*Loan,banking and credit>>>credit repair

How Long does it take to repair your credit score?

I'm going to apply as a first-time owner and upon speaking to a mortgager I was told that I had to increase my credit score in order for them to work with me. or have 15% down payment of the home I wish to buy. Does it still take years before the credit score is improved?

1-3 years

just kidding - buy things on credit and pay them off ( early ) - pay off any existing debt - get rid of credit cards you don't need ( will improve debt to income ratio - also important ) it's up to you how long it takes

ALSO SHOP AROUND FOR YOUR LOAN standards vary a lot

ALSO A RE PO BOOM IS STARTING -people got loans they shouldn't have which means standards are getting tougher - but it means that taking over existing loans will be easier ( always a good deal cause they will lower the rate to keep from foreclosing)

I believe it still takes years that is why when people are in debt, they remain in debt for a long long time. its tough.
give or take one year but that is if you do monthly payments of what they want you to pay dontgivethem more then what they ask for or if will make your credit worse
It depends on how much you would like it to approve. You can (generally speaking) improve your credit score in 6 months simply by not charging a single thing and making all minimum payments on time. Doing so will improve your score by anywhere from 2 to 20 points. Paying off the balance on some accounts will also give your credit score a boost.
I don't think so. My sister had terrible credit and refinanced her house. She got a high interest rate. The mortgager told her to come back in one year (making all payments to all her creditors on time) and he would get her a better interest rate. After just 11 months, he did.
Tough question to answer without facts- but I'll try - If you have a bankruptcy you must establish lines of credit either by purchasing a vehicle or secured credit cards, etc and keep the payments in good standing for at least a year. if you had derogatory credit on your report you have to pay those debts off - if it is your debt to income ratio that's' hurting you then again you must pay down some of your debt obligations
Really this doesn't present enough facts to give you an accurate answer.

Do you have credit now? Is everything being reported correctly? Are there accounts that could be added to show you are reliable, pay on time, etc?

You can improve your scores within 30 to 45 days or much longer if you have to pull paperwork and prove what you think is actually correct.

You should have received a Denial Letter and a Consumer Credit Report from your mortgage representative. If you didn't, call him/her now.

Check out another answer from today: http://answers.yahoo.com/question/index;...

Hope this helps,
Elise Altergott, Principal Broker
Associate Mortgage: http://www.web-mtg.com/?src=answers...
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