Credit Improvement

Asked by Bronx Star, 10473 Thu Apr 16, 2009

Hello, I mentioned this before but I have no credit card debt, have 125 K in student loan debt from law school. My monthly payments on my student loans/cell phone/gym payments total about 1,000 a month in all. I make 70,000-100,000K a yr, depending on OT hours. My credit score is high 600s.

I am wondering if there are any ways to improve my credit rating while I save for a house/hope to close towards the end of the year so that it's over 700.

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Hannah Flieg…, Agent, Larkspur, CA
Wed Jul 8, 2009
Hi Bronx,

You might try paying your student loan twice a month, the same dollar amount that you were paying before, just make two payments. I know it seems strange but it will show on your credit reports that you are "servicing your debt" well. You can also try carrying a small balance on your credit cards, like $50.00 a month for three months. Yes you will need to pay the interest, but then pay off the balance on the third month and your credit score wll get a boost.
Remember the higher your credit score the lower your interest rate on your loan. Good luck!
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Weichert Rea…, Agent, Bronx, NY
Thu Apr 16, 2009
I Agree with Laura, but I would also talk to a reputable mortgage broker/banker to see if they have any programs to help you improve your score at a faster rate and plans for managing that improvement. I know that Wells Fargo has some programs or you could speak to a not for profit credit professional like Green Path. Let me know if you need further information for speaking with these companies. I have found them to be good and knowledgeable as well as being very consumer friendly. Feel free to email me at with any needs or questions.
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Laura Lazar…, Agent, Bronx, NY
Thu Apr 16, 2009
You are doing what you need to do...and that is making those monthly payments on time. As long as you have monthly payments and are on time, it's simply a matter of time till your score increases. If you have a credit card it's good to use that as well and make those payments on time as well. The trick is don't over use it. Just enough to make it look like there is some action going on there, and enough to make another monthly payment happen (but a really small one) every month until your credit score moves up. Chipping away at the debt is of course really important as the higher the debt to income ratio the harder it is to raise your score.
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