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NWR: Home Loans

sam+billysam+billy
First Comment
in Ohio-Cincinnati
Hey girls! FI and I have been thinking about trying to get a loan for a house! However, my credit isn't exactly the greatest and I was wondering if anyone had any info on where to go to help get my credit cleaned up.

I am not sure if a loan officer would do that for me or if I need to look else where.
(Preferably NKY)

This is all new territory for me so any info would help. Thanks much!
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Re: NWR: Home Loans

  • shaypbshaypb
    First Comment
    Do you belong to a credit union?  Don't overlook them.  They seem to be willing to go the extra mile for their members.  
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  • TeamBabyTeamBaby
    First Comment
    What exactly do you mean by "cleaned up?"  Unless there's fraud involved, there's no way to "clean up" your credit.  It just takes time.
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  • sam+billysam+billy
    First Comment
    I mean just someone that will lead me in the right direction as of what to pay off first, etc. I understand it will take time... I just need some help knowing how where to start.
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  • TeamBabyTeamBaby
    First Comment
    I see.  Rule of thumb is to pay off your highest interest rate loan/credit card first.  Here is a link to a debt payment calculator that will design a plan for you if you type in your stuff. 
    http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

    And stay away from any company that claims to help you get out of debt.  They just want your money.
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  • sam+billysam+billy
    First Comment
    Thank you much!
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  • BerobinsmBerobinsm
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    There is a website called credit karma and it has a simulator tool that allows you to see how different things will change your credit, so it will help you decide where to start. It also has lots of advice and recommendations
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  • justengaged777justengaged777 member
    First Anniversary First Comment
    I was in a situation where I needed my credit score to raise 10 points or so in order to be eligible for a certain low interest rate loan. My loan officer walked me through this process. There were certain things that would change your credit score pretty quickly.

    One of them was opting out of all credit card offers. I don't remember the website off hand but I'm sure you could google. The other was to not pay down all of my cards all of the way but pay off some of the cards to where I owed less than half of my available balance. Part of your score is calculated by looking at your total available balance vs. your total allowed credit. So if you had a card that had an allowed credit of $3000 and your current balance was $2900, with an available balance of only $100 this can drag your score down. I raised my score 10 points in a month by taking care of these items.

    It was definiately a loan officer that helped me through this...
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  • marchmackiemarchmackie member
    First Comment

    Been there! I used credit cards to pay my way through college and I was kinda slow paying some of them back.

    One thing that helped me was speaking to a credit counselor. NOT the ones that lower rates and payments... Actual counselors that 'clean up' credit. I paid them $250.00 to help. They ordered me all four reports and we first looked for discrepancies. YOU WOULD BE AMAZED at how all the reports were different.

    There were medical bills listedin collections that I didnt know about....which were taken care of by insurance but it was an office error, credit cards that I paid off and closed that were shown as still revolving lines, and two showed that I was paying on TWO cars instead of it showing one as paid when I bought a new car.
    Fixing all of those "little" things raised my score 30 points in 3 months.

    Best part about having them was they did it all for me. They speed up the process to getting things taken care of. It was worth every dime of the $250.
     
    It takes time, there are no quick fixes, but paing attention to all the things on your report make a huge differance. I never knew how closely I should have been watching. I cost myself well over the 30 points I gained back. I am now checking my report every 6 months.

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