How fast can I improved a credit score of 574?
I want to buy a house, but I have a 574 credit scored. What can I do?
Public Comments
- First get a copy of your report from all three of the major credit companies.. Trans Union, Experian and Equifax. And then check to see if everything is correct...if not file a dispute(usaully takes about 30 days to complete) Pay down high balances to the best of your ability and make payments on time. This wont happen overnight but if you do these things it will have a positive effect on your credit score.
- I am assuming with a credit score as low as 574 you either have late payments or accounts that have become delinquent or possibly a bankruptcy. First, try to resolve all of your delinquent accounts. Validate your debts, are they really yours? Google "validate debts" to get more detailed info. Pay them off if you can afford to or negoatiate witht the collection agencies. If you negotiate, make sure you get it "in writing" that the debt is Paid in Full. Next, pay off your cc debt. The amount you owe on your cc's can greatly reduce your credit score. Third, pay your bills ON TIME. Finally, be patient, it will take time. As long as you keep your debts low and pay your bills on time, the only thing you can do is wait for your score to increase.
- It depends on your situation. I have seen good 574s and bad ones. In the last year, have you been late at all on payments? Do you have any collections? With a score of 574, you will need a nice down payment to get a house. Sometimes, people go through companies that can clean your credit up quickly. This can work and is legal because they dispute all items on your credit report over and over until a company basically gets sick of responding. That is probably the fastest way. Make sure your credit cards aren't maxed or close to it and don't miss anymore payments. Slowly, your credit will start to rebuild.
- If your credit has negative items that are at least a year old you can check out these paralegals and attorneys who specialize in credit repair on the net called www.lexingtonlaw.com, I would give it about 3-6 months of time but the great thing is all you need to send them is a 3 tier credit report which requires credit scores from Experian, Trans Union as well as Equifax. This is the best solution unless you have documentation that you can send to a traditional credit repair company.
