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Looking to purchase a home but stuck at a 613 Help!!

My husband and I are looking to purchase a home by Feb of next year and we are stuck at a 613, What can we do to improve his score?  How long will it take?
  • April 23 2014 - Griffith
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Answers (6)

Best Answer

You need to talk with a good loan officer who can look at your credit report and tell you what to do in your specific case.

The most important thing to do is always, always, always pay at least the minimum payment when a bill is due.  Send in the payment as soon as you get the bill so you are never late. 

To buy a house and raise your credit score, you need to show that you are worth the risk.  Prove to the lender that you make payments when they are due and each month get a bit closer to being debt free. 

Put yourself on a spending diet... cut back on everything you can so you can pay down your bills.  Cell hones, Cable TV, eating out all use up your cash.  Cut back whatever you can.  $10 here and $20 there adds up quickly to $100/month you can use to pay off your debts.
  • April 23 2014
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Those credit scores should work. The lowest credit scores lenders like myself are able to do, is a score of 580. Since your scores are above 580, then you should have a chance when it comes to credit. Also there are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 24 2014
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A lot of lenders can go down to a 600 FICO . We go down to a 580. I don't understand why you are having an issue with getting pre-approved. Unless something else came up on the credit report.

Having a loan officer (lender) look at your credit report is your next step to see what your options are and come up with a game plan. At least you are doing it this far in advance and not right before you are looking to buy! So good start!

Good luck and best wishes!
-Scott
  • April 24 2014
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Hey Lakenya--- we work with a great loan officer that will sit down with you and show you exactly what you need to do to improve your score.  Sometimes the solutions are rather simple, email me if you would like his contact information.
  • April 24 2014
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Well we started off at a 546 and with a year he was at a 638 but he started applying for credit cards and home loans and his score started to drop.  We also had a period well his credit card balances were high. However its been about two months of  low credit card balances and his score still hasn't budged.  We have always paid our bills on time and by that I mean the new credit cards as well as other bills. I want to add that we do have some past debts that are on his credit report but they were there prior to the score increase. 
  • April 23 2014
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There are a lot of factors. Do you owe money on credit cards? What is the reason for your current credit score?
  • April 23 2014
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