Is it possible to improve a FICO in 2 months?

Question

Need to refi before rate starts adjusting next Jan. but I need a better FICO score to get a decent rate. If I throw every available $ at debt is this enough to bring up score significantly?

Answer 1

How come you Skipped the essential numbers / info ?

How Much are you putting to the debt and How Much is the total debt ?

If you put all your available (say $100) towards $10,000 debt , it won't do anything .

We can't answer this question without some real numbers to work with . . . Is this why your FICO is bad to start with ?

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Answer 2

I just read an article from Suze Orman that said your amount of debt can affect your credit score. If you pay off as much debt as you can or reduce it as much as you can, you should see an increase in your FICO score. Also, DO NOT apply for any credit! That can reduce your score 10-20 points at a time!

Answer 3

I have improved my FICO Score from about 560 to 704 in almost 2 years. the only thing that can improve your score is time and good credit management. I bought a car which helped. dont be stupid and buy thing you cant afford and your credit score will improve. get a credit card and buy about $100 worth of NECESSARY things (gas, food, etc) and pay it in full every month.

Answer 4

It is VERY possible. Good for you being pro-active! Pay down all your debt to below 1/2 your credit limits. Don't close any accounts. Don't ever be late more than 30 days. Don't apply for any NEW credit. Don't open up a can of worms and start paying debt more than two years old. Save, save, save - lately homes are valued at less than what is owed on them. So unless you payed a hefty down when you bought you may be upside down. Go to Zillow.com and type in your address. It isn't 100% accurate but it will give you an idea of what your house may appraise at. When you do refinance go through your current lender. Specially if you are in good standing. They will probably offer no closing costs which will save you a chunk of money. Good luck!

Answer 5

Depending on what is currently ON your credit report, absolutely. If you have small collections, pay them. Be sure to get the payoff in writing and pay before the due date with a certified mail envelope. Make them promise to remove before paying.

If your credit cards are near their limits, pay them down the best you can. Another cheater way to improve your scoring with credit cards is to call the CC companies and request a limit increase. This makes your utilization ratio go down for free.

Ive had clients scores go up 60 points in 2 months by doing so.

Answer 6

Most of your credit information is reported monthly and all of it is reported quarterly so it is possible to bring up the score. Pay any small write offs that show up. Make sure that your credit cards are as low as possible but no more than 30%.

Answer 7

There are lots of ways to do what you want though it depends if the debts are delinquent or not. Check out the source website and their free evaluation form. They can help settle your debt for less and get you into the right credit repair program to meet your needs. Good luck.

Answer 8

YES, try and get the credit cards below 50% of their limit preferrably 30 and you will see dramatic increases!

ADDED
Each creditor reports monthly and every positive thing helps so it will NOT take 6 months to see an increase in your score.

Answer 9

Sorry probably not it takes about 6 months to bring a score up

Answer 10

I signed up for a free month of score watch at myfico.com a little while ago. They let you know every time it changes. So far it went up and down a few times. You can try and see what helps it and what does not.