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Cymru86

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Improving my credit score
My Wife and I would like to buy a house.

My credit score is upper 500s. I currently have a credit card that is near the limit, and a couple of collections account. I am paying off the balance of my credit card now, and will begin to use it to build my credit, never putting more than 15% on it at a time, and paying it off every month. The collection accounts should be paid off by November. How fast can I expect my credit to go up? We would like to try and get a house in May so 8 months from now. Is that possible, or can I expect it to take longer.

I also have a car loan that will be paid off within another 1.5 years. I have paid every month on time for 3 years.

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If you can even find a home loan company to write the loan you can expect higher than normal interest rates. Any collections on your report is an immediate flag to lenders. They will require higher rates, higher down payments, the works.

I would realistically say 5-7 years before you can get an FHA loan. Private lenders may be more willing.

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