Profile picture for cardsarekev

wife has a 639 score and i have a 585

wife has a 639 score and i have a 585, i have 2 bills in collection one from hospital and another a cell phone. When i pay these what else should i try i have credit cards that all are paid on time and some are as old as 60 months with all 1 across. also have a car loan and a personal loan withc the personal will be paid off in 2 months. trying to get our frist mortgage
  • March 23 2011 - Philadelphia
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Answers (7)

Creating good credit history is also important.  Sometimes clients have dormant cards with zero balances.  A credit review program often times advises to wake up dormant cards at zero balances by charging 10 dollars on the accounts when there is limited number of trades and activity.  A credit specialist would be the best person to talk to ensure that you are improving it from all angles without doing more damage by guessing what to do.

  • March 28 2011
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The fastest way to raise scores or re establish credit is to look at your "borrowing power"  If you have any revolving credit cards, pay them down to 10% of the available credit limit.  This frees up borrowing power and automatically optimizes the scores.  If you do not have any credit cards, then first step is to apply for a "secured card"  DO NOT MAX OUT this card if you get one.  By charging 10% of the limit of the card one time per month and paying the balance in full when the statement comes in, you will start re establishing credit. 
Any disputes should immediately be removed from credit and any slow payments need about 6-12 months seasoning to optimize FICO scores!

Leave all old (24 months) accounts alone and pay off or settle any recent collections.
good luck!!
  • March 26 2011
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Profile picture for Dan Tabit
I would start by seeing what you could accomplish with some credit repair.  Before you pay off the collections, so some homework. In some cases paying those off may do more harm to your score than good.  (I'm not saying don't pay, you may want to wait until you get your score up and the lender requests it as a condition or ignores it.)
I've worked as a lender with my credit report supplier doing a "Rapid Rescore."  They examine your report, determine if they can improve your score legitimately, tell you what they need and when you supply the supporting documentation get nearly immediate improvement. 
Ask your lender if they are familiar with this, or to look into it for you.  You may be able to buy sooner than you think.
  • March 23 2011
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Profile picture for cardsarekev
we tired to be preapproved and wasn't my wife was approve by herself but snice her name is also on car from being the cosigner they will only give hher 100,000. Where we was looking for a 180,000 to 200,000 mortgage aand it don't help that i make more but they wont use me. I work in a hhospital been there for 2 years and was at my other hospital before for 5 yyears until it closed
  • March 23 2011
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  • March 23 2011
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Profile picture for mskj
We can look into the NACA program as long as your income and job  history is stable, we can find you a home  Michael Cohen 610-642-0347
  • March 23 2011
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Sounds like you know a lot about your credit. Have you recently tried to get pre-approved? It sounds like there are some options out there for you. We have a great in-house mortgage company...You should get pre-approved. Might have to go just in your wifes name for now if her income can support it. Also look into PFHA
  • March 23 2011
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