Posted on: 18th Sep, 2009 10:58 pm
My husband has a middle credit score of 604 and our bank says it needs to be 620 to get our home loan. We have paid off all negative accounts from his past, and done everything possible to raise it. I added him as an authorized user to my oldest credit card and it bumped it up a few points but not much. On his credit we have a car loan, 3 loans from small loan companies, and now my credit card. My card only has a limit of 200 dollars, and its usually to the max and I just pay the min payment. After reading about credit to debt ratio being so important we paid it down so that it now has a balance of 20 dollars in hopes it would bump it up that extra 16 points. When I seen it hadnt I emailed Chase and they said they reported on the 23rd. Now that I look on his credit reports, it only shows last months balance on one. It says not reported on the others. On the 23rd, do you think this will bring his scores up still? And if so, should it bring it up atleast 16 points? If you dont believe so, do you know anything we could do to gain those remaining 16? We would really like to be able to take advantage of this tax credit, 2 months left to do it after trying all year long and to think we probably wont over 16 points is very frustrating. :(
Also my husband has been with his job 6 years, is a supervisor, and makes an average salary of around 60K a year which is pretty good for our area. Doesnt that count for anything when applying for the loan?
to jump 16 points based on one credit card's reporting is a slim chance, honestly. it may take another month or two, as scores are also much related to longevity of credit. another month's payments being shown by your creditors will help, and two months will help even more. it's hard to say with absolute certainty - other elements of your credit score are also at work at the same time (inquiries, and even a failure by a creditor to report on schedule for some reason).
don't get disappointed - it might take longer than you desire, but as long as it's increasing, that's favorable.
yes, his job stability and salary count in general, but unless he attains that 620 score, it won't have any impact.
don't get disappointed - it might take longer than you desire, but as long as it's increasing, that's favorable.
yes, his job stability and salary count in general, but unless he attains that 620 score, it won't have any impact.
some tips are given below:
Payment History Tips
Pay your bills on time.
If you have missed payments, try to be current and stay current.
Be aware that paying off a collection account will not remove it from your credit report.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
Amounts Owed Tips
Keep balances low on credit cards and other “revolving creditâ€.
Pay off debt rather than moving it around.
Don't close unused credit cards as a short-term strategy to raise your score.
Don't open a number of new credit cards that you don't need, just to increase your available credit.
Length of Credit History Tips
If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.
New Credit Tips
Do your rate shopping for a given loan within a focused period of time.
Re-establish your credit history if you have had problems.
Note that it's OK to request and check your own credit report.
Get copies of your credit report from www.annualcreditreport.com & make sure the information is correct.
Types of Credit Use Tips
Apply for and open new credit accounts only as needed.
Have credit cards - but manage them responsibly.
Note that closing an account doesn't make it go away.
Payment History Tips
Pay your bills on time.
If you have missed payments, try to be current and stay current.
Be aware that paying off a collection account will not remove it from your credit report.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
Amounts Owed Tips
Keep balances low on credit cards and other “revolving creditâ€.
Pay off debt rather than moving it around.
Don't close unused credit cards as a short-term strategy to raise your score.
Don't open a number of new credit cards that you don't need, just to increase your available credit.
Length of Credit History Tips
If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.
New Credit Tips
Do your rate shopping for a given loan within a focused period of time.
Re-establish your credit history if you have had problems.
Note that it's OK to request and check your own credit report.
Get copies of your credit report from www.annualcreditreport.com & make sure the information is correct.
Types of Credit Use Tips
Apply for and open new credit accounts only as needed.
Have credit cards - but manage them responsibly.
Note that closing an account doesn't make it go away.