Repair Credit Score

Posts Tagged ‘score’

Question: My Credit Score is in the late 500s. I need it to be 620 or better. What should I pay off first? TYIA?

The basics of my Credit Report are as follows. I cant afford to pay them all so which would make my score go HIGHER?

Answer: Obviously, keep your student loan that is current, current. Without knowing if your student loans are federal backed or private, if they are federal student loans, you need to pay that back before anything. If that goes unpaid, that could impact you getting a mortgage if you had to finance through FHA to get financing. As far as affecting your Credit Score, any collection accounts or charge-offs are really bringing your score down. Start with the smallest accounts first, thus the ones you can pay off the quickest. Hope this helps, Good luck

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Question: About a home loan with a Credit Score of 560-630?

So I have a Credit Score of 554 right now. I have recently paid of a collector,(the only one I owe) and it should post to the credit bur. by the 15th. I used a credit simulator and based on it, my Credit Score should raise to above 600. Does anyone know a place that will give you a home loan with a Credit Score Of 600 or even 554 in butler county ohio? i have 4500 down payment. and am looking for a home in the 80000 to 110000 dollor range.

Answer: How old was this debt? If it was pretty old, paying it off won't really impact your score much at all. It certainly will not impact it by 50 points. You have to re establish credit and pay on time for a good year to 18 months to get your score to rebound.

You need at least a score of 620 to go FHA. Now, there are some people who have been financed with 580, and you might find someone to do that, but, don't count on it. Maybe go see a mortgage broker. They have access to many types of loan products and one may just fit you.

Credit Score Simulator

Question: Car Loans - can I get one w/ a 580 Credit Score, what will the interest rate be?

I am not that familiar with the current rates - I know that on my last auto loan that I took out back in 2004 my interest rate was around 9% which I was told was not very good. At that time, my credit was somewhat bruised, but I still was approved for the loan I wanted. Now, I need to get financing for another vehicle and am having a hard time getting financing. My Credit Score is 580, which I know is not good. BUT, I have already been approved through a couple dealerships, one I was not approved for enough and the other they sold the car I wanted before I got approved. Now, I want a car from a different dealership that is smaller and they might not be able to get me financed. So, a friend told me that I should just "shop around" and try and get approved on my own. I know that everytime someone pulls my Credit Report, that lowers my score, but she told me I shouldnt worry about it because they will know that I have been checking around. What interest rate can I expect?

Answer: Auto finance is what I do for a living and auto loans are based on the following factors;

1. Loan to value.
2. Term.
3. Age of vehicle.
4. miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit Score/profile.
10. Total debt to income ratio.

Based on how the above is submitted to the lender your rate could be anywhere from 8.95% to 18.95%.

It all dependes on the level of risk the lender has.

Getting A Low Rate Auto Loan