Posted on: 18th Oct, 2012 01:06 am
I am a single mother of two boys and I was never much concerned about my credit. I want to purchase a home for us in 2013. My current FICO score is 488 TU and 483EQ. I need to get it up to at least 620-660 by 2013. Is that feasible? And how do I get there?
It will take quite some time to get the credit scores improved. I will suggest you to take out some secured credit cards and make timely payments on them. This will help you improve your credit scores to a great extent.
Hi Scuttel,
You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Thanks
You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Thanks
Points can be increased in many ways but all you have to is keep on making any payments through your cards only. Chances of change in schemes is also possible which may get you loan in points acquired by you till then.
Unless and until your credit score reaches around 620, it would be difficult for you to get approved for a mortgage loan. Given your current credit score, it will surely take quite some time to reach that level.
Borrow "credit repair kit for dummies" from the library, and you'll learn everything you need to do.
You said that you want to take out the FHA loan in 2013. For getting an FHA loan, credit score required is 620. Given your current credit score, it may not be possible to increase it to 620 by 2013. Better wait for some more time and at the same time try to improve your credit score.
Mortgages would easily be approved if you have a credit score of 620 and up. To reach this score, make sure that you do not miss any payments due and always keep track of your credit report. Make sure that is in good shape and will leave lenders a good impression. Keep your credit report free of errors and immediately report any irregularity.