Posted on: 20th May, 2010 11:00 am
Ok, I have worked with a mortgage broker since last Nov trying to increase my scores.
He told me to open 2 secured credit cards and use them daily and pay them online daily, leaving a $10 balance.
I only have one other credit card and it's $500 limit.
I have no credit and no debt. I own a home free and clear and I rent it out to tenants.
There is a charge-off from 2005 with Discover for 15K. I have been divorced for 1.5 years and my ex ruined my credit because I trusted him with my bills.
So I applied for a mortgage loan (I'm a first time home buyer and was hoping to get the credit). My broker went through First American Mortgage Trust and I was denied because I had no rental history. Even though over the course of ONE YEAR I managed to save TWICE what my mortgage payment would have been.
So now I am out of contract and lost my tax credit. I'm livid with my broker as he took his time and waited for my credit score to move up (it was at 611 in early March) and he was trying to write my loan in house. I asked him not to wait but he did anyway, and we had to extend the contract (signed in early march) FOUR TIMES!!
It's beyond frustrating. Is there any way for me to gain these last few points so I can get to 620 and go through a normal mortgage company?
I don't have any balances on anything so I can't pay anything down. I was told not to mess with Discover because it's not active and was not really affecting my current score.
My mortgage guy did have software that would simulate a score increase and he could not get it to tell him any way to gain the extra points. But I did not trust the Broker, he was dishonset though and he actually cost me several points by pulling my credit monthly since November!
So if there is any other way to get my score up, please let me know. Do I need more tradelines? Does anyone know a place that will lend to 603 score?
Thanks,
J
He told me to open 2 secured credit cards and use them daily and pay them online daily, leaving a $10 balance.
I only have one other credit card and it's $500 limit.
I have no credit and no debt. I own a home free and clear and I rent it out to tenants.
There is a charge-off from 2005 with Discover for 15K. I have been divorced for 1.5 years and my ex ruined my credit because I trusted him with my bills.
So I applied for a mortgage loan (I'm a first time home buyer and was hoping to get the credit). My broker went through First American Mortgage Trust and I was denied because I had no rental history. Even though over the course of ONE YEAR I managed to save TWICE what my mortgage payment would have been.
So now I am out of contract and lost my tax credit. I'm livid with my broker as he took his time and waited for my credit score to move up (it was at 611 in early March) and he was trying to write my loan in house. I asked him not to wait but he did anyway, and we had to extend the contract (signed in early march) FOUR TIMES!!
It's beyond frustrating. Is there any way for me to gain these last few points so I can get to 620 and go through a normal mortgage company?
I don't have any balances on anything so I can't pay anything down. I was told not to mess with Discover because it's not active and was not really affecting my current score.
My mortgage guy did have software that would simulate a score increase and he could not get it to tell him any way to gain the extra points. But I did not trust the Broker, he was dishonset though and he actually cost me several points by pulling my credit monthly since November!
So if there is any other way to get my score up, please let me know. Do I need more tradelines? Does anyone know a place that will lend to 603 score?
Thanks,
J
Hi jenjen,
Can you tell the balance on your credit card with a limit of $500? If you try getting another card that can lower your score by some points. However, if you take a new card, and perhaps a new store card that can ultimately help you in increasing the score.
Another thing that you can do is get added as an authorized user on any of your relatives account who has a good credit score. This will help you in improving your score.
Thanks,
Sandra
Can you tell the balance on your credit card with a limit of $500? If you try getting another card that can lower your score by some points. However, if you take a new card, and perhaps a new store card that can ultimately help you in increasing the score.
Another thing that you can do is get added as an authorized user on any of your relatives account who has a good credit score. This will help you in improving your score.
Thanks,
Sandra
I have heard about the 'authorized user' trick and my dad has nearly perfect credit but won't it lower his score if he adds me?
I only have 3 credit cards. Two are secured (the broker had me open them in the last 2 month). I Credit Union Master Card secured for $1135 and one Bank of America secured for $800. The Capital One is unsecured and $500 limit but I keep the balances of all of them around $10 so I get points but stay well below 30% of my utilization
I've heard store cards actually hurt your score.
If I could be sure I would not lower my dad's score, I'm sure he would add me as an authorized user. Can anyone verify that they have done this without affecting the higher score person's credit.
I only have 3 credit cards. Two are secured (the broker had me open them in the last 2 month). I Credit Union Master Card secured for $1135 and one Bank of America secured for $800. The Capital One is unsecured and $500 limit but I keep the balances of all of them around $10 so I get points but stay well below 30% of my utilization
I've heard store cards actually hurt your score.
If I could be sure I would not lower my dad's score, I'm sure he would add me as an authorized user. Can anyone verify that they have done this without affecting the higher score person's credit.
There is a sure fire way using a federal law to restore anyones credit.
You father's credit will not be affected in any way by adding you as an authorized user. As soon as he does, and it's reported on your credit reports, you should see a nice boost to your credit scores. Parents and spouses have been doing it for years, and it still works.
You can visit the site in my signature and receive free information that might help. Best of luck.