Author Topic: Is it possible ?  (Read 986 times)

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scrap4me

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Is it possible ?
« on: July 18, 2014 02:20:43 AM »
Is it possible to get my credit score from a 620 to a 720 in a year.
 
I want to purchase a house in the next year or two, I have had a bankruptcy that will be 2 years old in feb of 2015.
 
I have 2 credit cards with my utilization  at 30 percent.
 
I have a new car loan that is about 1 year old.
 
I have a secured loan strictly for rebuilding my credit.
 
Is there anything else I can to expedite the process.
 
Thanks for any help.

Mech85

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Re: Is it possible ?
« Reply #1 on: July 18, 2014 02:52:10 AM »
You're looking for a credit report/score forum. Credit scores themselves aren't really a thing here.

/edit/ typo and removed specific reference

Clydesmom66

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Re: Is it possible ?
« Reply #2 on: July 18, 2014 03:03:51 AM »
Is it possible to get my credit score from a 620 to a 720 in a year.

The only answer is MAYBE.  The issues you are facing:

Your BK is brand new.  It generally takes a year minimum to be in the range to buy a home at subprime rates.  Two to three for prime rates.

Your credit card usage is high.  For better rates you need to keep it below 10% better yet paid off monthly.  If they are subprime or "toy" cards that is also hurting your FICO scores.

Your average account age is also less than two years which is hurting you as well.   Keep in mind that the FICO scores you pay for are the bank card scores.  They are very different from the FICO scores a mortgage underwriter will use.

Is there anything else I can to expedite the process.

There is no fast track process.  The ONLY thing that will improve your score to prime numbers is TIME.  The longer you have a good credit history and show you can manage your debt the better your score will be.
Be VERY careful following advice from the internet! What worked for someone with thousands of posts on a message board may not work for YOU in your state.  Consult a lawyer when ever possible.

excelsior

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Re: Is it possible ?
« Reply #3 on: July 18, 2014 04:05:56 AM »
Is it possible to get my credit score from a 620 to a 720 in a year.
It most certainly is.  I would start reading about FICO scores and I would only order reports from myFICO.  Read those reports and pay particular attention to the summary pages in the front.  They will be very informative about what is dragging your score down.

This board doesn't talk a lot about it, but I would start learning about how the FICO score is composed, and how to add positive tradelines.  Unfortunately, there is a lot of bad information about credit scores out there, so I would refrain from using any other fake score (called FAKO's).  Most of the online articles are credit scores are flat out wrong and there are many misconceptions and gross generalizations.  To get ahead of that nonsense, learn how FICO really works.

One thing that can be helpful also is to buy a daily credit monitoring service that allows you to pull all 3 credit reports every day.  That can be particularly helpful when credit repairs are ongoing.

you might want to take a look at my earlier posts and follow them through.  I learned quite a bit along the way.  I would also start studying FCRA very hard.  In my experience, FCRA is the most powerful tool to aid in credit repair, but it has to be joined with a  strong knowledge of how to manipulate FICO scores.

scrap4me

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Re: Is it possible ?
« Reply #4 on: July 18, 2014 02:23:29 PM »
Thanks for the replies.

montag

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Re: Is it possible ?
« Reply #5 on: July 18, 2014 03:57:24 PM »
Dispute the non-BK baddies on your CR's.  There may or may not be some baddies that were discharged in BK that are still be incorrectly reported.
Keep your CC usage down and pay it off monthly--or even bi-weekly (if that's your pay frequency).
Other than that-time is about the only way to boost scores.
FWIW, CreditKarma https://www.creditkarma.com/ is within 10% of my real FICO.

D

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Re: Is it possible ?
« Reply #6 on: September 24, 2014 07:13:47 PM »
Just an FYI - the scores you receive on Credit Karma and other well know sites are not the scores the lenders see - for the most part they are for informational purposes only to give you, somewhat, of an idea where you stand.  The actual trimerged report (scores from all 3 credit bureaus) that your lender sees are usually much lower than what you see on my.fico, etc.

Another piece of information that I just learned is that, for example, Credit Karma, now uses score software version .08 and most lenders are still using software version .04 - each version scores differently on various items - there is a lot of good information on Credit karma about the differences in the 2 versions  in their credit score forum.

My scores from all the free sites are much, much higher than what my lender saw - my lender gave me advice on what to change to get my score higher - lower credit card utilization, get derogatory items removed from credit reports, etc.

 

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