any advice will help...my hurdle is need 620 credit score....have 610....dontknow what else to do to get points up...opened a credit acct....frustrated....just refi'd on primary house FHA....so now conventional requirements are higher in points to pre qualify for loan
The easiest way to figure out why your credit score is not increasing is to go pull up all 3 credit reports. In these reports it should disclose what factors are keeping your score down then you can take proper action based on that.
1st step is to pull your credit report and see. Aside from a major event like a bankruptcy or foreclosure, often times its that your credit card usage balance to available credit percentage is too high. If you keep this under 20% ratio your score should increase.
There's many different things that effect your score, so it's hard to say for sure without actually seeing yours. The basics would be:
A. Pay off any collections or judgments all the way and get proof from the collections company!
B. Pay your credit cards down as much as possible, try to keep each card below 20% of the available credit.
C. Don't open any new credit and keep your oldest lines open, don't cancel the old stuff even if you don't need it.
D. Wait, it takes time if you've had hiccups in the past.
If you have recently refinance ask your lender what factors can increase your credit score. Paying of debts or opening new credit card. Most of the time lenders has system in place which guide them to increase the credit score.
@Monique Berns I would get with a local loan officer that understands credit and has the tool to look at your credit and how to improve your credit. How is your high balance to credit ratio on any credit cards? The balance to credit ratio on revolving debts make up a good portion of your credit score.
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