Fico Score?

Question

My husband had a house forclosed on 6 years ago. He doesn't owe any money for anything now. He makes about $75,000 a year. In TN. How do I get the credit back in good shape and a better fico score. Thanks.

Answer 1

Using mathematical models, the FICO score takes into account various factors in each of these five areas: payment history, current level of indebtedness, types of credit used and length of credit history and new credit in determining credit risk.

Go here to figure out how to improve it
http://www.investopedia.com/terms/f/ficoscore.asp

Answer 2

You have to re-establish your credit by opening and maintaining some credit cards.

If no one will approve you for a credit card, you can get a guaranteed card first. Basically you send the company a check for $500 or $1000, then use the cc and make your payments on time. I believe Orchard Bank or Providian will do this for you-contact them directly.

After a few months other cc companies will send you offers for better cards without the guarantee.

In a few months, or a year or so, your FICO score should go way up.

Oh yeah, pay your utilities on time too, the creditors look at that stuff now.

Answer 3

You've had six years. You should have re-established credit by now. Credit cards paid monthly, car loans paid off, that sort of thing. You also need an on-time record of paying rent every month. If this was a one time thing, and you've been taking care of your credit since, I don't see a reason here why this loan wouldn't be approved A paper, the highest grade offered.

Answer 4

Pay your bills on time. Late payments and collections can have a serious impact on your score.
Do not apply for credit frequently. Having a large number of inquiries on your credit report can worsen your score.
Reduce your credit-card balances. If you are "maxed" out on your credit cards, this will affect your credit score negatively.
If you have limited credit, obtain additional credit. Not having sufficient credit can negatively impact your score.