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Anyway to improve score 80+ pts in 1 yr for home purchase??
DH (score 560) and I (score 577) are hoping to buy a house by next summer. His credit score dropped dramatically in the last several months from 616 to 560 due to 3 mo late pymnt on car and maxed out cc ($2500 bal). He only has credit cards, collection and auto loans on his crdit, not very diverse. I, on the other hand have student loans currently deferred until 4/2015, auto loans, credit cards, collections.

we have been paying current for over 24 months with the exception of HIS late pymnt to car recently. and yet my score is not improving??

which would be the most effective way of improving our score? paying down CC's or collections? In addition, we each purchased a new vehicle in the last 6m and each have 5-7 hard inquiries as a result. Is it even possible to get ourselves to a 640 by next year?? Should we consult with a credit coah or seomthing like that??

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Another option is to get your mortgage through the non-profit group  Zero down, zero closing costs, 4% interest and credit score doesn't matter.  Check it out and you may get that home quicker than you thought!

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Work together and pay down on your cc's keep it under 30% usage. Get rid of "all" collections: negotiate a "pay for delete" agreement, this will remove the collections off totally. (if they don't agree then try to negotiate paid in full or as agreed) Getting it completely removed is better though... Keep using your cc's for small purchases that you can pay off in 30 days....Save up  a nice down payment (hold on to your tax returns/refunds) Try to get or look for an FHA Loan: They are Federally insured and only require 3% down of the total loan value. Also the inquiries can be removed just by politely asking if they will grant you a huge favor. Write a letter to the company explaining your desires, simply state that you are trying to improve your credit and that it would be a huge help if they would just remove the inquiry as a kind gesture. Collections: write letters first to the credit bureaus asking to validate the debt before making any payment arrangments, you may be able to have them removed that way. If you get stuck and need some professional help give these guys a call 1-877-235-0324 Credit Pros: Ask about their preferred mortgage lender program!!! Happy House Hunting and Good luck my friend!!!

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