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How can I raise my credit score 5 points in 30 days?
Husband and I are trying to get approved for a mortgage. Hubby is in school and graduates in May. After graduation he will get a FT job and can then qualify without me. His credit is good (705 mid score) mine is 575, needs to be 580 for us to be approved. How can I get 5 points in 30 days? I can pay $500 towards my outstanding cards right now. Is it best to pay that $500 towards 1 card? Or pay a few cards so that they are further under the limit? (Cards are with a consumer credit counseling agency, so I don't know if that in and of itself is a strike against us.) Will that $500 payment help increase my score? Also, I have had a loan in the past with a bank, is it worth it to go back to them and ask for a loan because of past history? Or will they just look at my scores too. We desperately want this house, but are not sure what to do.

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5 points on your score should be a snap!  But don't look for it in 30-days.  It could take anwhere from 20 to 60 days depending on how and when your individual creditors report to the 3 agencies.

#1)  You want to make sure your credit card utilization is under 30% of your total credit limits.  For example, if all your credit card limits add up to $10,000, you want to make sure you are not carrying combined balances over $3,000.  If you can get your utilization down under 20%, that's even much better!  Doing this is sure to get the 5-points you need!  It's quite possible, though, to realize 15 to 20 points.  That's how important this aspect of credit is.

#2)  Which cards to pay?  If you have cards that are either maxed-out or close to being maxed out, those are the ones you need to attack first.  Your credit score will take a small hit if you utilize a single card past 75% of it's available credit.  So, it's important to make sure none of your cards are close to max, but even more important to make sure you stay under that 30% total utilization.

Will $500 make a difference?  Hard to say because only you know how much you owe.  If your total credit card debt is $1000, yea, that's going to make a big difference.  If it's like $25,000, then your $500 is only a drop in the bucket and probably won't make a difference.

Again, determine what you need to pay in order to get down under that 30% mark.  Good Luck!

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