“There are SO Many Ways to Improve Credit Scores”

“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

Email: joe@righttracfg.com



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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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 42 commentsJoe Petrowsky • March 29 2016 03:37AM


Interesting Joe.  I certainly hope you will get this buyer in position to be able to purchase this summer.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 4 years ago

Good morning Joe. Hopefully, he learned from his mistakes and will take your advice! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 4 years ago

Hopefully he will listen and incorporate your input into his spending plan for the next few months!

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) about 4 years ago

Yes, Joe it's a numbers game for sure and like anything else, you follow a plan and you're well on your way! :)

Posted by Faith LaRosse, Serving Berks, Chester & Montgomery Counties (Springer Realty Group) about 4 years ago

Good Morning Joe,

If he follows your advice, his credit will improve drastically. Bookmarked this. 


Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) about 4 years ago

This buyer, Joe Petrowsky is taking the informed route to recovery. This is something I wish so many would proactively research before thinking they can buy a home after a bankruptcy.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (HomeSmart Realty West & Lend Smart Mortgage, Llc.) about 4 years ago

This is why it pays to work with a real expert.  Great advice.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) about 4 years ago

Joe, you offer great information for anyone needing to improve credit and find a great lender...good for you!

Posted by Ginny Gorman, Homes for Sale in Southern RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 4 years ago

Lots of ways that people can help themselves...and are wise to do it all they can as often as possible.

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) about 4 years ago

Joe, great advice, and sounds like he is on the road to improving his credit score, and will be ready by mid-June.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 4 years ago

 Good morning Joe Petrowsky . This is such great advice and it sounds like this person is on the road  towards repairing their credit and improving their credit score.

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) about 4 years ago

Good Tuesday morning Joe Petrowsky -

I hope the guy listen to your words of wisdom and gets his credit scores up.  Sadly so many don't realize the power of credit scores until they want/need a loan.

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) about 4 years ago

You know all the answers to this one Joe, and are a natural at giving advice on this matter!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 4 years ago

Hi Joe... let's hope this prospective home buyer took your advice to heart and has started doing something to improve his credit score.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Realty) about 4 years ago

Someone advised him well and if he's smart, he'll take all of your suggestions.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 4 years ago

Hi Joe Petrowsky I guess there ARE more ways than just making your payments.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) about 4 years ago

Good morning again Joe. You are thorough and kind: a winning combination.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 4 years ago

Joe Petrowsky  Hopefully he will listen to your advise

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 4 years ago

This is good information to share with this prospective home buyer.

Many families need to work on their credit.

Posted by Roy Kelley (Realty Group Referrals) about 4 years ago

Joe, this is great advice. I hope this hopeful future homebuyer does what you recommend!

Posted by Marney Kirk, Towson, Maryland Real Estate (Cummings & Co. Realtors) about 4 years ago

Hi Joe - where there is a will there is a way.  Just knowing and doing the right things is important.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 4 years ago

Hi Joe,

Excellent information that anyone considering making a purchase should heed.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) about 4 years ago

Hi Joe -- what a great action plan you have presented to your client.  I did not know about the car payment factor(ten payments left or less is not a part of the calculation).   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 about 4 years ago


As usual I learned something new, like the 10 payments or less.  No wonder, you have an endless stream of referrals.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 4 years ago

Hi Joe,
I hope they are able to take your advice.  The high credit card balances so soon after the bankruptcy could be a red flag.  

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) about 4 years ago

I hope he follows your advice...it's good and will certainly help his score. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) about 4 years ago

Hi Joe, if he stays on track and follows your advise, he will be a happy person. Working with someone as knowledgeable as you is a must when it comes to mortgages.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) about 4 years ago

Good tips. Thanks!


Posted by Jayson Holland, Jay Holland (Listings.com) about 4 years ago

Joe good thing this Borrower has the foresight to get an early start on making sure everything is in order by the time he is ready to purchase again.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 4 years ago


Your doing a great job in helping your customers to improve their credit scores.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 4 years ago

I always learn something from you Joe, thanks for the great story and advice on cleaning up credit.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 4 years ago

Joe great advice hope the buyers are reading and taking your words at heart, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 4 years ago

these are all great suggestions - and I will remember the one about the car payments - it is good advice to share with my clients

Posted by Lise Howe, Assoc. Broker in DC, MD, VA and attorney in DC (Keller Williams Capital Properties) about 4 years ago

I had one lender tell me not to go over 50% of the limit. But then I learned by studying that less than 25% is way more accurate. I actually did not have credit and was told to go put up $300 and get a secured credit card. I did not know this was available to me, being as it's hard to get credit established. Sure enough, this worked and we were able to buy a much nicer home than I expected. :)

Posted by Lynda White, Admin. Mgr., Keller Williams Realty (Bluegrass Homes & Farms Realty, Agent Know How) about 4 years ago

You are always thinking outside the box and to how to make something work. That is a great quality to have.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 4 years ago

Joe-I appreciate the information on the auto loan and the ten-month balance. I guess that will still be challenge for some now with some taking a 60-72 month auto loan.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) about 4 years ago

Since I have been working with people in Post BK since 1995. This is one is most important: 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.

Posted by Ron Aguilar, Mortgage & Real Estate Advisor since 1995 (Continental Mortgage) about 4 years ago

Learned something new from you today, Joe Petrowsky. I didn't know about the 10 car payment rule. My son asked me about paying off his car and I told him not to do it. He is young and payment history seemed more important. Thank you

Posted by Dana Cottingame (Coldwell Banker Residential Brokerage) about 4 years ago

This is always one of the top 10 questions that buyers have. With your guidance, the buyer will have smooth sailing.

Posted by Lyn Sims, Schaumburg Real Estate (RE/MAX Suburban) about 4 years ago

Joe Petrowsky- good suggestions and hope this buyers gets into the home after 'implementing' your steps.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) about 4 years ago

Joe, how fortunate this buyer is to be working with you!  Selecting a top notch lender is key to the process of obtaining a loan.

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) about 4 years ago

Good things to know Joe.  I did not realize a person could get credit before the discharge?  Well you learn something new everyday.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) about 4 years ago