As a recent college graduate,I have been building credit by obtaining a car loan and two credit cards with

Asked by Judithhyde, Boston, MA Thu Apr 23, 2009

low limits. My score is 670 and I need to know how to raise it as I want to purchase a condominium soon. Any advice? My income is 40,000and my two credit cards limits are only $600.00. I have paid the credit down and then used the card. Right now I am carrying a $500 balance and pay the minium thinking this would show monthly payment history. Please advise as to ways to increase my score to above 700.

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Greer Swiston, Agent, Newton, MA
Thu Apr 23, 2009
I will be one of the presenters at MIT this evening in a program specifically addressing the concerns of recent college grads. It's called "Backpack to Briefcase"…

Perhaps you'd like to drop by. It starts at 5:30p at the MIT Student Center.

That said, I agree with Elaine ... you shouldn't be worried about your credit score, it's very credible. However, it never hurts to have a better score and it's always great to know what you are doing and what you might do and how it affects your credit score.

You would need a pre-approval letter before going house hunting anyway, and many mortgage consultant/advisors can better help you with your specific situation. I'd be happy to recommend a couple if you'd like. (781) 304-1048

Good luck!
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Paul Stonkus, Agent, Lynn, MA
Thu Apr 23, 2009
I suggest you talk with an experienced, competent mortgage broker who would be an expert at how to improve your credit score in a timely fashion. Bob capone from MSA mortgage has longterm expertise in this area as I have benefitted from his knowledge over the past 15 years. It will not cost you any money to do this.
978479886 is his cell phone-
good luck,
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Elaine Burns, , 06268
Thu Apr 23, 2009
Your score is not bad and would certainly qualify you for a mortgage as long as your income and job history also fit the needed criteria. In regards to increasing your credit score, you actually need to establish more credit and make every payment on time. The banks want to see that you can use credit wisely and have a strong record of making payments on time every month. So, don't go into unwise debt, but use and establish more credit - for example, a gas card - use it insead of cash - you are not going into debt, just establishing more credit history. You also need to increase the amount of credit you use on a monthly basis and then either pay it off in a timely manner or pay it down stongly.
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Jason Discip…, , Topsfield, MA
Thu Apr 23, 2009
There are programs that you maybe able to fit into depending on your DTI (debt to income and how much money you have in the bank. If you would like more information and to maybe get preapproved, give me a call.

Jason DiScipio CBR
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