cece, Home Buyer in North Charleston, SC

I'm wanting to purchase a home . I have collection accounts due to a job loss is there anything I can do to improve my score right now it is

Asked by cece, North Charleston, SC Wed Oct 24, 2012

540. my collection accounts are 4yrs old

Help the community by answering this question:


If you use the right lender you can get a home loan with a 580 credit score, I would recommend The Lenders Network, if any company can get you a loan they can. I have had clients with under a 600 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts, if you need credit repair the owner used to own the best credit repair company but now is partnered with a company they can refer you to and you can be at or above a 580 in just a few months.

Good Luck!
1 vote Thank Flag Link Mon Aug 5, 2013
1st go to a free credit report website to get your credit report. Look over it to make sure that it all belongs to you, if not dispute each item.


See below the contact information for the 3 credit bureaus. It does not list their fax numbers. Call them and let them know about any disputes you may have and if you have proof of payment for items that you did paid. They will give you a fax number to fax it to and they can take off the item that needs to come off. Also, I sent below some information about credit scores to help you to try to improve your existing score. Some main points are items need to be paid on time and if you have a $5,000 credit limit, they would like your amount owed less than 50% of your limit. Try to pay off as much as you can in the next couple of months. This should improve your score a lot. I


Makeup of the FICO score
The approximate makeup of the FICO score used by U.S. lenders
Credit scores are designed to measure the risk of default by taking into account various factors in a person's financial history. Although the exact formulas for calculating credit scores are secret, FICO has disclosed the following components:{4/5}

35%: Payment history—Late payments on bills, such as a mortgage, credit card or automobile loan, can cause a FICO score to drop. Paying bills on time will improve your FICO score.[6]
30%: Credit utilization—The ratio of current revolving debt (such as credit card balances) to the total available revolving credit or credit limit. You can improve your FICO scores by paying off debt and lowering the credit utilization ratio.[7] Alternatively, applying for and receiving the credit limit increase will also drive down the utilization ratio. The closing of existing revolving accounts will typically adversely affect this ratio and therefore have a negative impact on their FICO score.
15%: Length of credit history—As your credit history ages it can have a positive impact on their FICO score.[8]
10%: Types of credit used (installment, revolving, consumer finance, mortgage)—You can benefit by having a history of managing different types of credit.[9]
10%: Recent search for credit—Credit inquiries, which occur when you are seeking new credit, can hurt your score. Individuals shopping for a mortgage or auto loan over a short period will likely not experience a decrease in their scores as a result of these types of inquiries, however.[10] While all credit inquiries are recorded and displayed on your credit report for a period of time, credit inquiries that were made by yourself (to check your credit), by your employer (for employee verification) or by companies initiating pre-screened offers of credit or insurance do not have any impact on your credit score.

There are other special factors which can weigh on the FICO score.

Any money owed because of a court judgment, tax lien, etc. carry an additional negative penalty, especially when recent.
Having one or more newly opened consumer finance credit accounts may also be a negative.[11]

If you would like to call or email me, I would happy to help.

Debbie Knowles
Brand Name Realty
1 vote Thank Flag Link Wed Oct 24, 2012
Good morning, Cece!

Although you have been down a bumpy road, all opportunity to purchase your home is not lost. It will take some time to bring your credit score up but it is can be done! I have a number of lenders who can set you on the right track with some credit repair programs if you are interested. Just let me know! You not be punished forever for your past credit troubles.

Best regards and have a great day!


Cheryll Woods-Flowers, Keller Williams
1 vote Thank Flag Link Wed Oct 24, 2012
Engage a local Licensed Mortgage Broker by clicking "Find a Pro" in the header of this website. http://www.naplesrealestateguys.com
0 votes Thank Flag Link Tue Mar 12, 2013
call me, you have options... 803 741 4240, leave message
0 votes Thank Flag Link Tue Mar 12, 2013

I would be willing to help you. I have had VERY GOOD success at removing information like this.

I live in the N. Charleston area. Also, I have a Juris Doctorate degree and understand credit reporting law very well! Email me your phone # to info@homeforsold.com and I will contact you ASAP!

0 votes Thank Flag Link Thu Oct 25, 2012
You should look carefully at your report and challenge any inaccuracies. You can do this on line through the credit bureau's website. You can also talk to a local mortgage lender and ask them what they advise, sometimes they know things others may not that could improve your score in a shorter amount of time. Pay off any outstanding liens. And then do whatever the mortgage professional tells you to do.
0 votes Thank Flag Link Wed Oct 24, 2012
My name is Michelle Long with Homeowners Mortgage, a subsidiary of Coastal States Bank. Please feel free to reach me at (843) 224.0111. I can do credit repair and help you get a mortgage. I have been in the mortgage business for over 17 years here in Charleston.
Flag Thu Nov 29, 2012
You can start settling any outstanding debt and work on paying your rent and bills on time for 2-3 years straight. After that, you should be able to bring your credit score up high enough to get an attractive mortgage.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Oct 24, 2012
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