Credit Score ?
my husband and I are trying to get an house.Our credit scores are between the range of 540,590. If every debt we have are paid by the end of 2008. Will that make our credit score go up to at least 730's and 800's. We are about 30,000 in debt but we don't want to file bankruptcy.
Public Comments
- I say wait until your credit score is higher and your debt is more manageable. You will most likely have a difficult time get a mortgage at a reasonable rate.
- Right now you would definitely have trouble finding a mortgage, wait until you've paid some of it off. The reasoning behind the low score may not be entirely based on the amount of debt you have. If you have paid bills late or have had collections your score definitely won't go up that drastically even if all debts are paid off.
- if your score is that low, just paying of the debts in the next 15 months may not be enough to raise the score 150 points - you just have to check it every 6 months and see how it's going - and don't be late with any future payments - in addition to paying off the debt, you'll still need to save money for down payment and closing costs - you won't get 100% financing anytime soon, if ever anymore. that's a lot of money to pay off that quick - $2000/month + interest
- Keep a separate credit history from your couple. A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html
- couple should have separate credit scores and reports. First, Pay off debts, It would take one year to build up higher credit score. I got 775 because I pay on time and keep lower credit amount and near pay off all credit cards. I think about 6 more months then I hope my credit score go high as 830
- You need a 620 midscore to get 100% financing. You might consider an add a tradeline program which is still in play for 2 of the 3 bureaus. In your range, you could expect about a 100 point bump inside of 60 days. Check out the free evaluation form at www.totaldebtsolutionsllc.com They or 1 of their affiliates will contact you with the answers you need. Good luck.
- Great question. There are a lot of factors that go into your credit score, and one of the major weight factors is owing less than your available credit. The lower the amount you owe, the better. Keep this ratio lower than 50% for best results. The trick here is to not borrow more than you can pay off. Build up the discipline to pay cash for as many things as you can, and avoid buying on credit for things that you really don't need. Keeping a good payment history (i.e never being late) will help you too. Never be late. Ever. Lastly, you should start developing some level of savings or other assets that will put your financial position in a more positive light. You can find out more at http://ourcreditscore.blogspot.com
