I'm trying to get pre-approved for a home loan on a home that's only $32,000. I only need about 40 points on my credit score to get the

Asked by Eboneechild, Philadelphia, PA Sat Nov 7, 2009

home. My paying old collection debts and paying them on time. I've had 1 deleted on my credit report so far. By doing this will my score raise to the 40 points I need? Is there any other way for my credit score to raise at least 40 points? I live in Philadelphia, PA. I really like the house and I really need some advice. Can someone help?

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Jien’s answer
Jien, , Philadelphia, PA
Sun Nov 8, 2009
The best way to improve your credit score is starting with getting your credit report together, take a look carefully if there is some report errors on your report and if there is any you can contact your creditor & 3 credit bureau to get your report corrected. It will be take sometimes to do so. If you want you can also try to contact credit repair agency(be carefull to choose this agency try to check how long they run their business also check with BBB) Paying some debt without knowing your credit report properly will not guarantee that your report will improve soon because your creditor take sometime to forward this informations to credit bureau. Thank you and Good luck for everything, if you need more help please contact me directly.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sun Apr 29, 2012
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://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/pubs/consumer/credit/cre13.shtm

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
Sam, , New Jersey
Wed Dec 9, 2009
Hi ,

I recently used a company called Innovative Credit Consultants who were able to boost my score from mid 600's to 800 within 3 months .

They come highly recommended .

You can contact them on 1888 90 SCORE .


0 votes
Dan Chase, Home Buyer, Texas City, TX
Sat Nov 7, 2009
This is not a wise-crack. STOP paying your debt amount due on time. I do not mean stop paying, just the reverse. Pay MORE than you are supposed to. The less you owe the higher your fico score will become. I have no idea how long or how much it will take to improve your score enough.

It really all comes down to your debt availability compared to your debt owed. If you lower the % of debt owed it helps your fico score. Naturally, late payments, bankruptcy and such will not disappear. But with time your score will improve.

Did you try FHA and many other financing options? The more lenders you talk to the better chance you have to find help.
0 votes
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