Profile picture for mums10

I have a bankrupty from 2003 on my report and a car that was repossed in my name I cosigned on.

I have a condo that I will be buying in Jan 2013 I will be buying. What can i do to get my score higher between now and then? I realize that the bankrupty doesn't come off until March 2013 and the car that I cosigned on from my daughter that was repossed in 2009 has pulled my score down in the mid 560 range. I have this condo I did owner financing with for 2 years and ends 2/2013 with him and then I need to get mortgate loan myself. what are my options? I am in hopes that my condo will increase in value between now and then. Thank you! Kim
  • November 18 2011 - Charleston
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

I would recommend checking your current credit report as you must have done recently knowing your score. If you have negative information that is incorrect you can write the reporting agency and dispute that. It does happen more often than you would think. Next is to look at debts. If you have cards with balances pay them off and do not use them, or pay them down to below 33%. Look into Dave Ramsey, he is a financial advisor that has excellent advice on how to manage finances and credit. I would not open any new lines of credit at all and do not get a car loan etc. If you have a car loan it may be best to consider selling it in favor of paying it off if possible and getting into something paid off for the duration. Your debt to income is going to come into play and your really in a tight spot with that score and the limited time. I would contact a reputable local lender and they should be able to work with you on what you need to do to get qualified. The earlier you start working with them the better.
Best of luck!
  • March 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are numerous "tricks" that credit counselors use to help their clients increase their FICO scores.  The first thing you could do is pull your free credit report from online, and see what else falls under a derogatory account.  Focus on those first, that are currently being reported.  (It will say report date, and if this is not current, do not mess with it - move to the next). Next, choose which debts you will tackle.  It is easy to begin with cards with small balances, and then work you way up.  Also, keep credit cards less than 2/3 maxed out.   For more tips, look me up and give me a call.  I would be happy to help.
  • March 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am not a financial advisor but I have heard that it might be beneficial to get a prepaid Visa or Mastercard and use it wisely and pay it down each month.
  • November 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.