Thread: Fixing credit
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Old 11-08-2011, 05:12 PM

RE: Fixing credit

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Msomers75 Msomers75 is offline
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My husband and I just bought our first home. He was previously married with a spouse that destroyed his credit when he was deployed overseas, he left her POA and she was able to open massive credit cards in his name... Well, 2 years of hard work and he has a great credit score now.

We worked with a lender who showed me how to go about clearing things up. Get a copy of your/his credit report. Start with the lowest debt.. Pay it off. Your credit report will go from highest to lowest amt which will be the last page. Pay as much as possible within a 4 month period. Then submit a copy of all paid creditors to each credit reporting agency. There is 3! And after 2 weeks, call to make sure they have gotten the info and it has been removed. Also, the larger debts.. Say you owe 5,000 for the repo of a car, most debtors will take a smaller payment of 1200 for that 5000 debt and call it a settlement. They will show the debt was satisfied. Even if you didn't pay the 5,000. Our lender told me to always negotiate with the debt.. Most all of them will give and all you need is a letter showing it was paid to satisfy the credit report. My credit was fine, it was my hubby's and with a VA loan he was the one who needed the credit score. He went from a 450ish to a 720 in a little less then 2 years. It is hard but well worth the pay off, since he is the main income of our family. We still don't have any credit cards or such, I believe if you can't pay in cash then you don't need it. We did get a gas card during the rebuilding of his credit and would charge 2 tanks of fuel per month with a pay off when the bill came in. I cut the card up after the house loan approval. I wish you luck in buying a home! Right now is a buyers dream, so don't waste time!
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