mortgage: Please respond

Discussion in 'Credit Talk' started by ft, Feb 11, 2001.

  1. ft

    ft Guest

    I have a medium score of 622. How long should it take for me to see a change in my scores?
  2. Momof3

    Momof3 Well-Known Member

    You need to give us some details. Are you building/rebuilding your credit?? How many accounts do you have, what are the balances, how long have you had them?? Do you have any negatives and if so what are they??
  3. ft

    ft Guest

    I'm rebuilding credit. 2 chargeoffs with 0 balances. 1 car loan paid off, 1 time over 30 8/99.
    The mortgage is for 60,000 (condo)

    The following never late:
    car loan opened 3/00
    Aria limit 2250 had a year then closed account balance 1100
    exxon limit 200 balance-100
    credit union visa card limit 2250 balance-2000
    credit union loan 2200 balance 1720
    Cross Country opened 3/98 closed 1/01 never late limit 2150
    Also, I been trying to get a primecard any suggestions?

    thanks in advance
  4. Momof3

    Momof3 Well-Known Member

    How old are the chargeoffs?? As time goes by these will hurt you less. Your balances are rather high with your limits, so you will want to pay them down some, this should help your scores, the less your debt/ratios the better your scores. When did you open these current accounts?? And have you tried Citibank for a credit card?? And depending on the age of the charge offs, have you tried disputing them?? If they are older and paid the creditor MAY not verify, but alot of times they do but it is worth a shot.
  5. Momof3

    Momof3 Well-Known Member

    Charge offs correction

    I meant to say any lates over time will mean less damage to your scores. Your charge offs will hurt you until they come off.
  6. roni

    roni Well-Known Member

    Your high balances are killing you. That shows that you have alot of debt. High balance/limits ratios KILL your score. It will stay in low 600's longer with the higher balances. Aim for less than 30% usage. You need to tell us when you charged off. After 2 years it affects your score only a little. Lower your balances in the next few months and then apply for some of the easier prime cards which will give you a higher limit to help your ratios further. Dont apply now for I really fear a rejection. Inquires will hurt your score. More than 3/year hurts your score. My biggest suggestion is to pay down the debts to 30% or less and your score will go up,up,up.

  7. Momof3

    Momof3 Well-Known Member

    I agree with Roni, I wouldn't apply for anything until your get your balances down.

  8. ft

    ft Guest

    The chargeoffs are from 94 an 96. I disputed both but they were both verified. Thanks for the input.

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