A mortgage company told me I need to get an additional 12 points to qualify for certain first time home buyer programs. any ideas on how long this could take?
2007-03-23 18:00:00 · 6 answers · asked by KinWin 5 in Business & Finance ➔ Credit
The easiest and fastest way sounds like it would hurt you, but this is what credit companies look for, especially lenders. Your score is based upon your total history, but another number they look at when determining your score is the percentage of loan availability you have (over 50% of credit available is required for mortgages.) This makes your score higher. Your revolving credit accounts (credit cards, lines of credit, etc) affect this the most. If you are maxed out on your credit cards, pay them off or call them and lower your interest rates if possible. BUT, the easiest thing to do and the FASTEST way to raise your score is call them and ask for a limit increase. This increases your percentage of loan availability, and having a current account (pay on time) with a lower balance raises your score by several points immediately. Credit card companies report your limit and balance faster than they report your payment history. If you can, consolidate your credit to one high limit card. Do not close any revolving accounts once paid unless they charge you fees. Any open accounts with zero balances do not hurt you, but cut those cards up and do not use them! Oh, and when you get your mortgage NEVER EVER get credit (second mortgage, credit lines) against it, no matter how in debt you think you are. You could lose your home over consolidated debt, and the best thing for future credit is a mortgage. Your first priority once you have a mortgage payment should be making that mortgage payment, even if you have to live in that house with no power or car until you can catch up. Hope this helps!
2007-03-23 18:29:54 · answer #1 · answered by eleven11 2 · 1⤊ 0⤋
It's viable. Credit rankings can range via 25 facets per 30 days with out many alterations in conduct. If you discover mistakes for your credit score document and proper them, that might elevate your ranking really a bit of. Otherwise, maintain a well debt-to-credit score-prohibit stability and do not search out new traces of credit score. Pay expenses on time and pay down debt.
2016-09-05 14:00:22 · answer #2 · answered by ? 4 · 0⤊ 0⤋
A trick in the mortgage business is to remove your name from the call lists. No one will confirm this, but by removing your name from the opt out lists, i've heard this moves your points up by 10 in 30-45 days.
clearly you should as well pay your bills, and keep low balances on your credit lines. hope this helps!
2007-03-23 19:48:03 · answer #3 · answered by Michael 2 · 0⤊ 0⤋
Lower on the amount of money you owe ! If you didn't owe any money, charge something to your credit card then pay it off. That will boost your credit score. If all your credit card balance is zero, that might affect your score - perhaps, it might be lower by a few points. After all, leave some balance on your credit card.
2007-03-23 20:57:29 · answer #4 · answered by a9113257311 3 · 0⤊ 0⤋
I work as a Mortgage Broker. Ask them what they recommend!!!!!
The Mortgage Broker should be advising you. If not, go elsewhere because we all use practically the same lenders to do the same job throughout the United States.
2007-03-24 03:34:14 · answer #5 · answered by Bruce T 5 · 0⤊ 0⤋
Well, I'm not sure how quickly this will help, but try to buy something where you "get 0-interest for 18 months!", fill out all the forms, etc..., and after 2 months, pay it all off. That should help you gain some points.
And of course, always pay off your credit cards each month.
2007-03-23 18:09:29 · answer #6 · answered by NeilL 2 · 0⤊ 0⤋