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I am a first year teacher who has always dreamed of having her own home. I know the home I want and it costs around $ 100,000. My annual income is a little over $ 30,000. I have student loans that I’m repaying. My credit score is around 610 – 620. I also have a car that I’m paying for. Right now I am looking for some land to build the home on, but what I want to know is what can I do in the meantime to get my credit score on up to improve my chances of getting a loan and better yet, a good interest rate?

6 Thoughts on What do I need to do to improve my credit?
  1. Reply
    Scott
    March 12, 2013 at 8:13 pm

    Couple of things.

    First, get yourself a secured credit card. A good one can be gotten from Bank of America or HSBC.

    When you’re ready to buy a home, look to Bank of America for a mortgage. They offer 100% financing (zero down) mortgages for teachers.

    USE your credit card, but pay it off each month. It will help you build up your credit score.

    good luck!

  2. Reply
    fly_your_flag_high
    March 12, 2013 at 8:26 pm

    Get credit cards and pay them off.

  3. Reply
    preash70
    March 12, 2013 at 8:37 pm

    Start off with a store credit card. Make the monthly payments…EI do not pay it off each month. This will help to establish you credit and improve your score.

  4. Reply
    bobmustang_1999
    March 12, 2013 at 9:06 pm

    I am 23, I bought my first home about a year and a half ago, my credit was 790+ my rate was 4.95 The bigest thing you can do is not to anything. Do not open new accounts, do not have your credit checked. Each time you check your credit it goes down about 5-10 points. Each time you apply for new credit it lowers your debt to income ratio. The best way to improving your credit is paying everything on time, and paying it off. It will probably take about a year to improve your score where banks will want your business. And when your ready, I used lending tree.com they gave me 5 offers and I used them against each other till I got my best deal.

  5. Reply
    r286my
    March 12, 2013 at 9:34 pm

    1 Pay your bills on time
    2 pull your credit report and find out why youre in the low 600s
    3 correct any errors or mistakes
    4 if you can’t make the minimum payment call your creditor and explain the problem, they can adjust things so your credit report doesn’t get swatted.
    5 see a credit counselor for professional advice

  6. Reply
    buddygann
    March 12, 2013 at 9:43 pm

    If you want improve your credit score. Do pay in full with your any credit cards and balance at zero. You get raise the score quick. That what I did all the time. I have 610 in past and I paid 6 credit cards in full, Balance are zero. I received 734 scores!!!!!!!

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