Home Buying in Chisago City>Question Details

Samanthanjer…, Home Buyer in Chisago City, MN

i need to boost my credit score 52 points to be able to close on a house, im a first time home buyer what steps can i take to increase score also how

Asked by Samanthanjerry1124, Chisago City, MN Sat Sep 10, 2011

long would it take to bring score up 52 points?

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If you are already working with a lender, talk with them and ask them how to raise your score.
1 vote Thank Flag Link Sat Sep 10, 2011
It can take a short amount of time or a long amount of time to increase your score by 52 points - it all depends on what type negatives are on your credit report, when each of them happened, if you still owe money/are past due or not, how many positive accounts you have reporting, how long each of them have been open, as well as if there are any inaccuracies in your credit report. Getting inaccuracies fixed is usually the quickest way to increase a score, but also paying off your credit cards, making all of your payments on time, and opening new accounts (if you don't have any positive) accounts are also other ways. So you'd want to fix any errors on your credit and then have discipline to steadily build new positive credit.

I feel you will benefit quite a bit from the free educational information at http://www.myfico.com/crediteducation/improveyourscore.aspx
0 votes Thank Flag Link Sat Sep 10, 2011
A credit score is a snapshot of time. Your available balances, late payments, inquiries, all affect the score. Not all creditors report at the same time, so without seeing your report, it's impossible for us to tell you anything specific.

In general, keep your payments current and payoff revolving debt. Don't look for furniture or new cars until you close. Don't rate shop and get a lot of inquires. DON'T Co-Sign for anyone for anything (whether friend, family, or other). Other than that, it's really a matter of waiting. good luck!
0 votes Thank Flag Link Sat Sep 10, 2011
I am suspecting you are going on the premise that you need a 640 score to purchase....Wells Fargo does have a product, if you qualify that would allow you to close at around a 500 credit score. I am also suspecting you have been babysitting your bureau(credit report) and have had any incorrect items removed or corrected. Also speak with your lender if you have recently paid any of your credit cards down to zero. This is not typically something that will raise your score, but actually lower it. If you make any corrections, changes to your credit items, your lender should be able to do a rapid rescore, which can take approx a week...If you dont have a lender or a "good" agent, feel free to give me a call and I will assist you as I am able.
Good Luck!!! Suzanne with http://www.TheMLSonline.com 612-309-0884
0 votes Thank Flag Link Sat Sep 10, 2011
Gimme a call and I can put you in touch with a mortgage professional and a credit specialist who can help you in restoring your credit. Credit can be a tricky and certain actions you take that you think would help can do more harm than good so it's best to speak with professionals.

There is no guarentee as to how long it can take to bring your score up 52 pts but there are cases where this is accomplished in 90-180 days. I look forward to hearing from you-

Karl Scherman
Executive Real Estate Professionals
0 votes Thank Flag Link Sat Sep 10, 2011
Normally it takes 30 days just to get something reported.
0 votes Thank Flag Link Sat Sep 10, 2011
M&I Bank has a deal where they can help you boost your score. Call Janet at 612.770.0870. She can explain it and then you can see if it will work for you. Good luck!
0 votes Thank Flag Link Sat Sep 10, 2011
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