Posted on: 17th Jun, 2010 09:52 pm
My husband and I went through a short sale on our home Feb. 2008. We are have been renting a home since and trying to restore our good credit score. However, I'm not sure where we're at and have been told not to check it because it will only hurt our score. How do I find out my score without it negatively effecting it. What is a good debt to income ration? What are some tips to quickly getting our credit score back to a "good" standing and when can we plan on purchasing a home again? Lots of questions....thanks for your help.
Hi lakergirl,
You will have to contact the credit bureaus and apply for a credit report in order to know your credit scores. Not all credit inquires will have a negative affect on your credit score. As you're applying for a credit check to know your credit score, it will be considered as a soft inquiry and won't affect your scores. In case of a conventional loan, the required debt to income ratio is 28/36. For FHA loans, the limit is 31/43.
You can check out the given page in order to know some steps/tips to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Take care.
You will have to contact the credit bureaus and apply for a credit report in order to know your credit scores. Not all credit inquires will have a negative affect on your credit score. As you're applying for a credit check to know your credit score, it will be considered as a soft inquiry and won't affect your scores. In case of a conventional loan, the required debt to income ratio is 28/36. For FHA loans, the limit is 31/43.
You can check out the given page in order to know some steps/tips to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Take care.
Being concerned what your credit score is exactly is a practice in futility right now as know matter if it was 850 you would not qualify due to the short sale on your credit history. For FHA you will need at least 3 years seasonning. For conventional even longer.
Conventional bottom debt ration has recenty been capped at 45%. FHA we've see run thorugh the AU upwards 55% with strengths in all other aspects of the loan file.
Conventional bottom debt ration has recenty been capped at 45%. FHA we've see run thorugh the AU upwards 55% with strengths in all other aspects of the loan file.
ration=ratio
Also, it definitely would be worth your time to go to freeannualcreditreport.com not so much to see the score but to make sure all accounts are being reported correctly and no bad information from the past is lingering.
Also, it definitely would be worth your time to go to freeannualcreditreport.com not so much to see the score but to make sure all accounts are being reported correctly and no bad information from the past is lingering.