My husband and I are lookign into buying a house at the end of 2012. What can I do to get my credit score up? It is 571 as of now. I have student

Asked by Lakenya Shamlin, Mesquite, TX Wed Jan 4, 2012

loans on my credit, however, they are in good standing. Would it be best if I get them consolidated so it looks like I have only one loan instead of 13? :-/

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T.E. & Naima Sumner’s answer
T.E. & Naima…, Agent, Dallas, TX
Thu Jan 19, 2012
It would take quite a bit of information to answer this question for you specifically, which we don't have, but in general consolidation won't make a difference.

On time payments (or the lack of them) is the main determinant of scores. If you have 13 loans and pay one of them late repeatedly, your score will suffer greatly. If you have 3 credit cards and like to pay one of them late every month, but a different one, your scores will suffer.

In order, the biggest problems are bankruptcy, foreclosure, short sale, deed-in-lieu, judgments, charge-offs, collections, late payments, and balance to limit. Paying off a credit line will work on raising that portion of your score related to credit utilization, but it is usually the smallest contributor to score for people with low scores. Their problems are usually charge-offs and collection and then lates.

You might want to take the on-line credit repair course from Henley http://sumnerrealty.com/content/article.html/2711606/creditreports
Web Reference:  http://www.Sumner-Realty.com
0 votes
Suz A, Agent, Longmont, CO
Wed Jan 4, 2012
Healing a Wounded Credit Score
New York Times/Your Money
http://www.nytimes.com/2011/02/19/your-money/19money.html?_r…
Credit.com offers some advice that may be specifically helpful to you. I also added my collection of links with tips on getting your financial ship in shape. If all of your student loans are with the same lender, you might have an easier time of it.

Student Loan Consolidation Tips
http://www.credit.com/products/loans/Student-Loan-Consolidat…

8 Steps to Get Your Financial Life in Order
Yahoo Finance
http://financiallyfit.yahoo.com/finance/article-112321-8882-…

10 Things You Can Do Today To Improve Your Credit Score
About.com
http://credit.about.com/od/creditrepair/tp/improvecredit.htm

Credit Score: Should You Check Yours Before Getting a Mortgage?
http://www.cbsnews.com/8301-505144_162-37044120/credit-score…

Is Repairing Your Own Credit Worth It?
http://www.creditrepairthoughts.org/Article/Is-Repairing-You…

Best of luck.

SuZ
0 votes
Steve Dykstra, Agent, Rockford, MI
Wed Jan 4, 2012
Lynn is right. Go to a professional Consultant, Credit Repair Advisor
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Jan 4, 2012
Get with the loan officer you plan to use.
Have them advise you.
My guess is it is NOT best to consolidate. Better to probably pay off as many of the 13 as you can. Keep current on everything. Don't close any. Any with balances higher than 50% of the total limit, pay down below that. Also if there are any small charge offs, you may want to pay those.
This is very very very general info....get you loan officer to pull your current report and advise you.

You definitely need to get your credit score up to get a loan and the higher your score typically the better your interest rate.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Jan 4, 2012
No professional can render an opinion UNLESS entire review of your credit repors. I am a credit consultant owned a credit repair company for 10 years.

Happy to assist professional fees do apply for review

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes
, ,
Wed Jan 4, 2012
http://dallasloanguy.com/wp-content/uploads/2011/11/about_cr…

Read the Free E-Book about credit in the link above and then call me.
Do you have a scored copy of your Credit Report?



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
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