Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Andrewfry1989

0 Contributions
0 People Helped
Trying to get a mortgage but need to up my credit more?
My lowest score is 585 and I need to get to at least 620 in order to be approved for a home. I paid down all but 2 of my credit cards but I need to get my score up as soon as possible, the 2 credit cards left are maxed out but I plan on paying them down of course. One of them is $1400. The other is $600. Do you think if I paid down the $600 my score would go to 620?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
33 Contributions
27 People Helped

Two Things

First, bring your credit card utilization below 30% and keep it there during the home buying process.  Until the loan closes and you have the keys in your hand for your new home, don't increase the utilization.  So, if you pay off the $600 credit card balance, your utilization will be at 30%.  Try to pay down the $1400 card.  Do not close any of the accounts as it will DECREASE the amount of available credit which INCREASE your utilization.

Second, put some time on your side meaning if you can wait 6 months to a year before applying for a mortgage, do so.  But keep the credit utillization below 30%.  This is not an overnight fix to increase your credit score.  

Happy Hunting for your new home!

Top Contributor
11705 Contributions
4497 People Helped

Helpful to 0 out of 1 people

First you need to know how credit works and how to raise your score.  Read the articles on this site and use every bit of information available here, since teaching about credit is Credit Karma's stated purpose.  Nothing is going to happen overnight but, if you really want that house, you'll do so and make the needed changes so your score will go up. I speak from experience.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.