credit score??

i was wondering how long it takes to build up your credit score if it is low? 6 mths or longer. mine is low and working on fixing that so that i can buy a house in the next year. thanks!!!!!!

Public Comments

1. If you are a first time homebuyer and you can explain your credit and you deal with a lender in person, you can still get a good deal and interest rate. I bought my first house just 2 years after a very big black mark on my credit rating. I even refinanced a few years later for just over 5%. Work on that credit score and get your credit card balances paid off as much as possible. Good luck! Homeownership is wonderful!
2. It really depends on why it is low. http://www.veracitycredit.com/ Veracity is a credit repair service. Yes, they do charge, but my clients have had great success using them. They counsel you on how to improve your scores, they also take action to remove any incorrect or outdated information off your report. I had one client of mine that raised her score by 30 points in one month. IF you want to know if you need this, you can contact a lender, and see if you qualify now, and what they require for you to qualify. Some programs (such as FHA) aren't as driven by FICO scores. So, if you simply don't have much credit, which can cause your score to be low, there are programs for you, or they will consider your telephone bill or electric bill as part of your credit.
3. Your goal should be to qualify for "A paper." You can pretty much get a home loan w/ a bad credit score, but you will have a "sub-prime" loan. These loans are notoriously bad and restrictive, and I strongly encourage you NOT to accept a sub prime loan. Most traditional lenders look at the last 24 months of activity. The problems becomes if you are paying down bad debt - that debt becomes "current bad debt".....its a double edged sword. However, if all your bad debt is old and you are current "on paper" on everything.....you really just have to look pretty for the last 24 months from the time you apply for a loan. Hope that helps.
4. It is wise to take action long before the intended purchase. It is a sign you will do well. There are multiple ways to build credit scores. The main is consistent payment history over an extended period. I wrote a blog on managing credit scores and will be writing many other credit related blogs here in the near future. I suggest bookmarking the blog and checking it regularly.
5. it takes 8 to 12 months than you can buy your dearm House. good Luck
6. While taking a decision on your loan approval, your lender will determine your credit score. The most common scoring method used is FICO scores. These ratings are usually used for determining your eligibility for mortgages.