- This topic has 12 replies, 6 voices, and was last updated 9 years, 3 months ago by Anonymous.
- May 6, 2011 at 1:09 pm #208033AnonymousInactive
My current credit score is 574. I have been paying my bills on time and haven’t applied for more credit recently. I want to know if this process will take years or months.
I payed off 2 credit cards recently with a loan i obtained. I also payed off another installment loan.
Any idea of the point value on these types of transactions.
- May 7, 2011 at 12:07 am #265603Lee BargerMember
They go by how many opened accounts you have and the balances. If you have opened accounts with 0 balances that is good. Too many new accounts brings the score down. Too many inquiries brings it down whether it is by a creditor or by you. Your credit score can change daily but it will at least take until the next month to show the two accounts have been paid.
My guess is that by next week your score will go up some.
- May 9, 2011 at 12:07 am #268715Wayne LeavittMember
The number one thing that lowers credit is late payments. Only time helps these. The second biggest factor is debt load vs available credit. If you have 30k in debt and 35k in available credit, they see you as overextended, mean while someone with 100k in debt with 1 million in available credit will have a good score. If you get your report from equifax, they have the score power thing where you can simulate your credit score if you say pay off your bills, or pay minimum for 6 months etc.
The best way to increase your credit is pay on time, and pay off bills as much as possible. In time the late payments will diminish, but it takes time.
- May 11, 2011 at 3:47 pm #272624AnonymousInactive
all ur age..
- May 11, 2011 at 3:47 pm #272792AnonymousInactive
all ur age..
- May 11, 2011 at 3:47 pm #272845AnonymousInactive
all ur age..
- May 12, 2011 at 7:21 am #274211Tomoko ChismMember
at least a few months…..get it up to 580 and you can do 100% financing on a home
get it up to 620 and you can get a better interest rate
- May 15, 2011 at 4:29 pm #276215AnonymousInactive
First thing I see wrong is that you BORROWED money to pay off credit cards. DON’T DO THAT. Don’t rob Peter to pay Paul. Thats a habit that will bury you if you continue to do so in the future. You just possibly lowered your score some more. You accomplished nothing by doing that. Now, go ahead and continue paying on that loan for the credit card payoff. It will still help build your credit score in the long run.
Credit card use is good and fine as long as you don’t go in debt more than 1/3 of your available credit limit on a single card and I HIGHLY advise a person to make 2-3 times the monthly payment as often as possible. These 2 actions alone will raise your credit score. You will know without asking as a card company will gradually increase your credit limit. (Thats a positive sign your score is increasing) but don’t go on a spending frenzy with the card(s). Remain cool. I still don’t go over $2000-$2500 in debt on a credit card (with a $12,000 credit limit) for the interest and monthly fees eat you alive nowadays even on that amount.
STEADINESS and CONSISTENCY are the keys to raising your score. For example, long term employment with the SAME employer, living at the SAME physical address a long time, paying ALL bills on time every time, already DEMONSTRATED ability to pay back loans on time every time, with EXTRA payments as often as possible on any loan whether it is by contract (auto, home, etc.) and of course the liquid loans of credit card(s). 1-2 credit cards is enough for anyone. More cards than this with open accounts (even with a zero balance) pulls down your score as these are viewed as available credit and accessable at any given moment. Use the cards you already have ( the 1 or 2 of them) and that has great credit score building power. Jumping around to lower introductory rates and changing cards pulls your score down. Bouncing around is viewed as a form of inconsistency and unstable. Remember 3 words, CONSISTENT and STEADY and DEMONSTRATED. Thats what builds credit scores. Future employers also look at credit scores, it shows character of a particular individual. So credit use and score building and maintenance is an absolute positive thing all people should focus on. The higher the score, the better the risk you are, the LOWER your rates will be on a future loan. There are MANY benefits to increasing that score for anyone. Managing your finances now and paying a little higher interest rate till your scores increase will result in the lower interest rates and higher scores in the future. Months turn into years and scores change with this evidence. Your personal actions determine the course this all takes. Keep a FIRM grip. You will be the winner in the end.
- June 11, 2011 at 3:11 am #438733AnonymousInactive
VA Loan Information: Visit the home page of the VA.
The VA has increased their loan limits! The maximum loan amount in most cases is $ 417,000. The VA also offers some advantages over conventional loans:
Other benefits of a VA Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your VA loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate
GOING TO THIS SITE, IS A MUST:
- June 11, 2011 at 4:04 am #438734AnonymousInactive
– You can get 100% financing with no mortgage insurance which means your entire interest payment is tax deductible.
-You can get approved with less than perfect credit and still get a great rate.
-The current maximum VA loan amount is $ 417,000.
-One of the great benefits of using a VA loan is that you can do the loan with no money down
- June 11, 2011 at 4:22 am #438735AnonymousInactive
I’ve noted the other websites that were listed by my fellow yahoo posters. Therefore, I’d like to explain in more detail the questions you’ve asked –
UNCLE SAM WANTS TO HELP YOU BUY A HOME
The U.S. Government wants for you to own a home and they will go the extra mile to help you afford one. Why? Well, every time one home is built, the effect on the economy is quite significant. Think of all the people involved in the construction of a new home, for instance. Welders, Electricians, Carpenters, Plumbers, Framers, Roofers and others are greatly affected by your choice to purchase a home.
