“Credit Scores Improved, but Not Enough”

“Credit Scores Improved, but Not Enough”





Good Afternoon Joe,

We would like to revisit the purchase of the rent to own option that we are in right now. This would be a VA Guaranteed Loan. Purchase price if we close before May 1st would be $185,000.00 after May 1st it would be $190,550.00. We have added credit accounts to our credit report and I have worked with a credit repair company for 6 months in order to get some things cleaned up. I believe we are on the cusp of making this happen. Please review our credit profile and let me know what you think you can do.   



When I originally reviewed this client’s credit his scores were in the low 500’s. I made a number of recommendations. The first was to settle his current outstanding obligations and unfortunately, he didn’t do any of that.


I also suggested that he set up a few new secured credit cards, which he did and paid off the balance or close to the remaining balance each month.


Here is the problem, when you make your payments as agreed on your new cards on time, but you have a bunch of unpaid obligations on the credit report that aren’t getting paid and the creditors are reporting that information to the credit bureaus each month, you are getting nowhere fast. The bottom line, the scores don’t improve very much.


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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 3 commentsJoe Petrowsky • April 10 2018 02:55PM


Your insight and suggestions are priceless; but only if the potential borrowers listen!


Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 7 months ago

Good morning Joe. Sometimes they listen and sometimes they do not. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 7 months ago

As I have said before, home ownership is a wonderful thing but also a huge responsibility. This person needs a lot of change in their attitude towards money before they own.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 7 months ago