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clayjcy

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Need major jump in score
Hi, Im new and to be honest since my wife and I purchased and built our house 8 years ago we havent needed credit, so we never focused on it. Dumb now, we realize.
Due to a job change we need to sell our home and relocate. We applied for a new loan to begin looking for a home. The company told us there is no way with a score of 550. So while our home is on the market, we are rushing to make any changes possible to repair credit.
We dont have much besides our mortgage with 2 missed payments- now current but the lates were recent....and 2 CC at 97% UTI.
Im working diligently to try and pay these down for a boost. As of today I have them down to 59%
Any other pointers would be appreciated. Desperate here. Sadly we do not have family wiling to let us piggyback.
I recently was approved by fingerhut and am hoping they will jump my CL and help UTI more.

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I would be realistic and plan on renting for a year or two if you get your house sold. That will give you enough time to build your scores up providing that you take time to do extensive reading on how to build and maintain good credit in addition to all other credit topics. As always, it is very important to get a decent interest rate in addition to getting an approval, so the more time you take to build your credit the better the rate when you are approvable.

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I'd suggest not using Fingerhut since,like most store cards, their interest rate is way too high!. You definitely need to get the credit card debt down to 10% or less.  There likely will not be any rapid jumps in credit score. I do suggest re-reading the articles on this site and using the financial tools to see what effects different financial actions will have on your credit score. Beats learning about them the hard way as in real life. 

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