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| *Loan,banking and credit>>>credit repair |
My credit score is horrible and i have one year to repair it before my mortgage goes in to an ajustable help? |
i bought an house a year ago and since then we had a bit of finance trouble and we had to let two credit cards go with out payment and have inquireies up the wazoo from lenders trying to help us refinance the house and a lot of little things on our credit but, those were there when we bought the house now our credit has fallen below five hundred any ideas how to get it back up there? The only things that can improve your credit score are paying your bills, including any old unpaid ones, and time. A year is a goodly amout of time if you start now. First, get a copy of your credit report. Make certain it is accurate, if it isn't take steps to get the errors corrected with ALL 3 bureaus. You can get their contact info from the credit reporting agency that issued your report. Next, call your creditors with delinquent balances and enter into a repayment program that will bring your accounts up to date as quickly as you are able to do so. Do not open any new accounts. Do not generate any more inquiries. Set your priorities appropriately. This is HUGE, it has to come first. It will take time, but your score will rise every month that there are no new delinquencies reported and no new inquiries generated. Good luck There is a lot of good info on this subject right here. http://www.repair-your-credit.jims-info.... try to consolidate your credit cards, pay at least the minimum don't charge anything else and don't open any new cred card accounts. if you do that, youre crdit score will go up. it will help if you can pay more than just the min. Cut back on everything. See what "necessities" are really not. Scrimp and save and pay off your debt. A lender that sees that kind of effort might be understanding. As a rule, only repayments will do that. Have you been in direct contact with your creditors? Do not avoid them. DO NOT! Bear in mind that they are not receiving a dime at present. Write a letter to them, explain your circumstances. Make an agreement that you will pay something each week, month, whatever, no matter how small the amount. Give them details as to why you can't pay more, income, living expense, etc. Also, plead your concern that a high interest rate will not solve the problem. I realize that on defaults, creditors can increase interest rates up to 30%. That is usuary and the damn gov. did this. If they accept that, it will not be removed from your credit rating until paid in full. Also, slow pay will remain for several years. This is your best approach. Consolidations are a scam. You will pay high interest anyway. Talk to your morgtage holder, see if that can be accomodated. You probably have very little equity if any. Lenders are not fond of repos any more than the borrower. Higher interest is inevitable. The price we pay. Tighten your belts. Get rid of every luxury that you can live without. Is a cell phone, cable TV, high rate internet, mags, etc. necessities? Is public transportation cheaper than driving to work, parking? Think about it. Smart move! It's great that you realize you need to do this before your mortgage rate goes up. There are quite a few things one can do to improve your credit without paying off the collection. I can also refer you to a non profit organization with a one year credit improvement program. I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called "stated income") and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica |
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