Recently I ran my credit. It was a 590. I have 2 liens and a dozen or so medical bills. I have satisfied one of the liens. i am working on the other. Now what to do to get mortgageable?
You may start off with buying a secured credit card, make some deposits and request for a credit limit worth the value you deposited. Use retailer programs for purchases like furniture or appliances. Make use of gas station cards as well. Before all of these, make sure you get a credit card from a reputable company. All of these will help you build credit but then you need to be patient because it takes time to build credit.
Thanks Carol. I have 6 year old medical bills all from the same event. We want to buy do you think it would pay to pay them off? Or should I just focus on now?
If you have deliquent debts, on your CR, look at what the 'fall off' date would be for those debts. All states have a SOL....( in PA, where I live, the SOL is 7 years. However, after the items have been on my CR for 4 years, the CA's cannot legally sue me). ..if I made a payment, on these debts, after that 4 years of first deliquent payment, the SOL would 're-start' (start over) and I would have to wait ANOTHER 4 years hoping they wouldn't sue me (I think you're getting the picture). You need to find out what the SOL is for your state. If the 'fall off' dates are soon (within a few years), I would just leave the debt alone. If the debt doesn't 'fall off' in that particular time, you can dispute the CB's about the debt. Keep paying on debt you have now (car loan, etc) and everytime you make a pyment, your debt goes down a bit. When your debt goes down, your credit score will raise. (WHEW!!..LOL) Hope this advice helps. It's always 'baby steps' we have to take to repair our credit. :)
Hi Mike
You may start off with buying a secured credit card, make some deposits and request for a credit limit worth the value you deposited. Use retailer programs for purchases like furniture or appliances. Make use of gas station cards as well. Before all of these, make sure you get a credit card from a reputable company. All of these will help you build credit but then you need to be patient because it takes time to build credit.
how do I build up my credit?
Thanks Carol. I have 6 year old medical bills all from the same event. We want to buy do you think it would pay to pay them off? Or should I just focus on now?
credit
If you have deliquent debts, on your CR, look at what the 'fall off' date would be for those debts. All states have a SOL....( in PA, where I live, the SOL is 7 years. However, after the items have been on my CR for 4 years, the CA's cannot legally sue me). ..if I made a payment, on these debts, after that 4 years of first deliquent payment, the SOL would 're-start' (start over) and I would have to wait ANOTHER 4 years hoping they wouldn't sue me (I think you're getting the picture). You need to find out what the SOL is for your state. If the 'fall off' dates are soon (within a few years), I would just leave the debt alone. If the debt doesn't 'fall off' in that particular time, you can dispute the CB's about the debt. Keep paying on debt you have now (car loan, etc) and everytime you make a pyment, your debt goes down a bit. When your debt goes down, your credit score will raise. (WHEW!!..LOL) Hope this advice helps. It's always 'baby steps' we have to take to repair our credit. :)