How can you improve your credit score?

Tips and Deals Forums Improving Your Credit Score How can you improve your credit score?

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    • #205493
      Anonymous
      Inactive

      If you buy a prepaid debit card, and pay your bills with that card, does that improve your credit score?

    • #263928

      Open accounts that report to the credit bureaus:

      Pay off debt:

      Delete negative items:

    • #279784
      Anonymous
      Inactive

      Keep all your credit cards below 50% of the available balance.

      I was surprised to find when we refinanced our home that and balance on a line of credit above 50% actually goes against your credit score! Who knew?

    • #279878
      Anonymous
      Inactive

      Keep all your credit cards below 50% of the available balance.

      I was surprised to find when we refinanced our home that and balance on a line of credit above 50% actually goes against your credit score! Who knew?

    • #431666
      Anonymous
      Inactive

      I actually am rather fit to answer that question as I’m refinancing into an FHA myself right now.

      The minimum credit score for FHA is 600. You may find SOME more liberal companies that can push it to 580, but other than that, you’re honestly out of luck.

      Also, to get an FHA, you’d probably be required to get enough cash out of your equity to pay off any debts in collections – I’m only speculating here, but if you’re at a 530, I’d imagine there may be more dollars in collection than there are in equity.

      I wish you good luck, and if you click the e-mail link in my profile, I can refer you to some AWESOME FHA brokers, but honestly, I wouldn’t get your hopes up.

      I only was able to get 12% two years ago (in a MUCH BETTER lending market) with a 549, hence why I’m refiing now.

      The one thing you have on your side is the amount of “bailout’ legislation due to the “sub-prime” crisis – look into it, I think the gov may be FORCING banks to work with lenders who are haveing trouble affording their mortgages.

    • #431667
      Anonymous
      Inactive

      If you cannot make your payments on a 40-year conventional loan, what makes you think that the payments will be any lower for an FHA loan? They won’t.

      A 40-year loan has just about the lowest payment arrangement possible. If you can’t afford that, you probably have a house that is too expensive for you. I recommend looking for a cheaper house and selling the one you’ve got. Getting an FHA loan will not change the payment terms at all. It just changes who “insures” your loan in case you default (stop making your payments).

      You’ll sleep much better with a home that you can actually afford. Don’t listen to “hype” that lead you to believe that there’s a “silver bullet” (like FHA). There are no silver bullets and there is no free lunch. Any lender expects you to pay back the loan according to the terms. They will set the interest rate according to the amount of risk that you take.

      Good luck!

    • #289926
      Anonymous
      Inactive

      Surely it will. A credit card would be better though. It shows that you can borrow money and pay it back on time.

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