
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!
1 vote Thank Flag Link Thu Jan 23, 2014
Most bankers you sit with they will give you a few small things that can get you easily up the credit score.
I recommend sitting with private banking and hear recommendations.
Also there are bankers they are less tight with credit score for Qualifying you for a loan.( They are not necessarily less good)
0 votes Thank Flag Link Fri Aug 10, 2012
You are the best and only resource when it comes to improving your credit score because it's all about YOUR credit history, NOT the score.

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.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w…


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 Tue Jun 12, 2012
My company Offers a free credit repair and this service is free of charge to our first time home buyers. We can improve your credit score as we did for many clients of ours. Please feel free to call us at 718-880-2170 and we will be happy to setup a no obligation meeting to see how we can help you. Please ask for Annmarie.
Web Reference: http://PrimeHomesNY.com
0 votes Thank Flag Link Sat Feb 4, 2012
You are the one who can improve your credit score.How? you just make your payment, Take this responsibility seriously.Good luck.
0 votes Thank Flag Link Thu Sep 29, 2011
Q: who can help me improve my credit score?
A: You can!

You need to first start out with educating yourself - http://www.myfico.com/crediteducation/

1. Check Your Credit Report
2. Setup Payment Reminders
3. Reduce the Amount of Debt You Owe
4. Pay your bills on time
5. If you have missed payments, get current and stay current
6. Keep balances low on credit cards and other "revolving credit"
7. Re-establish your credit history if you have had problems
8. Have credit cards – but manage them responsibly

A lot of time creditors will add additional negative information in an effort to further damage your credit, with the eventual goal of getting you to pay them debts that are no longer legally owed/past the statute of limitations (but still appear on your credit report). When you review your credit report you are reviewing it to find any of those errors, then you need to fix them, as that is the quickest way to increase your scores. You can read more about that at http://www.myfico.com/CreditEducation/Rights/FixingAnError.aspx
0 votes Thank Flag Link Wed Sep 21, 2011
These sites all have good tips on how to improve your credit score. Be wary of companies that say they can 'fix' your credit. Many of them will not live up to your expectations. The first thing you want to do is to write down all of your bills on one sheet of paper and all of your income on another. Try to find a way to live on less than you are earning. Start a savings account - even if you can only put $5 per month in now; get in the habit of saving. The articles mentioned by Suz have ideas about reducing costs. Cut your costs of living to the bare minimum until all of your revolving credit is down to less than what you bring home in one month. Building up your credit may take a year or two. Be strong; make it happen. If you have a partner, they will also need to work on building their credit, reducing debt, and increasing savings.
0 votes Thank Flag Link Tue Sep 20, 2011
Here are three sources from the web. The suggestions range from common sense such as not purchasing an automobile to challenging erroneous entries on your credit report.

http://www.nytimes.com/2011/02/19/your-money/19money.html?_r…

http://financiallyfit.yahoo.com/finance/article-112321-8882-…

http://moneywatch.bnet.com/saving-money/blog/family-finance/…

SuZ
PML
of Longmont, CO
0 votes Thank Flag Link Tue Sep 20, 2011
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