Question removed

Asked by William Rosado, Trenton, NJ Sat Sep 29, 2012

This question was removed by its author.

Answers

12
allan erps,A…, Agent, Pearl River, NY
Sat Sep 29, 2012
BEST ANSWER
Not to paint a bad picture but improvement(not sure if up to 620) should take at least 3-6 months. You also will need to have your debt ratios in check as well. Please consult a Mortgage Broker or your Bank. Best of Luck
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sat Sep 29, 2012
Paul Howard is right on with his answer. You should take his advice.
2 votes
Paul Howard, Agent, Cherry Hill, NJ
Sat Sep 29, 2012
Whatever you do DO NOT just start making payments and DO NOT close any accounts. If you do and any of them are old they might be about to drop off your report anyway making payments will start the clock running again from day one. Closing old accounts can reduce your score even further.

Go talk to these folks before doing anything :
https://www.facebook.com/pages/Consumer-Credit-Counseling-Se…

Good luck.
2 votes
Ron Thomas, Agent, Fresno, CA
Sat Sep 29, 2012
It took years of neglect and bad decisions to get where you are:
It will take some good decisions, committment and time to rectify it.

Your RECORD is a long term journey, with many payments; you need to do regular payments, above the MINIMUM:
Probably take what you owe and divide it by 12 and pay 1/12 each month.

Your Credit Cards need to get below 20% of the Credit Limit; do not pay them off; this eliminates them as credit reporters.

You need to communicate with your Creditors and work with them.

If you do this in a YEAR; you will really have accomplished something.

Do not give someone $1500 to do it for you!

Good luck and may God bless
2 votes
Marsha Bowen…, Agent, Livingston, NJ
Sun Sep 30, 2012
In terms of the inquiries, these only have an impact on your credit score if you are applying for credit. If this is the case, I highly suggest you don't apply for anymore credit at this time.
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sun Sep 30, 2012
Start seeking out lenders. Interview them or talk to friends, co-workers and relatives who have had a great experience with a lender or REALTOR®. Try to find one that specializes in first-time home buyers. It is a very different kind of animal and it takes patience and a clear understanding of credit issues. I have several lenders who have helped many people get from where you are to where you want to be. Unfortunately, they are in Wisconsin and you are in New Jersey. I am sure, however, that you have great people in your neighborhood. You just need to find them.

I do know that one way to increase your credit score is to get a credit card. Charge your gas, food or other necessities -BUT ONLY IF YOU HAVE THE CASH IN HAND TO PAY THEM WHEN DUE!!!! Be very careful here that you do not create more of a problem. YOU MUST HAVE THE MONEY BEFORE MAKING THE CHARGE AND YOU MUST BE VERY DISCIPLINED.

If owning your own home is really important to you and you are diligent, you will get it!
1 vote
Marsha Bowen…, Agent, Livingston, NJ
Sat Sep 29, 2012
If you have any judgments, you should note that these can stay on your credit report for 7 years. You will want to work these out as soon as possible.

Best of luck to you,
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sat Sep 29, 2012
Sorry William,

The answer is not that simple. A lender would be able to help you, but without knowing the type of delinquency and so on, it would be difficult to say. You should really find a lender that can give you the personal service and advice that you need to move forward.
1 vote
, ,
Sun Sep 30, 2012
My suggestion is to call First Prestige Mortgage Services they are a accurate and get the job done 9737448300. You will not be sorry
0 votes
William Rosa…, Home Buyer, Trenton, NJ
Sat Sep 29, 2012
Also, I'm just looking to get a cheap house... Something under 40,000. But I would like to have an idea how long will it take for me to be able to acheve my goal and what are the necessary steps to achieve it. Do I pay off my old delinquencies or wait for them to be removed? This will set me back even more as far as my goal goes.
0 votes
William Rosa…, Home Buyer, Trenton, NJ
Sat Sep 29, 2012
I have no judgements. I have $2,211 in old debts that have gone into collections. 3 are credit cards which are closed and 3 are phone bills. I do have quite a bit of inquiries for credit. Close to 20 to be exact. These accounts are all closed and scheduled to close in about 2-3 years... Any suggestions?
0 votes
William Rosa…, Home Buyer, Trenton, NJ
Sat Sep 29, 2012
Thank you everyone. I didn't expect to receive so much feedback. You guys are awesome! ;)
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more