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kountryboy1990

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my score is a 506 please tell me WHAT CAN I DO?!?! feeling helpless and one day want to buy a home
I owe 5,000$ in open accounts 90% are medical bills and one starter loa where do i go from here i have a daughter now and hope to buy a home before im 30. Please help me

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Getting Your Credit Score Up & Running

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Greetings.... It's good that you have a goal in buying a home. In doing so, you will incur one of the most significant debts in your life. However, its the best type of debt to have.

Preparing for that type of loan and raising your credit score, are one-in-the-same. The following suggested steps should be immediately applied:

1: Get a “true copy” of your credit file from each Credit Bureau. Www.annualcreditreport.com (yes it's free.)

If there are any Judgments, Collections and Non-Current accounts reporting, you need to get these issues cleared up by applying the following:

If you Don't have these issues, Skip these steps and proceed to “FICO FOOT-BALL”

Step 1: Contact any and All creditors and establish the status of your account and what is the total amount needed to bring it current within their records.

Step 2: If they still have control over the account and you cannot pay the full amount to bring it current, establish a re-payment plan that you can absolutely afford and don't miss ANY of those payments.

If they do not have the account in their system, ask for the collection agency information and conduct the same method.

Step 3: Get all of this in writing and keep for your records.

*FICO FOOT-BALL*

1: Establish a repayment plan that will bring your Medical Bills to a zero balance within 12 to 18 months, if possible. If not, whatever amount you can absolutely afford without putting other bills aside, start with that amount and do not miss ANY payments.

2: Keep Credit type accounts (credit cards, loans) at or near zero balances each statement cycle. Meaning; use them but only to an amount that you can pay at least, 95% of the balance, each billing.

3: Do not apply for ANY new credit for the next 12 months.

After applying these steps and methods, your FICO Score should be in Home Loan Qualifying status.

Remember a Down-Payment is needed for your home and begin to establish a savings for it. This is crucial because your home lender will be looking for “seasoned” money, in your accounts.

Gather all your pay-stubs, tax filing forms, and any other proof of income, and keep this in a file. As you continue to get paid, add these to this file. ---You will need 2 years of Tax -Returns and 6 Months of income proof, to submit with your Home Loan Application.---

Good Luck and God Bless...

5 Contributions
357 People Helped

Low Credit Score? FICO FOOT-BALL..

Helpful to 1 out of 1 people

Greetings.... It's good that you have a goal in buying a home. In doing so, you will incur one of the most significant debts in your life. However, its the best type of debt to have.

Preparing for that type of loan and raising your credit score, are one-in-the-same. The following suggested steps should be immediately applied:

1: Get a “true copy” of your credit file from each Credit Bureau. Www.annualcreditreport.com (yes it's free.)

If there are any Judgments, Collections and Non-Current accounts reporting, you need to get these issues cleared up by applying the following:

If you Don't have these issues, Skip these steps and proceed to “FICO FOOT-BALL”

Step 1: Contact any and All creditors and establish the status of your account and what is the total amount needed to bring it current within their records.

Step 2: If they still have control over the account and you cannot pay the full amount to bring it current, establish a re-payment plan that you can absolutely afford and don't miss ANY of those payments.

If they do not have the account in their system, ask for the collection agency information and conduct the same method.

Step 3: Get all of this in writing and keep for your records.

*FICO FOOT-BALL*

1: Establish a repayment plan that will bring your Medical Bills to a zero balance within 12 to 18 months, if possible. If not, whatever amount you can absolutely afford without putting other bills aside, start with that amount and do not miss ANY payments.

2: Keep Credit type accounts (credit cards, loans) at or near zero balances each statement cycle. Meaning; use them but only to an amount that you can pay at least, 95% of the balance, each billing.

3: Do not apply for ANY new credit for the next 12 months.

After applying these steps and methods, your FICO Score should be in Home Loan Qualifying status.

Remember a Down-Payment is needed for your home and begin to establish a savings for it. This is very crucial because your home lender will be looking for “seasoned” money, in your accounts.

Gather all your pay-stubs, tax filing forms, and any other proof of income, and keep this in a file. As you continue to get paid, add these to this file. ---You will need 2 years of Tax -Returns and 6 Months of income proof, to submit with your Home Loan Application.---

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