My husband and I want to improve our credit scores and have about a year to do

Credit and mortgage advice Forums Consumer Credit Improving Your Credit Score My husband and I want to improve our credit scores and have about a year to do

This topic contains 12 replies, has 9 voices, and was last updated by  Anonymous 7 years, 8 months ago.

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  • #207807


    it in….advice? We both have pretty good credit, I’ve never had a late payment but have quite a bit of debt. My husband doesn’t have nearly the debt I do but had some late payments about 3-4 years ago and has since paid those accounts off. So together we have fair/good credit but want to get better credit. What are some things we can do in the next 6-12 months that will help? We are trying to raise our credit scores because we want to refinance our home at a good rate. So, what’s some good, sensible advice to raising credit scores?

  • #267805


    Pay the mortgage on time is what the experts call “the simple credit fix”

    I’d hold off on the refi right now… The underwriters are not signing many loans, I don’t have enough room to type why….

  • #268623


    I would say supplement your income so you can pay off some of your debts and clear it up that way. Jennifer

  • #271080


    for sure, pay down some of your debt. they do not like maxed out credit lines.

  • #271551


    You will need to knock down some of your debts. Also, each credit card (the limit) you carry will act as total amount of indebtedness you could get into. This is used against you negatively. Have a few cards with only 10% on each of them, do not consolidate as that will lower your credit score. Your bottom should be 790 and if higher, the better. Whatever you do, do not close any accounts. Having open accounts with no balance is better than closed ones with no balance.

    Good luck to you two.

  • #275637


    1. Continue making payments on time.
    2. Reduce any c/c debt to below 30% of your limit.
    3. Don’t apply for any credit unless necessary – inquires will cost you points and could end up looking back to potential creditors.

  • #276538


    Be patient. It won’t happen overnight. Keep making your payments on time at all costs, and pay down your debts. You WANT to have SOME credit debts… you just want to make sure that your balances are low and that you have a lot of space between your balance and the maximum credit limit. Other than that, all you can do is wait. Credit changes over time. There are no quick fixes, and if anyone suggests otherwise, they are either wrong or are selling something. If you keep up with your payments, in 6-12 months time your credit will improve. Whether or not it will be dramatic enough to help you out will remain to be seen. That simply depends on what your score is now and what happens between now and then.

  • #278922


    you should have 3-4 open lines of credit. So that you can prove that you can pay people on time. Also medical bills or items in collections really hurt your score. So, you pay them or dispute them.

  • #438544


    yes, I am sick of Democrats playing party politics and not doing what is best for the USA

  • #438545


    If you’re a liberal democrat, then I’m a conservative republican. It was the Republicans – the House Republicans that changed up at the last minute. The deal had been pretty much settled before McCain and Obama went to Washington, and as everyone was entering the meeting, the House Repubs said “actually we have a new suggestion now.” So you had the House Dems, The Senate Dems, and the Senate Repubs in agreement, with the House Repubs suddenly changing their game, and McCain had something to do with it, and it stinks of Presidential Campaign Politics.

  • #438546


    It’s a Republican weighted Congress. It’s the Republicans who jumped ship.

    Also, Bush won’t compromise which is definitely an ability he needs. He really thinks he’s a dictator.

  • #438547


    Nope not mad at the democrats at all. The republicans are the problem. The dems are trying to get bi-partisan plan passed, the repubs are holding off so that if anything goes wrong, they can say the didn’t go for it. It’s politics plain and simple. Re-election games, how sad.

  • #438548


    The CRA argument is baseless since 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks.

    Gramm-Leach-Bliley Act===All 3 were Republicans. Republicans should take the blame too.

    YEAs: 53 Republicans

    37 Democrats

    NAYs: 1 Republicans

    7 Democrat

    REAL occurrence and HOW this mess happened:

    Here are some of the specific regulations of the financial system that the Bush administration has eliminated:

    – State Laws Against Predatory Lending: In 2003, the Office of the Comptroller of the Currency (OCC) issued regulations that exempted national banks from state laws against predatory lending. As Slate reported, “with the state laws nullified, national banks were free to engage in the sharp practices the states were hoping to stamp out.”

    – The Net Capital Rule: In 2004, the SEC loosened the “net capital” rule, which required “that broker dealers limit their debt-to-net capital ratio to 12-to-1.” The five investment banks that qualified for an alternative rule – Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley – were allowed “to increase their debt-to-net capital ratios, sometimes, as in the case of Merrill Lynch, to as high as 40-to-1.”

    – The Uptick Rule: In July 2007, the Securities and Exchange Commission (SEC) eliminated the “uptick rule,” which “made it hard for speculators to push the price of a stock down after betting it would fall.” “Since then, legions of short sellers have progressively hammered Wall Street, contributing greatly to the current stock market crisis.”

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