I have read through a lot of the questions that have already been asked but I have yet to find exactly what I am looking for. I have been slowly but surely paying off some of the items on my credit report, all of which are delinquent by several years. My current credit score according to Experian's Triple Advantage is a 548, and I would really like to increase my credit score by atleast one hundred points so I can purchase my first home in the very near future. I recently contacted a realtor who pulled my credit report and showed my high end credit as 614, mid of 610, and low of 598. I don't quite understand why none of these numbers match what I am showing on my active Triple Advantage account, but I was told to wait atleast six more months and try to apply for a home again. I was approved on this attempt, but for $25,000 less than what I need and the interest rate was 7.5%.
If anyone has any advice or words of motivation for me I would greatly appreciate it! Thanks all!
2007-09-18 13:07:22 · 3 answers · asked by Mr. Knowledge 3 in Business & Finance ➔ Credit
The more negatives you pay off the better. You really need a 2 year consistent on time payment history.
The reason the scores don't match is that you get the consumer version. I understand there's a mortgage version, and a car loan version. Also, are you sure Triple Advantage was giving you your FICO. It's the only score that counts.
Another piece of advice, don't buy more house than you can really afford. Your house payment shouldn't be more than 25% of your monthly income. Waiting another 6 months may work out better as far as finding more house for a cheaper price.
2007-09-18 13:17:42 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
different scoring models.
there are new score models that many lenders dont use.
Windows Vista came out and many ppl are still using Windows XP. This is why you can see different scores with different lenders.
Always look at the FICO scores.....they tend to be more precise.
you can have your score go up be removing items off your credit report
2007-09-18 13:24:34 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You will want to dispute negative items about 3 months after you pay them in order to get them removed. I used a step by step do it yourself kit I got online at www.creditrepair101site.com // I got my score up about 65 points on my own.
2007-09-19 07:40:03 · answer #3 · answered by Nicki W 2 · 1⤊ 0⤋