Is it Possible Raise my credit score at least 60 points....?

Question

I would like to purchase a $165-170 condo in the Minneapolis area in December with a reasonable interest rate. My take home pay is around $48k. My current scores are 608 581 and 525. I have been dilligently working on paying everything on time and paying down on my 1 credit card. I need 100% financing also. I've checked all 3 reports and have disputed what is ligitimate. One big thing that is hurting me are the inquiries I have 9 4 of which that will drop off by the end of summer. What can I do? I dont' feel I'm in debt enough to use a credit counselor. But have a little one starting school and need to permanent place to live for him! HELP!

I'm not sure if I asked the questiong correcly. Is it possible for a score to go up 60 points in 10 month by just paying down on debt and paying bills on time?

Answer 1

Your best will be to try to find a owner willing to finance you. With numbers like that your rate will be high no mater how much financing and you could be getting in over your head as well. At the moment there are various investigations concerning the type of financing and folks who are about to lose it all due to getting more than they could afford. I understand the need for a permanent place for your son but you need to consider at 48K per year are you really ready to buy it pay the mortgage and all the closing fees plus assn monthly charges etc. I would rethink this and perhaps discuss it with a family member if possible. Credit Counselors are not what you need, you need to take a step back and consider what would happen if you a)lost your job, b)got hurt and were unable to work or c) had a financial blow like had to replace something large like a fridge, part of your heating system or perhaps a water heater. Also with 608 as your high score you might not qualify for a mortgage even with a percentage down. If I were you I would do some homework in your area. If you have not owned a home in three years you are considered a "first time home owner". This qualifies you to attend classes which most cities offer free. They usually go into everything from the basics of what to look for and how much you can afford to getting it inspected before buying and towards the end talking to a loan officer about financing. I would also go to a few sites like HUD among others to see about help there. Fannie Mae has a 800 number that they will send you a package of information as well. Start here and please slow down or you could end up with a very costly mistake.

Answer 2

First, tonight, right now (well, after you finish reading my answer) call your credit card company. Ask them what your limit it is. Say Thank you. Then tell them you are planning on making a major purchase in the near future. Ask them how much they can raise your credit limit by. If they ask you how much you need, ask them how much they can give you. Say Thank you and take it. This will give you more available credit which will increase your debt to credit ratio and will give you points.

Next, go out and use your card some and pay it each month. Show you're using the credit and making payments on the credit. This will also give you points.

Make sure to get the disputes off that you can ASAP.

And people are selling like mad. You may be able to find someone that may do seller financing, or someone who will sell below market value. If you can find something below value you can use the built in equity as a downpayment and you'll lower the amount you need to borrow.

Good luck, this is the best investment you can make.

Answer 3

Yes, the inquiries are hurting you, when you are shopping you are looking to gain or access additional credit. STOP, if you are trying to buy a house that is the last thing that you want to be doing right now. All you can do is wait and keep making your payments on time, and pay any existing debts that are listed on your credit reports.
It may take some time, but wait the savings on a lower interest rate alone is worth it.

Answer 4

there is not any quickly way and in case you have a great sort of old debt that hasn't fallen off of your credit record yet yet will interior the subsequent 8 months is the appropriate thank you to enhance your credit. My credit jumped while my financial disaster fell off. It enables that i'm paying on student loans and have a good mastercard history. I even have paid off a vehicle very own loan interior the previous 5 years. in case you have performed each and everything which you will, i could wait in case you may desire to till your old negatives fall off of your credit record.

Answer 5

60 points that will take a long time.

Answer 6

YOU NEED to go here immediately and join

http://www.ficoboost.com

They can raise your score BIG TIME

Helped me out huge !