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krystal0124

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whats the fastest way to raise my credit score for a home loan?
My credit score is a 528, I want to buy a home sometime in the near future but I am unsure of what my credit score needs to be or the things I should do to help raise my credit be more appealing to mortgage lenders.

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Fastest way

Most lenders (and this changes regularly) need a 620 or better.  You'll hear some lenders shouting 580 or better but the requirements to make a 580 loan are so demanding that no one would have a 580 if they actually could be all the requirements.  So... you should be shooting for a 620 or better as or 1/12/15.

Now, what can you do and what is fastest?  You'll need a two pronged approach.  

#1.  Build positive credit.  With your scores at 528, you will need to establisha  secured credit card and you will want to have at least 2 revolving credit lines (credit cards) while using them minimally (maintaing a balance below 30% of the limit) and paying them on time.  It also helps to have at least one installment loan (IE. Car payment, CONN's payment, etc.)  There are some advanced strategies that help in this area that I'd be happy to share if you need more info.

#2.  Work on the negative.  EVERY item that's reported on your credit must be 100% accurate, 100% verifiable, and within the time frames allowed to report.  Fortunately or unfortunately depending on what side you are on, the credit bureaus and creditors get this wrong a LOT.  Working to verify the accuracy and timeliness of the credit items on your credit file can see many inaccurate items removed and subsequently, your scores increased.  Most reputable credit improvement firms will provide a complimentary review (such as our company).  I'd highly recommend speaking to a credit expert to get specific guidance and direction.

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