– Little or NO Down Payment
– Uncle Sam has programs like FHA and VA that can help you get into a home with a low down payment, or in some cases, with ZERO down.
– FHA and VA Programs – If you read our mortgage glossary, which is available at , you will discover that FHA stands for ‘Federal Housing Administration’ and that VA stands for ‘Veteran Affairs’. Get familiar with these programs, because they just might be your ticket to the American Dream.
HOW TO DETERMINE IF YOU QUALIFY FOR AN FHA OR VA LOAN
– VA Specifics
– The VA Loan allows active or honorably discharged military personnel to obtain a home loan with 0% Down Payment. In addition, the seller is required to pay a large portion of your loan closing costs!
– Do You Qualify for a VA Loan?
– To determine if you qualify for the VA loan, you simply need to meet the following criteria. First, you must be either active in one of the Armed Forces or an honorably discharged military veteran. Second, you must have reasonable debt-to-income ratio. This means that your current bills (car loan, student loans, bank loans and credit card bills) cannot exceed 41% of your income.
– FHA Specifics – If you don’t qualify for a VA loan, then you should look into an FHA Loan. The FHA Loan Program allows little or no down payment, depending on your circumstances. The largest down payment you may be required to provide is 5% down. In addition, the FHA loan is also very liberal, in that, it allows a 41% debt-to-income ratio (including your mortgage payment), just like the VA Program.
– Do You Qualify for an FHA loan? – If you have proof of employment, a small down payment, and a decent payment history for your other bills in the last two years, you would likely qualify for an FHA Mortgage.
– What if you are Self-Employed? – If you are self-employed, that’s OK too. We will simply need proof of income from your most recent tax returns. If you can provide this, and meet the regular criteria for an FHA loan as listed above, you qualify!
GETTING PRE-APPROVED IS THE SMARTEST MOVE YOU CAN MAKE
In many areas of the country, home sellers won’t even speak with you unless they can confirm that you will qualify for the financing to purchase their home. In addition, you need to make sure you know how much you qualify for so you can avoid wasting time and effort inquiring about homes that are priced above what the lender determines you can afford. Get pre-qualified. It’s fast, easy and best of all AT NO COST!
New! – We are now offering a NO-COST Pre-Approval Service for First-Time Home Buyers. It’s fast, easy and at no cost to you. You’ll get a copy of your credit report, as well as a NO-COST mortgage analysis.
– If you qualify, we’ll provide you with a certificate that you can show to home sellers to prove that you are qualified to purchase their home. We’ll also allow you NO COST Access to our VIP Home Buyer Service, which will allow you to find out about HOT New Listings before even some Realtors find out about them!!
– If you don’t qualify, we’ll be honest and professional, giving you the same respect we would give an A+ credit borrower. We’ll show you why you don’t qualify and then give you a specific plan to follow so that we can provide you with home financing sooner, rather than later.
DON’T WAIT! – TAKE 7 MINUTES AND FILL OUT OUR NO-COST, SECURE ONLINE PRE-APPROVAL FORM.
P.S. – One year from now, you’ll be looking back on this as the best decision you’ve ever made. Start living the American Dream today.
P.P.S – Don’t forget that we are in the business of saying YES. We can’t wait to shake your hand and tell you ‘Congratulations, You’re Approved!’
Simply click here to see if you qualify –
Please let me know if you have any further questions.
- June 11, 2011 at 4:45 am #438736AnonymousInactive
To get a VA loan you have to have served in the military for a minimum of 180 days ( non training ) or be an active member of the reserve or national gaurd for a certain period of time. If you are the latter you have prove membership by having a particular form completed by your unit administrator and signed by yoiur commander verifying your membership. If you are out of the military you will need to go to your local veterans administration office and get a certificate of eligibility which proves that you are ellibible for a VA loan. You hae to have 12 months of clean credit
which means no delinquencies. Talk to your banker , they can give you additional information on the requirements.
- June 11, 2011 at 5:17 am #438737AnonymousInactive
What’s been posted at the official government Veterans Affairs link here provides you with the answers to most of your questions, BUT there are some extra things you ought to know.
1st see this: .
Be advised, however, that in spite of the various advantages like no down payment required and no PMI, a VA loan may not be the best one for your circumstances. Some examples:
(1) It may not be the lowest interest rate. If you have a good score or are eligible for other special programs (many states have first time homebuyer programs with excellent rates) the VA loan might not be the lowest rate.
(2) VA loans can’t be used for buying investment property.
(3) The “no down payment” required isn’t exactly true — the lower your down payment, the more likely a vet will have to pay a funding fee, often up to 2% of the loan amount. This could be as much as 8000 on the current maximum loan amount, on top of other closing costs (see the VA web site for examples).
Bottom line — the VA loan is a nice benefit that in many cases provides a veteran with a better way to finance a home purchase. But the prudent shopper will look at all the choices and decide based on their own personal situation.
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