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I am at 650 now and my boyfriend is at 695. What do we have to do to get to 750? We want to buy a home but we want to try and do a full finance because the money we have in savings, we want to use for school and incase one of our cars breaks down. I thought about piggybacking, but I don't feel comfortable enough paying a company and I don't have family members to help out either. Lenders won't touch us without a credit score of 750 + for a full finance.

How long would it take to build 50-100 points?

2007-08-06 05:41:42 · 6 answers · asked by Daniella C 2 in Business & Finance Credit

6 answers

How long it takes depends on what is dragging down your score. Your fico score takes several factors into account (these factors can be found on http://creditwisdom.blogspot.com

Quick ways to gain some points is to pay down balances, you gain approximately 1 point for each percent of total available credit paid off.

Also comb your report for errors and dispute any that you find.

Things like past late payments and the like are a waiting game, over time they have less and less of an impact on your score and eventually they are not even counted.

Avoid applying for any new credit in the meantime and you may want to invest in a credit monitoring service in order to track your progress in raising your score (your score is constantly updated) and receive a regular credit report evaluation. This service is generally under $15

2007-08-06 06:54:17 · answer #1 · answered by Anonymous · 0 0

What lenders are you going to? If you are going full doc (verifying income) you qualify for 100% financing already. As far as building credit. Your score is determined as follows: 35% is based on payment history (do not pay 30 days late), 30% is based on balances (keep below 1/2 of credit limit), 15% on credit history (don't close accounts - 2 yrs history is good), 10% type of credit (buy now, pay later are bad), 10% on inquiries. (Choose ONE source to shop the loan for you, don't give your SS#'s out to too many brokers). Go for it.

2007-08-06 05:50:37 · answer #2 · answered by Brain 4 · 0 0

You don't need that kind of score to get 100% loan. It is called MY community loan and if you have an income and reserves in the bank you will qualify and a less than 45% debt to the income ratio after all debts are included long with your new home loan.
I am a mortgage banker in Tennessee and Kentucky

2007-08-06 05:47:46 · answer #3 · answered by golferwhoworks 7 · 0 0

Well I had the same problem, and there are lenders that will help you because one helped me, go to lendingtree.com and they find lenders for you. I had 100% financing with a credit score of 620 and 610 so you can do it! To awnser you make sure you have all collections paid off and everything up to date or paid off and your score will jump.

2007-08-06 05:47:46 · answer #4 · answered by billyenair 1 · 0 0

Depending on your credit profile it could take 1 to 2 years for that type of increase.

Have you tried F.H.A.? They approved me for 100% when my score was below 700. It's now over 750 three years later.

2007-08-06 05:46:10 · answer #5 · answered by ? 7 · 0 0

I was wondering much the same question

2016-08-24 11:11:04 · answer #6 · answered by Anonymous · 0 0

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