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How can I get my beacon score up in 6 months to purchase a new home?

I need some serious help here.  I am trying to raise my credit score in 6 months to purchae a home.  My lender has told me to pay everything on my report or negotiate everything in the last 18 months.  I have a ton of medical bills and some items that are not mine.  I started this process a month ago and to date have 5 deletion letters in hand.  My beacon is 503 (terrible). What can I do? And is this realistic to think I can do it in 6 months?  We will be going VA.
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July 04 2012 - Jacksonville
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Hi Mark,

Thank you for the reply.  The issue is that the "Preferred Lender" that we are attempting to use, does not believe in Credit Repair or hiring someone to do credit repair.  The only thing she could tell me was to pay and get things deleted and to get a new line of credit. Thats all.  So getting information from her is like pulling teeth.  I feel like I am in the space and walking blindly without direction.  It is really tough.  I just noticed today that after 5 deletions my score dropped 10 points.  I think that is to be expected, but not really sure.  Please send me an email and tell me what you do to help your clients?

Thanks,

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July 07 2012
Yes this can be done but you are going to need some help. Your lender should have access to a credit building program that is associated with the credit reporting system that they use. It can tell you exactly what you should do to increase your credit score and achieve the goal. This is a huge help and you should take advantage of it. I have clients that were just in the same situation and we were able to raise them up 100 points in about 3 months. I also used a credit reputable consumer credit specialist and you should ask your lender if they have someone that they have worked with in the past that might be able to assist you. More than likely they have and will be able to push you in the right direction. It is going to be a up hill battle for you and the more people that can help the better. You can do this and remember that your builder probably has a preferred lender but there are other options out there too that might be able to help you out with a lower credit score than they actually require. I would start shopping to see who can do a lower credit score just in case you do not hit the mark that they require. All in all you can do this, after all I help people do it every single day...whatever you do don't take no for an answer. Good luck and enjoy your new home !!!
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July 07 2012
If your student loans are late at all, you would benefit from consolidating them and then paying on time. On the forums at myfico there is a section devoted to student loans, maybe you could get a more specific answer there. Consolidating them may also help your debt to income ratios.

I don't know about the rules for VA, but the loan we want (the Native American section 184) has a requirement that we can't have anything late or negative in the 12 months prior to the loan. You may want to explore those elements, since paying an "old" bill can make it "new." All of which makes PFD's even more important.
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July 07 2012
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Hi Cindy,

Thank you for responding.  Six months is our personal goal and the goal set for us by the lender to come back and reapply.  They wanted us to apply first to see what we needed to do.  As far as a positive trade line, I am showing student loans on my account that are all current. The total is $5500. I just applied for a secured credit card and is waiting on the approval from that.

I have also been told to do a student loan consolidation and that would increase the beacon as it would show a current loan. I cannot get my lender or anyone else to explain to me or not if that is a good move... to do the consolidation loan.  I've read that it is not good to move old debt around but to just pay it. I'm so confused about what to do.

Thanks again for your response.  120 increase is great!!!
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July 04 2012
I was able to raise ours about 120 in six months. It sounds like you are doing the right things. But do you have any positive trade lines? That was the real key to getting ours up, we got two secured credit cards, and an installment loan with a CD as collateral. We didn't have much as far as unpaid negatives, but we did pay them. If you still owe, it is very important to negotiate for a paid deletion. I got most of my advice at www.myfico.com

I hope you can do it in six months. What is the reason for the deadline?
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July 04 2012
 
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