What to do by February- already on a good track

Tips and Deals Forums Consumer Credit Improve credit What to do by February- already on a good track

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    • #230028
      dealpal
      Keymaster

      Ok scenario- *

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      Working our butts off to improve scores- then hubby got laid off. *We were planning on moving end of the year. *However that all went on hold as we were using unemployment to survive- obviously stopped knocking off our baddies etc. *Now we are in a position where we need to get moved from our current rental by February.

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      SOOOO- *We were approved with a mortgage company (despite our scores being just under 600 stil.) *Husband now has 2 jobs- including mine- so the income is there- just our horrible scores. *Anyways- The stuff left on our reports are old collection accounts are medical bills- which I haven’t had time to go after yet- but it’s my plan in the next 2 weeks. *I have a judgement that is no longer valid that I am trying to have removed, because it shouldn’t be on my report- that should help my score once it goes.

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      Husband was late a month of 2 of his student loans when he was laid off (went 4 weeks without income until his unemployment came) so his score is actually sitting at 512 right now. *OUCH. *So we were approved for a small mortgage- however they told us we needed 35% downpayment. *Fine. *

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      So my question is this- *we have to be out of here by February and get a new place to live. *With our current savings plan, we will have the 35% down payment saved up by February. * He obviously has a recent (3 months ago) 30 day late- but we are going to get the medical stuff taken care of by Feb.-which should help bring scores up. *The score simulators we’ve tried have all said we need revolving accounts- because aside from his student loans- we have NO current loans or credit cards. *Since we were already approved- even with the bad scores- I don’t want to screw them up so we don’t get approved come February. *But we obviously would like to continue to raise our scores- so hopefully we will be eligble for another program or less than 35% downpayment. *What is your advice on credit cards? *If we were to get a couple secured/pre-paid would they be helping our score by February (assuming we keep total UTI under 9% and pay them on time etc..) ? *I’ve often heard that getting a CC or having the inquiries on your CR will lower the score- *which is something we don’t want if it will still be lower in February.

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      Suggestions- we really really don’t want to have to rent again. *

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