How to improve credit score to qualify for new home?

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nicholasyud
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Location: florida

How to improve credit score to qualify for new home?

Postby nicholasyud » Mon Jul 16, 2012 11:47 pm

Hi everyone, I'm new to the forum and have a bunch of question to ask for everyone around here with experience using credit card and stuff. :D I recently building back my credit score to qualify for a new home and establish a long and high credit lines.

My file :

  • Currently 2 collection one from checking account Capital One $$400 with Alpat Co inc in 01/2010.
  • Origin Cap and Collection agency Midland funding ##1467 back in July 2008
  • Charge off from Chase for $1600 back in 2008 also.
I know i were stupid and student and all that crap blow up everything i had and now try to establish my credit journey again with a good faith. Also i had 3 credit card :

  1. Cap Planti $500 on Sep 2011 paid on time utili 2%
  2. Orchard Bank $300 Oct 2011 On time utili 10%
  3. Credit one $400 June 2012 on time utili 25% ( may stop using this card because they charge daily interest purchase charge which is $5 for 200 billing statement ) they crazy but wth i just wanna build my credit.
Also a student loan from sallie mae that paid on time for the last 3 4 years never miss no payment amount of $$75/months.

My current June 2012 Equif :622 Expe: 639 and Trans :645 ( improve almost 40 to 50 points after a good clean up for my credit report.) were (Equi: 562 Exp: 576 Trans :601 in Oct 2011)

About 10 Inquiries for the last 2 years.
Anyway i just want some of your expert advice on something on my file and my credit improve :

1. I want to establish a high credit limit like 4 or 5000.What should i do ? Should i get another credit card that a better change for credit increase because i know with those card i had right now, they deadly gonna give you some increase or stuff like that.
2. I try to get a mortgage maybe sometime the end of 2012. Any advice what i should do or anything like that very appreciate. I would try to improve my score good enough for a best qualify loans as possible. It's gonna be my first time home buyers .Good bank or good interest rate or any tips gonna be very helpful. Thank guys. :confused: :confused: :confused:


Jooxi
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Location: NY

Postby Jooxi » Tue Jul 17, 2012 12:01 pm

I really don't know a lot (I'm new myself), but can try to help....

The negatives (collections and such) on your report, have they been paid at all? You may want to contact the creditors and ask them about payment. If you can pay some of what they are asking, they may be willing to remove the negative on you report. If not, at least it will show that you paid your debts.

I wouldn't apply for anymore cards right now. If you can fix up your past debts, and pay your current credit cards on time, utilizing less than 20% of your limits, I think that would help you a lot.

nicholasyud
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Posts: 3
Joined: Mon Jul 16, 2012 11:15 pm
Location: florida

Postby nicholasyud » Tue Jul 17, 2012 5:09 pm

I know the debt is almost 4 years so I still think should I paid its or not because its gonna renew for the new listing day......I think about paid the collection 400 but don't known its a good idea or not.......

Money card
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Location: New York state

Postby Money card » Thu Jul 19, 2012 11:52 pm

I would agree with Jooxi, don't apply for anymore credit cards. What I would suggest is using your capital1 platinum card for now.

do any family members have any birthdays coming up? if so you can get some gifts, you can go out to dinner, do you drive if so does your car need a oil and lube change if so use your card and get the work done.

I don't know how much you make or whats in your checking account, but what I would suggest if you can afford to go near your 500.00 limit. let's say you can afford 300.00 I would then charge around that number, whatever you can afford to payback in full. then between 6 months and a year you can then start to think about another credit card. but for the first 6 months or so I would suggest using your platinum capital1 credit card, paying your bill in full, then you can think about another card.

kateknox
 
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Joined: Mon Jul 23, 2012 9:48 am
Location: New York City

Postby kateknox » Tue Jul 24, 2012 5:26 am

I’d start with investigating your credit report thoroughly and checking if you have any unresolved matters that have a negative impact on your credit rating and that you can currently deal with. Sometimes these things stay in your report because your bank or lender didn’t remove them, so you have to explicitly contact them and ask for a confirmation. Make sure you get all the arrangements and confirmations in writing. Also, make sure your credit report is free from errors, as it sometimes happens.



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