I%26#039;m trying to get my credit score at least up into the 600%26#039;s by August this year 2006. This month is May 2006. I want to buy property.I have a car loan that I have on credit report and each payment has been on time every month.I have a year and a half to pay car off.I do not have any credit card debt. I use a debit card when necessary. Please help?
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
Sorry you do not have enough time to up your scores much.
For one you do not owe enough on different accounts. second just making your payments on time does not mean you are a good risk. By making only the required payment and no more shows creditors that you possibly are just making enough to pay that amount and no more.When making payments always pay more than the required amount a extra 5 to 50 per month looks great. get a few credit cards put something on them and do not pay off each month yet pay monthly about twice to three times the minimum due each month. this looks very good on your report.
Due to my wife%26#039;s health I filed for bankruptcy lost every thing we had and in 4 years I had built my credit score up to 700. To earn a good score this takes time and planning . As of today my score is 786. Good luck.
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
How do you intend to raise 13K within 3 months?
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
Your credit *SCORE* is reflective of the last 12 months.
I am at a loss to understand why your score is only 480..that is a poor score..typically if you have NO CREDIT or JUST ONE account (as you stated), rather than the score being low, it won%26#039;t even rate your credit.
Have you actually SEEN your credit report? It sounds as if there is something more on it.
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
Just having a car loan won%26#039;t ding your credit score that bad. There%26#039;s something on your report that is very bad to get a score of only 480. I seriously doubt you%26#039;ll get your score into the 600%26#039;s in only three months. You need years of on time payments with multiple agencies to raise your score.
I recommend you use http://www.mycreditkeeper.com/ or another three bureau service to examine your credit report in detail and refute any incorrect information. That can help a lot, but I don%26#039;t think it will raise it enough for you to get a good rate when buying property.
Is the $13,000 just on your car?
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
There are three credit score companies which all have different scores for each of us. If you have always paid cash (strangely paying a car loan counts for very little) means that you are an %26quot;unknown%26quot; quantity, i.e., a potential %26quot;bad%26quot; credit risk...which is probably why your score is so low. Unfortunately, I doubt that this will change significantly enough to put you above 600 no matter how hard you try...
Consider alternative sources for mortgages, or a no-doc (no documentation needed) mortgage...it%26#039;s going to be a higher rate, but if you take the lowest rate you can find and pay it down over 12 months...you should be able to re-negotiate a lower rate...AND...you%26#039;ll have a higer score. If you can pay off the car any faster, it won%26#039;t make any difference...use the extra payment on the mortgage (once you get it).
Hope that help, Debi
I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?
I agree with Hippie Chick. If all you have is a car loan on your credit, that does not justify a 480 score. Something else is going on here. A 480 would reflect several unpaid accounts. It%26#039;s almost the same as having a 0 credit rating.
I hope you have examined your credit report. If not, go to http://www.annualcreditreport.com and get a copy of all three. Examine it very closely for errors or any strange accounts.
Building your score is going to be difficult in this short of a time. My only suggestion is that you go to http://www.myfico.com
This is the home site for the folks who developed the fico scoring system used by the creditors. You need to first understand what is used to calculate the score. Then read the consumer education files on their site, as they will instruct you on how to improve your score.
If you can afford it, you may consider getting the score from them. As part of their service, they also supply you with an analysis of your score, and they will tell you why it%26#039;s low and what you can do to improve it.
But 3 months.....I%26#039;m afraid that may not be enough time.
If there is a bright side....mortgage lenders tend to actually look at your credit report rather then depend on a score. If there is nothing in your report to justify such a low score then that may help you out.
When I got my first mortgage, I had no credit history. I owned my own car, paid cash for everything, had a great job and over $20k in the bank (this was in 1980). At first they were nervous about my credit history until they actually took at look at my finances.
Too bad creditors don%26#039;t do that more often now.
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