“There are SO Many Ways to Improve Credit Scores”
Good morning Joe, I was wondering if you could send a detailed copy of my credit score report. I'm trying to increase my credit rating, so that I can be ready to buy a home after the June 16th date. Do you have any thoughts or suggestions on how I can go about doing that?
This client was referred to me by his bankruptcy attorney. We need to get him past June 16th which is when he will be 24 months past his discharge. Once that happens and his credit scores are adequate I’ll be able to give him a pre-qualification letter.
Here were my suggestions for him:
1) There were a couple of items included in the bankruptcy that still show as in collection. They need to show that they were included in the bankruptcy.
2) He already has re-established some credit, two credit cards and the balances are too high. I recommended that he pay the balances down to below 25% of the high credit limits.
3) He has a car loan with 16 more payments due. I suggested that he pay the balance down to 10 remaining payments by June so that I don’t need to include the payment into his debt ratio. Once you are at 10 or less, it doesn’t need to be counted.
Hopefully he takes my suggestions seriously. If he does, he will be well qualified to obtain a mortgage to buy his first home.
Image courtesy of Stuart Miles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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