I have been able to increase my score from 550 to about 650 with your techniques, Thanks! I have two small secured credit cards about $250 each. I think I may qualify for more now, I am trying to buy a home in about 10 months, should I try for a new “real card” to build my available credit line up? I make about 75,000 a year, I have no debt. I pay my bills every month. I would only have it to build my credit faster, if it would help?
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A person needs three 3 lines of credit of open and rated and reported credit. Many times a lender will at your maximum high credit line on each card. So try try to make sure you have three lines of credit and try to make sure one line of high credit get up past the 4, 5 maybe even 10 thousand range
If you are going for a 75000 dollar loan then, the creditor will want to see another high credit line that shows responsibilty. Do not fret though if you can come up with a 20 25 percent downpayment and you have a great job because even these hurdles might fall.
So basically… Dispute the Derog Duplicates and open a handful of secured credit cards
Yes
one point would be to try and get one of those cards to raise your credit limit as much as possible
some times lenders will turn you down if you do not have a STRONG history.
This can happen even i your credit score shows a 720+. Which sometimes it will and you will only have 2 ,ines of credit with a 500 and 300 high credit limit. Think about it. Why would someone lend 75000 dollars to a consumer who only has a high credit limit of 500.
They will call your credit file thin.
So try anything possible to get your credit limit on at least one line of credit as HIGH as possible.
This shows stability.
Dispute the derogatory
Cool.. good point regarding the THIN credit profiile! I can only afford a
couple of hundred dollars per secured card that I open, so I see the issues.
How about adding myself as an Authorized User to beef up the history???
I know fico has made scoring adjustments but will doing so help out
They have deleted that aspect
but
it can never hurt to try
Whoa.. I thought they just stopped scoring for it!
I will try to get a legitimate high score on my own
but credit depth is what I am looking for with Auth. User.
Iam I wrong with this thinking?
supposedly you are
but try anyway
Ok I’ll give it a shot.. keep u posted. Thanks
Repairing bad credit has not been as big an issue in recent years as it is today. For the last few years, it has been possible to get a credit card or mortgage and improve your lifestyle even with a low credit score.
This is totally true.
If you have a good job, some money as a down payment and your debt to income ratio is really low, then you can buy anything.