Now this has been a process people!!!
We had to pay off a bunch of debt this past year at tax time to try to clear a bunch of crap off of our credit reports. That goes back to the time when things started to go down hill, we left some bills unpaid and the hubby had some doctor bills from before we met that hadn’t been paid.
Anyways we got those paid off but still couldn’t figure out how to raise our credit scores since we couldn’t get approved for a credit or even a Cato card.
Finally after researching and looking into tons of people who said they had horrible credit and got theirs up I finally figured out what to do…All those people by the way said their credit was horrible and that they just got a credit card and then their score was up in like a couple of months! Such crap.
We went to our bank and did a secured deposit loan. If you have a minimum of $250 in your savings account you can borrow a loan with your own money. So we got that about a month ago. I had the bank account and added my husband on recently. When we did the loan he was the join applicant. We go approved, they did run our credit for this loan so we did get another hard inquiry on our reports but I guess our scores were good enough for them. We haven’t made any payments yet but we will be paying it off for 6 months starting next month. My credit went up 7 points for being approved for the loan but my husbands went down 😦 We are hoping though that after this first payment that his will jump back up to even more than it was before and that mine will continue to go up. I’ll do an update on this loan again after our scores make a good change. I’m really hoping that we can get our scores up to 640 by February. I may be being too hopeful since I don’t really know much about credit scores or how much it might possibly go up for these new monthly on time payments. We shall see I guess.
We are working with a loan officer and questioning a few different people that own mobile home lots. I really want to buy a new double or triple wide home and a 1-2 acre lot of land. The only people that can do a loan for that are the people we will be buying the mobile home through. The other guy is a loan officer and they only do loans for “real” homes. He says they just got a new lender who can approve people with lower scores. He just ran our credit without our permission the other day so I’m waiting until Monday to see if we were approved and for how much. I’m very curious to see how much we will be approved for if we get approved. The reason I want a mobile home is because the price vs. size and the newness of a mobile home compared to what you can get for the same price of a built home. All the homes in our area that are the same price as a mobile home with land are very old and small so it’s not worth it to me.
When we started this process a few months ago my husbands score was 620 but he had just started a new job and had only been there for about 3 or 4 months and they said they would like him to be there for at least 6 months. Mine score was 610.
Now a few months later, my husbands score has un-explain-ably gone down A LOT!!! I think now it’s like 578 and we have no idea why.. So hopefully this secured deposit loan will raise it back up fast. Mine went up like I said earlier so now mine is at 617 so hopefully I can get mine to 640 fairly quickly.
If you have any questions about buying a home or your credit score post a comment below please. Or if you know any awesome tricks to raising your credit score fast let me know what they are!