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Zachary Jester

My fiance and I own a home with some equity, and are going for a re-fi w/ cash out. The best option we have requires me to raise my credit score by 20 pnts. How can I do this ASAP.

Posted: Tue Sep 20, 2005 9:54 am Subject:

Do you have any outstanding debts? Is there anything you can pay off?

If you can clear your credit-limit-to-credit-spent ratio that should help you jump at least 20 points.

I've also found that just catching up on a past due bill can bump you up pretty fast.

Please, note, however, that the change is score depends on how fast these payments are posted to your credit report by the company. It normally takes at least a month (30 days) to see a change in your score.

Posted: Tue Sep 20, 2005 10:12 am Subject:

Hi Zachary

Welcome to the forums.

There are various sound ways to increase your credit scores. If you follow the mentioned points, you will see increase in your credit scores.

Check your credit report to see if there are any incorrect entries in it. Usually the credit bureaus commit some mistake while entering the data of the consumers. Try to review your credit report at least once a year as well as several months before you are looking for a loan.
You can raise your credit scores if you consider making your payments timely. Your prompt payments will put you in a much comfortable position before you apply for a loan. While you are applying for a loan, a late or missed payment has worst impact than a missed payment five years ago.
You should try to bring your credit card balance to the minimum. The FICO scores are affected due to how much you owe on some cards relative to your total credit limit.
You should avoid lingering your payments. Do not close the accounts and transfer the remaining balance to another account. The ratio of the credit card balance is linked to the credit limit. Transferring the balance will lower the credit scores largely.
Do not close your unused accounts before you are applying for a loan. Also, you should not open new accounts. It is said because if you are having a short credit history or less number of accounts, the credit score gets lowered when a new account is opened as there is no proven track record of it.

Regards
Roxette

Christine · Posted: Tue Sep 20, 2005 3:07 pm Subject: Midland bought old charged off debt

I pulled up my credit report and see that Midland has bought out an old charged off debt. I need to fix this entry. Can you please provide me the phone # for Midland? Should I call them?

Thanks

Posted: Tue Sep 20, 2005 3:12 pm Subject:

Hi Christine

Welcome to the forums. You can contact Midland at 888-403-6206. Make sure that you do all your correspondence in writing so that you have a written record of your efforts made.

How old is the charged off debt appearing in your credit report. Usually, the debt is required to be erased from your file after 7 years reporting time.

Regards
Roxette