Thread: Fixing credit
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Old 11-08-2011, 04:47 PM

RE: Fixing credit

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Originally Posted by 2vette2camaro
Here is what you need to do

(1) Get ALL of your credit reports- yours and his and you NEED to know your score, that way you will know when your score increases.

(2) When you get the credit reports, go over each creditor and make sure that ALL the information is correct- if not, then dispute it (it will tell you how- on line or thought the mail)

(3) For ANYTHING that is negative, write them, dispute it or do whatever you need to do.

(4) If you need to start BUILDING credit- apply for a JcPenny's card or gas card, make a few small purchases and get a payment history going.

From personal experience of not having ANY credit when I first bought my home, to not having any credit until about 10 years ago, I have worked my credit to now I have EXCELLENT credit. I check my reports at LEAST once a year, I get my credit score from a bank, and I dispute or send in evidence of ANYTHING not correct- Yes, it is a lot of work but TOTALLY worth it. If you can pay cash for a house, then that is totally awesome. But around here, I am moving into a $250,000 house for a loan of $120,000, and I'm sorry but I don't have $120,000.00 cash to be able to just pay for it. We are in poverty stricken Arkansas and that may not be IMPOSSIBLE, but when we only make $25,000.00 a year, it would be really rare unless you got some sort of inheritance or lawsuit settlement (of which we have not)..........Anyways.....If you want to know your credit scores FREE, call the bank And apply for a loan- that's what my husband and I did.

He has horrible if not NO credit. We figured he had a score of say 300. In June we applied for a home loan and got both our scores- his score was almost 700!!!!! With only one creditor on his report- he is a mechanic so he has had an account with Snap- On for years, always paid on time. Anyway, also on the report was a lien, of which he had paid OFF 15 years ago but the courthouse never sent in the paperwork to get it removed- so we went and got that piece of paper and sent it to all the credit bureaus. When we applied for a home loan a couple weeks ago, his score is NOW almost an 800! Same as mine and I have been working my credit for the last 17 years (with the home mortgage and all) and have between 25-30 credit cards on file and constantly checking my credit, etc.

ALSO, it is my mission to let people know that they CAN get a house- an RD Guarantee loan lets you in with 0 down, 102% financing and NO PMI and FmHA or RD loan lets you get a house with the above AND your payment is based on your income but can never go over so much and you don't have to have any credit to get this loan- just a few references.
Thank you so much! Great advice. The RD loan sounds interesting. Can I pm you if I have questions after I take a look at the info? Thanks again!

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