Monica asked in Business & FinanceCredit · 11 months ago

MY CREDIT SCORE IS IN THE RANGE OF MID 580. HOW CAN I UP IT BY JUNE 2019? Lenders want 640 minimum.?

I have opens a new credit card account and have had some marks removed by myself. I really want to be a new home owner by JUNE. HELLLPPPPPP IM HERE FOR ALL THE ANSWERS. Thank you all so much

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  • 11 months ago
    Favorite Answer

    New open credit actually hurts your score for awhile. If you have credit cards try to pay them (and keep them) down to no more than 50% of the credit limit... 33% is even better. Any collections have to be paid off. I am a mortgage lender (since 1986) and if you have any specific questions feel free to email me. Not trying to get your business, just like to help people when I can. Make sure you keep proof of rent payments.. either cancelled checks or money order receipts. We don't accept receipts handwritten since anyone can write their own receipts. If you live in an apt. complex we will accept receipts from them, just not private landlords. FHA doesn't have credit score requirements, but lenders determine what the lowest score they will take is. Many do a 620 for FHA, but you can't have any open collections, judgments, or currently late payments. We look hard at the last 2 years. Good luck!!

    Source(s): Mortgage lender 32 years.
    • Beverly S
      Lv 7
      11 months agoReport

      Not much available anymore with d.p. assistance anymore, though you can get a gift from a family member for down payment. Also ask your seller to pay closing costs for you. :)

  • nt
    Lv 6
    11 months ago

    Nothing with credit is quick. Except ruining it.

  • 11 months ago

    Probably wont happen that quickly...perhaps 2020.

    • Monica11 months agoReport

      Why so if I pay my bills on time that should boost it

  • Anonymous
    11 months ago

    pay your debts off - but get in writing first from the creditors that they will do something to mark up your score if you do pay.

    • Monica11 months agoReport

      So you are saying pay off old collection accounts and get the creditors to mark it up then

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  • Anonymous
    11 months ago

    I have no clue how to tell you to raise your score because you didn't bother to tell us why it's so low.

    A credit score is a reflection of your behavior over YEARS, not five months.

  • Stoo
    Lv 7
    11 months ago

    You can better help yourself saving money for a good down payment - if you don't have that or any significant income, you're not getting a mortgage, especially with a bunch of hits on your credit.

    • Monica11 months agoReport

      I don’t have a bunch of HITS I’m trying to raise it

  • 11 months ago

    Not sure

  • Anonymous
    11 months ago

    qwciycek

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