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Will our credit score jump once a bankruptcy and lien fall off this year?

My husbands credit score is a 543 i have tried so hard to improve it paying off recent debts settling taxes etc. But we really need a 600 to do anything house car etc. Would bumping his credit help? Is there a way to remove things from his credit early that have been charged off or no?
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May 15 2013 - Lancaster
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Answers (2)

It's hard to give you an answer, but here are a few tips to help you understand credit scoring.  If you are trying to increase your credit score, you should not payoff good open credit lines.  Your goal should be to maintain your credit limit on all revolving debt to a maximum of 33% of the credit limit.  By reducing the balance to 33% will instantly increase your credit score.  Paying off and closing a good credit line has a negative impact on your credit score.

A Bankruptcy filing stays on your credit report for 10 years and once it drops off it will not have an immediate impact on your credit.  Just note lenders will start lending 2 years after a bankruptcy has been discharged.

If your husband's credit report is still impacted by the negative items that was discharged in the bankruptcy, you must updated his report with all three credit bureaus to show they were included in the bankruptcy.

I suggest you work with a mortgage professional that can review your credit report and give you tips on how to improve your credit.  They may be associated with a company that can do a rapid rescore on your credit.

I hope this helps.
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May 15 2013
Hi,

It's so hard to say what the total impact to credit is or would be.

You've paid off and updated so many accounts it sounds. The positive affects are that you've paid/updated the balance on accocunts. The possible negative affect is that you've updated dates. If you've updated really old dates to current dates that's a negative affect. That's because you've taken something from the past and have now brought that current. So what the total overall affect to credit from everything you've done I think would be difficult for one to say, in my opinion.

If you have a consumer report that you're basing your scores off of, that'll be a little different than what I would pull as a lender. (Not a lot but some.) If you pulled the scores after you paid everything and after everything has been updated then it may be a matter of time. Let the age build up from each negative item. The longer the better.

Removing things? You can ask/work with a credit repair company and they may be able to help. I recommend one that will refund your money if they don't perform (you have to do your part too). You can find the company info on my facebook page: http://www.facebook.com/kimlawsonloanofficer If the link doesn't go through, check my profile and send me an email. I'll get you the information.

Your comment on score. You 'could' do something with a 530 score if you have sufficient assets. 600 really isn't much different than a 530 so far as the loan products that are offered. 620 is the next benchmark. However, if you need to use non-traditional credit, if you do not have a housing history that can be verified, the 620 is much like the 530 too except you'll be offered a little better loan price adjustments towards your interest rate.  The next benchmark is a 640 score. Which opens doors to many more options and better pricing/adjustments yet.

If you find you have further questions or need further assistance you can find my contact information in my profile.

Regards,
Kim Lawson
Licensed Ohio Mortgage Loan Originator
(Licensing and contact information is located in my profile.)
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May 15 2013
 
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Will our credit score jump once a bankruptcy and lien fall off this year?
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