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So we went to talk to our mortgage broker and we are very close to where he says we need to be to be pre-approved for a home. We want to buy a friends home in January, it is going on the market whether we are ready or not and it would be an ideal home for us and an opportunity to sell our condo. (What we pay in mortgage and condo fees would equal the same in mortgage on this house) My income is enough but my credit took a toll in January of this year.

Basically I need to raise my score at least 55 points as the minimum and 85 points would be the ideal. What is holding me back is my credit card. I need to bring it down at least to be at 30% or lower of the available credit before December. So, the sooner I am able to do it the higher my score can go up.

Does anyone know if that is the only thing holding me back, and I manage to pay that down, how long it will take to raise 55 to 85 points? Also, I need to raise $ 2000 the sooner the better. I am out of ideas as a second job isn’t feasible for me at this time. I am selling a bunch of stuff I have at home I don’t use but I fear it may not be enough. Any ideas??
I should note that the $ 2000 that I am trying to get the sooner the better is to put my cc below 30%. The sooner the better is so that my score can be raised once it is under 30% Any ideas how many points it can go up and in how long?

3 Thoughts on Credit Score question – urgent help!! Money in little time!?
  1. Reply
    Anselmo M
    March 9, 2013 at 7:23 pm

    Good question.

    if you need to bring it down to at least 30% of the limit, you can
    A. Pay it down- or
    B. Raise your credit limit.
    You can call and ask them to raise your credit limit on the credit card and hopefully they will. That will ‘offset’ your debt to high credit ratio.
    You can also apply for a new credit line (don’t use it) to offset your ratio.

    Once you pay it down it usually takes 30 days to reflect the new balance on the credit reports.

    If you have derogatory items on your credit, I would suggest you start disputing some items and hopefully you get some deletions, which will also improve your score. Does some research on credit repair, read some sample letters and take a whack at it.

  2. Reply
    Doctor Deth
    March 9, 2013 at 8:03 pm

    there must be more than just the high credit balance if you are 55-85 points away from “Ideal” – I don;t know of anything that can bring a score up that much that quick, plus if you also need $ 2000 – (is that in addition to the 10% down payment and closing cost money you will need?), and you can’t get a second job, I don;t see how you are going to come up with it., Plus it may take you awhile to sell your condo- condo’s are probably the slowest selling type of housing-4-6 months to sell is really fast for a regular house

  3. Reply
    March 9, 2013 at 8:39 pm

    Look for a bank that does manual underwriting. It’s the way home loans were givin before all the fico score worship. Back when bankruptcy and debt was almost unheard of. Today with fico score lending bankruptcy and debt are out of control.

    “Building credit” is the biggest joke of the 21st century.

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