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What can I do to get my credit score to 760?

I have only taken out one loan, ever. I took it out Oct 2009, for $14,000. Through school and Direct Loans, I received the loan. They will have me begin paying my loan back 6 months after my graduation date, which was June 24, 2011. I have a great interest rate and my payments will be at a fixed amount of $165/mo. I do not have any other debts and have only had one debt that was paid off 2 yrs ago. What can I do to raise my credit score and get approved to buy my first home? Also, my fiance and I want to look into the option of both our names being on the loan and home ownership, we will be getting married soon. He has approx $4000 in debt and it will be paid off within several months. Thank you for your time and help!

Stephanie
  • August 26 2011 - Tulsa
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Answers (6)

Profile picture for sugarfyne
I do not have any credit cards, nor have I EVER had a credit card. My fiance and I have a Philips 66 gas card with a $500 limit. Other than that, just my school loan, that is easily paid for. I heard I will have to have at least 10% of my down payment, regardless. I guess it best to speak to a financial adviser or lender?? All I care to do is improve my credit score and qualify for the option to buy my FIRST home. I have always paid cash for everything but never built credit. I can do the down payment up to 20% but would definitely love to build my credit so I feel more secure with unknown events of the future. I may need to rely on making payments instead of paying cash for things in my future. Just need a very straight forward, effective and if possible, fast approach to this goal. Everyone has great answers! Thanks for taking the time! :) I haven't had a history of any debts above $17, at the age of 18. I want to take my no credit history to a fastly approved credit score.
  • August 27 2011
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Hello,
Assuming that ALL you are interested in is a straight answer to your question and not a marketing pitch from a lender, you need to buy a book by Al Bingham entitled "The Road to 850."   After reading that book you will understand EXACTLY what drives your score.  And it is FAR more complex than the answers you can get online like this - it truly takes a book to spell it out.  That's no put-down to others who are answering you here - as far as I can see, all of their responses are correct, as far as they go.  
 
On the other hand, if your motivation is entirely about getting a mortgage, then those who have told you to contact one or more lenders are entirely correct, and you don't necessarily need to concern yourself with reaching a specific FICO score.  (Plus, as you will learn in the book, the FICO scores you can get from Equifax, TransUnion and Experian are just marketing cash generators for them.  Their scores are only close to what your score is - but that is why if you get a score from all three they are not the same.)  
 
Sorry for editorializing, I sincerely hope this helps.
  • August 26 2011
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First you will qualify for most loans with 640. To include your wife or not have to be dicided based on her fico and her income and debt ratio. Your loan officer will tell you how you will do better.
To have a higher fico you need at least 3 avtive  traditional credit lines.
Credit cards loans etc.
If you dont have them then try to get one as soon as possible use it and pay it never use more than 30% of the credit line. If you cannot get a traditional creit card get a secure credit card. BoA is one that I know that provides them.  Also a credit card from a gas com and a credit car from a store like lowes or home depot.
 You will have to have them and use them and pay them for a couple of months before you see results. The last two have less requirements to approve.A good loan officer will be the best one to help you decide if you need to get beter credit or not and if your wife should be included or not! .Good luck. 
  • August 26 2011
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Stephanie,

Lenders use the lowest FICO middle score of all borrowers. You didn't mention what either of your scores are. I doubt you will need a 760. Seek out a loan officer and get preapproved.

Happy funding, Rudi
  • August 26 2011
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After reading  your situation, I think depending on your current employment status you should be able to qualify for these first time home buyer programs.

Call me! 239-424-0133
  • August 26 2011
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Good Questions!

The first thing that you have to do is review your outstanding credit. You have to pay consistantly. That floats the numbers up over time. You need to work on paying down your credit cards that are maxed out. If you owe $4990 on a $5000 credit limit. People with the highest credit scores have the highest credit limits with the with the least outstanding debt.

As a first time home buyer there are several programs that do not require a 760 score.

Please contact me at susan@gulfaccesrealty.com so that I can provide you with information to get you going.

Have a great day!

Susan Burhoe
Broker
www.gulfaccessrealty.com
  • August 26 2011
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