Another Credit score question

Dino679 · Joined: 04 Aug 2005 Posts: 9 Location: ny

Hello, found out today my middle score is a low 546,...I was recently approved for a 90% LTV $140k 9.6 % mortgage (which I declined) I actually have 6-7mths before I actually need to transfer jobs, what I was wondering in that much time how much can I improve my credit score to get a 100% LTV and lower interest rate, I have a current car loan that was originally 17k, now down to about 12k and a small credit card 350$ credit line with about a $225 balance at the time they pulled my reports...In Feburary I have a public record being dropped from my report and I had a BK chapt 7 9mths ago...according to most credit scoring balance owed (ratio) is 35% of score, so do I double up payments on car for the next 6mths...any advice would be appreciated....thanks.........

m2c · Joined: 03 Aug 2005 Posts: 764

Look at your "reason codes". They should be listed under your FICO scores on the score disclosure letter you received or ditto if you were supplied with a full credit report.

Codes will give you clues and repositories will do simulations. My guess is that Ch 7 is weighing HEAVILY. Past history – nothing you can do about that and only time will heal. On the conforming side I suspect expanded level is all you can hope for and vicious MI rate.

A broker who uses First Franklin as a wholesale outlet may be you best choice – 80-20 might work. HIGH closing costs and you’ll probably be sold a 2/28 with PPP. Not all that bad. You’ve made some mistakes; now is time to pay the piper. I’d waiting until you get closer to your move date.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

besides staying as current as possible on all your credit....you need to have a min of 2 tradelines reporting (crdit cards)..once you open one it does not post postively for 6 months and one day.....you need to keep the balances on those cards below 45%...for example if you have a 500 credit limit..never have more then 200 on it...the last thing you can do as a final option is right before you go for your loan..find a trusted friend or family member add you as a authorized user to 1-2 of there cards like discover,sears, or major credit card...you do not have to use the card but when they add you they have to ask for your social security number and DOB or it wont work...the next month when those agencys report..it will also report to your credit as having 2 great cards for a period of time with great credit history on them, which in turn will bump your score usually by 100 points or more for a short period of time hence allowing you to get a good loan. Once you get your loan have that person then remove you as a authorized user. (store credit cards like kmart,kauffmans etc don't work because they will not ask for your important info and in turn they wont post to your credit .....any questions feel free to email me..hoke06040@aol.com

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Bec knows a lot a bout credit, good person to ask some questions of if you wanna get the nitty gritty. She's also got some good credit contacts if I remember correctly :)

chow · Posted: Tue Aug 16, 2005 10:25 pm Post subject:

We also have a guy who runs by on occassion, with a little "Tigger" picture, who's pretty good, he's an AE with a national lender. Let me go look him up. I can come back with an edit to this and a link to his information. Becca is a good. I have a post around here on one other forums about "Tigger" passing away. It was just the gentleman who did the voice, but his memory lives on.....

Garner some good opinions and go from there. Good Luck! Remember, most creditor don't report in until the 10th of the month after you paid your balance down....Hang around, Let's learn a little!

Dino679 · Joined: 04 Aug 2005 Posts: 9 Location: ny

..find a trusted friend or family member add you as a authorized user to 1-2 of there cards like discover,sears, or major credit card...you do not have to use the card but when they add you they have to ask for your social security number and DOB or it wont work...the next month when those agencys report..it will also report to your credit as having 2 great cards for a period of time with great credit history on them, which in turn will bump your score usually by 100 points or more for a short period of time hence allowing you to get a good loan. Once you get your loan have that person then remove you as a authorized user. (store credit cards like kmart,kauffmans etc don't work because they will not ask for your important info and in turn they wont post to your credit .....any questions feel free to email me..hoke06040@aol.com[/quote]

Good call, My mother in law has 800+ fico she never pays interest has only the best platinum cards out there...I can possibly ask her to add me on as an Authorized user, but by default wont they mail out a card?..Father in law and I don't get along well and he would have a prob w/this....but I will ask. :oops: ..........thanks!!

justin333 · Joined: 13 Aug 2005 Posts: 15 Location: connecticut

How do you get an 800 fico score?

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

hmmmmm, sorry becca...I hit wrong button! :wink:

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Maybe I read what you said incorrectly Bec.

I thought on credit that it was you can have as many in a 2 week period (mortgage or auto related) that they counted as 1, not that it was counted as if done every 2 weeks?

That's been my experience anyway...

chow · Posted: Wed Aug 17, 2005 3:40 pm Post subject:

Becca, basically stated to get a 800 score, you need a long history of several tradelines, and good payment history. She said 15-20 years worth.

I took mine from a "nothing score" at 30 yrs of age-to 800 in one yr at 32 yrs of age. At one time, when we refinanced a few years ago, I was over 850-and up to 910. (because I had no credit when I was young-due to a living situation of not needing any-I was basically a Missionary-my scores were tanked, but I had no bad credit-just OLD, PAID credit.)

I don't think it's all the long term loans. I had a few along the way while I was young, just nothing major. Mortgage Loans- do help! I basically pay all of my bills off every month, and carry only big payments like auto's and homes.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

you are right haplo..my bad..i was typing faster then what i was reading..it is as many as you can in two weeks will be cancelled out...after that it counts as another hit.....

the reason i say a long history...is people worry to much about having a 800 score when one doesnt really need a score that high to have great credit..but the longer you have your accounts the better your score will get...the length of history plays a big part...if you have a credit card for 1 year compared to 5 years..big difference....

justin333 · Joined: 13 Aug 2005 Posts: 15 Location: connecticut

Yeah, my score is 735 right now, but i can remeber when it was in the 400. My credit card debt now is $244 on one card that has a limit of $9300

Dino679 · Joined: 04 Aug 2005 Posts: 9 Location: ny

Well, another day or so we will ask my mother in law, So if this works, I will have her add me on her At&t platnium account which she had for more than 5yrs her credit line last time we chatted about credit was $16k, like I said she never pays interest so I know her balance will be low....about 30 days or so on my CR's it will show the 5yr length, credit limit etc?....this should boost my current mid score 546 up to hopefully 600 so I can purchase my home at 100% with at better interest rate...hope this works.!

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Keep in mind that the impact of one item can be less or more depending on your overall profile. If you have a lot of credit items then it will impact you a lot less than it would for someone who had very few.

chow · Posted: Thu Aug 18, 2005 3:43 pm Post subject:

Dino679 wrote: Well, another day or so we will ask my mother in law, So if this works, I will have her add me on her At&t platnium account which she had for more than 5yrs her credit line last time we chatted about credit was $16k, like I said she never pays interest so I know her balance will be low....about 30 days or so on my CR's it will show the 5yr length, credit limit etc?....this should boost my current mid score 546 up to hopefully 600 so I can purchase my home at 100% with at better interest rate...hope this works.!

ahhhh, You're just an "authorized buyer",

There is nothing more important than acually rebuilding you credit-ON YOUR OWN.

You Own that credit, you built that credit, and it's up to YOU-to keep that credit.

It's Just like buying a home. You need to take care of it, you need to keep it up, maintain it. Then how about kids? You need to care for them too.

It's all about being-responsible. It's a simple word, and concept.

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