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EstariaValens

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0 People Helped
Trying to buy a house.
Howdy All. Just looking for some estimates. I just started fixing my credit, and have gotten to that lovely point where all collections are settled. All my loans are paid off. In the process of getting to that point, I got a second credit card and applied for some loans. Unfortunately, I was denied the loans so I only have the two revolving accounts open now. My credit is 588, and I need to get to the magical number 620. I am leasing right now, and I want to know what a realistic time frame is for me to achieve that number. Is it possible to go from 588 to 620 by September with only two credit cards to work with?

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its hard to say

There are so many variables in credit.  I do know that being denied for the loans will not help. The inquiries will stay on your report for 2 years. but thats minor in comparison. 

Since credit scores are based on averages, with only 2 credit cards you have to be very caredul that your make all your payments on time and when ever possible pay them off completely and let them report a 0 balance at least once in a while. That will show that you are not over using your credit cards and responsibly paying them off when ever you can.

It is possible to have a high score with only few cards or loans, but any mistake can cause a big hit so be careful.  By your september goal, I don know. but you could be close by then. 

Aside from the score that you will need for a mortgage realize that you are going to need a large Down Payment.  The days of low down payments are over so you can expect to need  15 to 20% of the price of the house in cash.

Good luck

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