“Do you think she is on a Mission?”
Good morning Joe,
Thank you for reviewing my credit report and getting me on the right track. I took heed to all your suggestions and brought my student loans current as of last week. I also addressed the Children's place credit card. I brought that down to 50% credit balance. The car loans are now current as well. So I suspect that if I maintain these accounts I should be able to see my credit score improve significantly. You did not mention the names of the other creditors that I am over the 30% highest credit mark. But I think there are two of them. I will be addressing those in the next couple of weeks.
Once these accounts are addressed, how much wait time is there to see the positive impact on the credit score? Then how much time to apply for a mortgage?
I let her know that we need a little time to get her scores up. Just because accounts are paid current and credit card balances reduced, doesn’t mean that the scores will just jump. For sure scores drop quickly when payments are not made on time but the same is not the case when it comes to scores going back up.
The biggest step at this point is keeping all accounts current and paying down balances. It will probably take six months to accomplish the goal of getting pre-qualified for a mortgage.
Image courtesy of Stuartmiles/freedigialphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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