Hubby needs to buy the house we are livng in by july 31st. His scores vary TU- 439 (?) EQ- 505 EX- 535. We just settled a judgment (only 1 he had) and am working on removal of the only collection. Why are scores so low? What can we do to get them up to 620 ? in the last year he had 3 lates - is that it?
The judgement is killing you. I would not realistically plan on being able to get it all done by July. That's not to say it can't be done but if I were in your position I would make some contingency plans just in case. I've been working on my credit (about 4 hours a day) since May of 2001. I was able to raise each of my scores from 490ish to 630ish BUT my judgement (bankruptcy) is from 1997 so it isn't hurting me as much as it once did.
3 lates in 1 year are 3 too many. Lender prefer no lates at all, but if there are any, they should be 24 months+ old. At these low scores, even if you're approved, your interest rates will hurt.
Also, what sort of debt/cl ratios does he have on any credit cards? As you can see, there could be a number of factors at work.
I know the lower $$ I have charged the better, but does anyone know the most? Do I need to get all of my cards under 30% to help my fico scores?
Last month they were 80$ I paid them down to 50% today. So hopefully next month I will see ann increase in numbers
