Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Moving in 30034 : Real Estate Advice

  • All32
  • Local Info7
  • Home Buying10
  • Home Selling2
  • Market Conditions1

Activity 3
Sun Jul 8, 2012
Olga answered:
Shelia, not necessarily. There are programs that will allow you, legally, to acquire homes and it is not based on your credit score. Please call me so we can discuss this. (678) 925-1216 ... more
0 votes 5 answers Share Flag
Wed Jun 20, 2012
answered:
If you are referring to collection accounts paying them off in full will raise your score quickly, initially it may cause your scores to decline but in about a month they will start to increase.

If you are talking about collections start with the smallest ones and out of those the ones that are reporting most frequently. A $20 collection that is updating every month will cost more points than a $1,000 one that hasn’t updated in 2 years.

Get something in writing from the creditor stating how much is required to pay it in full and also that they will report it to the credit bureau once it is paid. Then send your check with a copy of the letter, keeping the original letter for your file.

If you are talking about late payments on revolving accounts paying them off in full may actually hurt your scores if the account has a long history. Hope this helps, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
... more
0 votes 2 answers Share Flag
Tue Jun 19, 2012
answered:
Paying off delinquent debt is the first step. That unto itself will not make your credit score jump though. The fact that the bad debt was ever there will stick with you for at least 7-10 years. The more time that elapses since the debt was last reported as late, the better. That will help gradually increase your credit score.

GEnerally, you should have 2-3 trade line with current ongoing activity and no late late payments/derogatory items in the last 12-24 months.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
0 votes 2 answers Share Flag
Search Advice
Search

Followers

190