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Posted in Mortgage
My current score is 629 & I want to buy a house next year. What can I do to increase my score?
I currently have one credit and a student loan which are both current and I paid of my car last year.
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Question By
dpatrick2048

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I had a credit score of 640 when my husband and I bought our house last year. He didn't have a score (strange, not sure why). We still qualified for an FHA loan requiring 3.5% down. Our interest rate is 5.5%. I also had a student & car loan. Neither loans are paid off, but our payments were on time. I think you should qualify for an FHA loan. I was told for an FHA loan they will look for any negative entries on your credit report and that if you have any you should get those paid off.

Response by
dsteele1906

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Get a few more credit cards. People with a credit score of 700 have 6 credit cards on average.

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Response by
hardeight

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If I qualify for an FHA loan, what kind of interest rate can I expect? And do I still need to have a credit score of 720+ to get an FHA loan?

Response by
dpatrick2048

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I owe medical bills.

How can i find out what medical bills i owe, And i think i owe $50 TO A Bank

Response by
bevsman1981

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As hardeight suggested, open a few more accounts in the next few months. Six months after the last hard inquiry and it affects your score not-so-much.

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Response by
browno

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buy a car using loan. Pay loan in 6 months. Your credit score will go up significantly 1 month after you completely pay your loan.

Response by
pivovaal

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I believe you qualify for a FHA loan.

Response by
mymy984

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