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Today you need a minimum score of 640; sometimes more depending on the type of loan. You credit history is an inidication of how likely you are to repay your loan in full and in time. The question is, why is your fico low? Debt to income ratio? Spend less and pay off your debts. Keep credit cards at about 50% or less dont stop using one and charging another 100%. not sure why but this gives you extra points. Don't close any credit cards or lines of credit this decreases your debt to credit ratio. Review your credit carefully and pay collections, write letters of explanation , etc.. Don'st ask for credit from any one as denials take points off and don't get into any more debts. It is crucial that you look into your situation and talk to a loan officer. There are many things that you can do to improve your credit rating and your situation. I worked with clients that didn't have a rating period and brought them to have a decent rating to buy in 4-6 months . This all depends in what situation have brought your credit down some can be improved in a few months others take longer; You can aslo try to get a cosigner that has a better situation to help you qualify. The cosigner needs to understand his resposibilities clearly. I work closely with several loan oficers that can tell you exactly what is wrong and what steps to take. So a loan officer is the way to go. . Definetely talk to a good loan officer. I can recommend one.
Q.How will your program affect my credit or credit score?A.When entering the Debt Management Program, you will be advised to close all of your open lines of unsecured credit, so that you will not incur any new debt while trying to solve your current debt problems. Initially, this may cause a drop in your credit score. However, you can expect your credit score to improve on the debt management program if you follow the rules of the program, do not open any new debt, and commit to making on-time payments. The combination of on-time payment and a reduction in total debt will have a positive impact on your score.
A handful of creditors will report, or continue to report, an account in a debt management plan as delinquent, until the balance is paid-in-full. This could have a negative impact on your credit. While you are on the program, some creditors may contact the credit bureaus and place a notation on your report indicating that you're going through credit counseling. This is a neutral notation that does not affect your credit score, which is what most lenders use to determine creditworthiness. The way this notation is viewed by individual creditors varies. Some creditors may view the "CC" notation as a negative, when making a decision to extend new credit; however, you are strongly advised against opening any new lines of credit while participating in the program, as your ultimate goal is to become debt-free.
The CC notation is usually removed by the creditors when you complete or terminate the program and, if it is not, you may contact the credit bureaus to have the inaccurate information removed. We recommend that you review your credit report approximately 60 days after completion/termination of the program, to ensure that all information is being accurately reported.So just so we all understand..CCC is going to close your credit card accounts, won't allow you to open new accounts while in the program, and report to the bureaus that those specific accounts are IN the program (debt management).This WILL help you out of debt, but will absolutely KILL your credit score. I just wanted to make that clear.So to help myduffey, who needs to REBUILD his/her credit, CCC has nothing for you. You need to establish credit. Throwing out info like CCC will help everyone for free with their credit is BAD advice. It helps to speak with a Board Certified Credit Expert such as myself.
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