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How can I clean up my credit fast?

I am wanting to buy a house. My wife's credit score is about a 690 but mine is a 580 or so. I do have a few small things that we are only now able to start paying off that are in active collections, and they will be paid in the next 30 days. I have a paid tax lein and another I'm in current payments with and never missed. I have 4 or 5 credit cards where tehy are in my name or I'm on with my wife and they are all paid off now and have never been late. I am trying to see what I can do to try and get my score to at least the minimum to get a loan. Our DTI is great and we can afford up to a $300k home if I can get this credit straightened out. I just had a tough time a couple years back and am finally in a good place but I really don't want to wait another couple years to buy a home.

I called a "credit repair" company who said they would dispute the negative things on my report for me....and I know I could do this but I was thinking they might be better at it than me? I am interested in any thoughts or ideas someone might have. I was a mortgage broker about 8 years ago for a few months and I know that things aren't even CLOSE to what they were then and there's no way to "explain" things to the lender or even get 100% financing any more......which really sucks by the way.
  • January 29 2013 - US
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Answers (4)

Profile picture for Brandon97
At first you should order a copy of your credit report. Check if it contains any mistakes and fix them. As for the credit score then you should do your best to boost your credit. Pay off old debts and try to make your credit history maximally good. In your situation it's necessary to avoid financial mistakes, any wrong step can lesser your chances to get approved for a loan. [Hotlink and promotion removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • February 08 2013
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I've had high success with credit repair companies. You doing the disputes on your own may or may not work out. A good reputable credit repair company knows the laws, lingos, credit bureau processes.  The more you get it cleaned up the better you'll be!
  • February 01 2013
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Only way to know for sure is for me to run our credit analyzer. It tells us "if you do A, B & C, your score will go up X points". A credit repair company will charge you a few hundred for basically the same thing we can do for free. We get paid when we close loans.
  • January 29 2013
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We have a credit rescore processes that takes about a week once I have your doc's.   Usually just paying down credit cards will net you 20-40 points.   Removing collections vs paying them off is best as the damage has already been done when a collection hits your account, paid or unpaid.    I would be happy to do a rescore scenario for you today, to see what your options are.  No cost to you of course.  Contact me through my profile. I think you are really really close with what you have done so far.

  • January 29 2013
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