Home Buying in Westchester>Question Details

Tee Linn, Renter in Westchester, IL

looking for quick ways to get my credit score up, before buying, any suggestions?

Asked by Tee Linn, Westchester, IL Wed Jul 21, 2010

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Tee
there a number of proven ways to increase your score. Several banks offer a program in which you buy a CD from a bank and pay for the CD with monthly payments, which gets reported to the credit companies. You can also apply for secured credit cards, in which you give a deposit to the creditor and then, as you use and make monthly payments on your card, they report th epayments to the bureaus.
It makes sense to "scrub" your credit bureau to make sure all the info is correct & current. If you would like assistance, you can call me at 708-597-8884 or email me at ncoleman@envision3m.com. Neil
Web Reference: http://www.envision3m.com
0 votes Thank Flag Link Wed Jul 21, 2010
Keep in mind that any qualified loan officer(s) may offer great advice as to how improve your credit in the fastest time--and their scoring is often different--in the meantime, pay all bills on time, pay off old debt, pay down debt, dispute any old negatives, no new debt , don't close accounts, work with a secured credit card, etc.
0 votes Thank Flag Link Wed Jul 21, 2010
Tee,

It is tough to give any concrete advice without viewing your actual credit report. Every situation is a little bit different. I can say that for the majority of lenders, adding a cosigner will not help you get a loan. When there are two or more people applying for a mortgage together, lenders take the lowest middle score of all the borrowers. So, your score would still be the determining factor. There may be a few exceptions out there…but they are rare. My CEO has written a blog post on improving your credit. Here it is for your own reference: http://www.moneypress.com/how-to-improve-your-credit-score.htm.

If you’d like me to take a look further and see how we can help you get your score up to a place where you are in position to purchase a home, give me a call.

Bradley Eggers
Senior Loan Originator
Ardain Mortgage
847-744-0168 (cell)
847-963-1000 (office)
bradley.eggers@ardain.com
0 votes Thank Flag Link Wed Jul 21, 2010
In my opinion, getting a consignor would be the best tactics. It can be done on a mortgage, too. Obviously, that person would have to have a higher credit score than yours :-) and the income high enough for new lending standards. You can then refinance after a year or so and get rid of the other person. Once you do that, your FICO score would soar. At least 100 points up.

If you are a young adult, you can apply for a mortgage with one or both of your parents as consignors.
Web Reference: http://www.PeterKedzior.com
0 votes Thank Flag Link Wed Jul 21, 2010
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