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how can I improve my credit? I have a few negative items, such as a student loan, it has been paid o

  • September 13 2013 - Kansas City
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Answers (7)

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  • September 17 2013
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Just because you have debt (like student loans) to pay off, it doesn't necessarily mean you have bad credit. If you pay them off late and not on time then that can get you bad credit. he most effective way to fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score. I would recommend that you speak with a lender like myself so that we can try to help you out with more of your financial details and point you in the right direction.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me.

Good Luck!
  • September 13 2013
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Credit cards have the balances have the biggest quick impact that you can change.
  • September 13 2013
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Profile picture for BettySmiley
Are there any specific lenders you would suggest? My credit score is around 630 and my fiancés credit score is about 690. We do have revolving credit and installment credit. We are first time home buyers, we don't have much of a down payment but we are saving out of each check.
  • September 13 2013
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My suggestion is:

1. make sure you pay all revolving and installment debt on time
2.  try to get your revolving debt paid down to 10% of the limit (and if you will be using them make sure to stay under 30% of the limit)
3. if you currently have any collections or judments DON"T pay them off.  I know this does not sound correct.  but if you pay them off the reporting agencys will only see new activity on a collection or judment account.  Increase your score first, and if they need to be paid off then pay them at closing after you have made application. 

I hope this helps.
  • September 13 2013
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Hi Betty,

If you are wanting to purchase a home, I would suggest meeting with a local lender to go over your credit report to determine if you currently qualify for a home loan or if you need to make some improvements to your credit.  The lender will be able to give you advice based on your specific credit report to see what changes you can make to best improve your chances of qualifying for a mortgage.  I would also suggest reading a book such as "The Credit Repair Black Book" and employing some of the suggestions in there.  There are also some monthly fee services which will send correspondence and take other action on your behalf to improve your credit score and remove negative items from your credit report.  Please feel free to contact me if you have any questions or would like names of local lenders, etc.  Best of luck with your search!

Tricia Nibarger
Realtor, Platinum Realty
  • September 13 2013
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Pay all of your time on time and reduce your revolving debt (credit cards) to 30% of their outstanding balances and that will increase your scores.
  • September 13 2013
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