Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So, found a house, income and cash are no problem but credit is. broker ran it and it was far lower than my online report showed (no surprise there). Basically, I need a 70 point jump stat. I just paid down about half of our outstanding cc and revolving debt. any timetable i can expect or advice on a quick fix, though i suspect nothing is a quick fix. Thanks, much obliged.
You are right, there are no quick fixs for broken credit. Pay down your debt, rebuild your credit, build your savings account and wait a few years to buy a home.
OP, what's your credit score? Are we talking about 570 credit score? Or are we talking about a 650 credit score. There are factors contributing factors that go into the credit score. One of the most important being "negative comments" IE how late have you been on your debt or if you defaulted.
While you can fix debt ratio/revolving credit easily, length of time between negative comments can take up to 2 years to repair.
My wife had a stupid "negative comment" for a cell phone that the company claimed to never received. They dinged her credit from 740 all the way down to 630. It took a full 2 years to finally recover back up to 740.
So OP, what's the root of your lower than excepted credit score?
well, my circumstances changed considerably. i sold my business and am in a totally different financial situation now. 09 was tough, fell behind and got my mortgage modified, which actually raised my monthly cost but had me paying into principal after IO for a few years. The bank told me not to catch up or the mod wouldn't go through so I foolishly took their advice. I have had no negatives for 13 months but old ones are killing me. I have paid off 17k of my 20k in revolving debt/cc but only time will tell how much and how fast that improves things.
I would talk to a mid size local bank who you can explain your situation face to face and will use actual common sense to get you a loan. Do it locally & with a real human being instead of some order taker with one of the big banks.
from a mort. broker. i paid 80% of my revolving debt this week so will see how fast i can get a bump.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Short of hiring a hacker...
