Raise Fico Score Fast!

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Icon Mini Profile Mngdoy




Joined: 08 May 2009

Posts: 2

0.50 Dollars($)
PostPosted: Fri May 08, 2009 3:10 pm    Post subject: Raise Fico Score Fast!

I need to raise my score really fast by about 35 points from 590 to about 620 so i can try to qualify for a FHA loan for my first house. I want to buy a house this summer.
Icon Mini Profile Garysnober




Joined: 17 Mar 2009

Posts: 455

15.40 Dollars($)
PostPosted: Fri May 08, 2009 3:13 pm    Post subject:

Hi mngdoy, Well ok this can be accomplished. How much debt do you have all together? Any late or Pass due Account? Any in collections? If not then well paying your debt down to about 35-40% of your entire debt can really help out your score. Dont apply for any new cc or loans as this will lower your score. Keep paying your bills down and on time. Taking these steps over the next few months and you may be able to get the required increase you are looking for.
Icon Mini Profile Mngdoy




Joined: 08 May 2009

Posts: 2

0.50 Dollars($)
PostPosted: Fri May 08, 2009 3:15 pm    Post subject:

Hi Gary, Thanks for your prompt and fast reply. My debt is not that much maybe a total of 3-4k and i already paid off my car reason my score is low is i did miss a few payments on several different cards.
Icon Mini Profile Garysnober




Joined: 17 Mar 2009

Posts: 455

15.40 Dollars($)
PostPosted: Fri May 08, 2009 3:17 pm    Post subject:

No problem, Yes being late on several different cards will really decrease your score. You might be able to call the cc companies and ask them to remove the late marks. Its better in my opinion to write a letter stating why you were late on the payments. No guarantee they will remove it but why not try. 3-4k is not much to pay down if you have some extra cash on the side. Paying down you debt will be your best bet at getting your score to where you want it to be. Hope this helps. Getting the late removed from your credit will really help too.
Icon Mini Profile smckaybiz
s.mckaybiz
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Joined: 24 Apr 2008

Posts: 196
Location: PA
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PostPosted: Fri May 08, 2009 7:06 pm    Post subject:

Hello mngdoy,

Is the 3-4K debt all on just one card or split up between a few? What are the available limits compared to the balances you owe? It doesn't really sound like you have a lot to work with but I can't blame you for wanting to buy a home right now with the market the way it is and rates so low.

Atleast if it takes until the fall you may be able to get a better deal by finding someone who wants to move before the winter themselves and are really desperate to sell their home. Worst case scenario you might be able to find someone willing to do owner financing or an article of agreement for you.

Good luck

_________________
Scott McKay
FreeOnlineCreditGuide.com
Icon Mini Profile jameshogg
jameshogg



Joined: 20 Dec 2005

Posts: 5167
Location: nevada
645.98 Dollars($)
PostPosted: Fri May 08, 2009 7:41 pm    Post subject:

Hi Mngdoy,

You can check out the following link to know some simple steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks
Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Fri May 08, 2009 9:10 pm    Post subject:

Mngdoy,

House pricesa re goign up.No need to hurry. Pay your credit cards and have few good months on your credit report. The house prices are not goign to increase or probably will stay flat for a while, once it finds the bottom.

Look to buy a house in next six months, you will have more peace of mind.
Icon Mini Profile gmakerley
gmakerley
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Joined: 09 Nov 2007

Posts: 9749
Location: bloomfield, ct
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PostPosted: Sat May 09, 2009 6:27 am    Post subject:

geni, you contradicted yourself in your first two sentences.

mngdoy, you need to concentrate on making every payment on time, obviously, but you also will need to cut back on the balances you owe as much as possible. it is certainly attainable for you to get to 620 in a short period. do not be discouraged.

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George M. Akerley
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Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Sat May 09, 2009 10:11 am    Post subject:

sorry Imiss typed it. I was saying

"house Prices are not goign up"

Thanks for correctign George.
Icon Mini Profile smckaybiz
s.mckaybiz
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Joined: 24 Apr 2008

Posts: 196
Location: PA
10.62 Dollars($)
PostPosted: Sat May 09, 2009 5:05 pm    Post subject:

Sorry to say it Geni but you mis-typed again! Wink

We all mess up every now and then...

_________________
Scott McKay
FreeOnlineCreditGuide.com
Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
PostPosted: Sat May 09, 2009 9:06 pm    Post subject:

Thanks smckaybiz.

House prices are going down, they are not goign up as of now.
Icon Mini Profile eric2




Joined: 28 May 2009

Posts: 20

6.32 Dollars($)
PostPosted: Fri Jun 12, 2009 8:55 pm    Post subject:

It is possible to raise your credit score by paying down balances to get your utilization in line or see if you can talk to some one about the possibility of a trade line.

Good luck
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