is there a way to improve my credit score quickly to qualify now if i have no debt and better income by daniel00cline from Henderson, Nevada. Aug 15th 2013
I know this might not make any sense, but when folks attempt to fix their credit on their own, they oftentimes do more harm than good... Example: You owed sears $400 from 5 years ago... they sent it to collections, you contact them today and make payment. Since credit bureaus and scoring relies heavily on the "Most Recent" transactions, you have taken a 5 year old collection, which has little impact to your credit score today, and by making the payment, you have changed the "Date of Last Activity" to most recent, which will actually LOWER your credit score.. My suggestion is before you make any payments, you should contact a local mortgage broker and apply with them.. let them look at your complete profile and if you need credit restoration, they should have some reliable sources for you to hire in helping get your credit cleaned up.. going at on your own will probably make your home ownership journey longer.... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
It takes time to "heal" poor credit. You may have to wait 6 to 24 months, or longer, for your score to get where it needs to be, depending on how recent the bad credit is.
What are you current scores? Plain and simple you have to have debt in order to have credit scores ( ironic isn't it, the only thing that can give a score can also ruin your scores)You can absolutely improve your credit scores, the best way is revolviong credit, credit cards have the most impact on your credit. however you have to use them correctly and never go above 50% of your available credit and always pay on time.If it is a quick fix, super charged boost to your credit scores, when i first got in the business , all i did was help buyers with low scores, no scores and bad creditemail me, i will tell you howemarez@thefederalsavingsbank.com
Two points that two different commenters made I wish give a different opinion on. One, is in regards to paying of an old collection.The credit bureaus more recently agreed not to ding a person's credit score after they pay an old debt off as they used to. Nevertheless, you alwayswant to contact the collection agency and claim no responsibility for the debt, but offer to cover it for a credit delete letter. Hard to get...but sometimes you can get it if they want your payment. Otherwise, they give you nothing for paying it when you do not think you were responsible!Get it in writing from them, of course...that they will have the bureaus delete your derogatory report on the trade line.Point no. 2. is that you have to have debt for a credit score. That is yes and no. Yes, you have to have at least one revolving account trade line that show you at least have one open active account, but it can be 0. No, you do not have to have actual debt. Three trade lines are the best for the best score...all revolving at 0 owed. Otherwise, always keep them at below 40% of the maximum allowable amount. Any nonrevolving debt like a car payment is different. That obviously will have a monthly payment and helps your credit score as long as you pay it on time.
You need to obtain a LETTE of Deletion for you creditor. Then you can have you scores updated
The best thing to do is contact a local lender in your area to discuss the best plan of action. There are a lot of credit programs that would give you a roadmap to credit repair.
All negative information hurts you somehow... The only way to answer your specific question is with a review of your current credit report by an experienced professional. There are somethings that feel like the right thing to do that can actually hurt you temporarily, and there are other things you can do that may help. Contact a local mortgage broker in your area. Let them review your report and they can zero in on what you should and shouldn't do.
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