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Events (not in any particular order): Forclosure of home: July 2012 Reposession of cars (2) November 2010 Credit card debt: We had 7 open revolving lines of credit, all of which are now in bad standing.
Student Loans: (2) I have recently contacted Sallie Mae and committed to a repayment plan. —Melissa D Recovering from a temporary financial setback (not that the years you endured could be called temporary), and repairing your own and your husbands credit score, is possible.
24 months after a negative appears on your credit score – the damage is going to have less of an impact.
With that in mind, I will size up your situation with some general feedback.
With the new qualified mortgage rules, that will take affect at the beginning of 2014, you would need to handle all of the collection accounts and get them to reflect zero balance owed in order to improve your chances of getting approved for a home loan.
This is because of the debt to income ratio that will soon be required to be met in order for loans to meet Fannie and Freddie purchasing. That means the credit impacts could have lost some potency.
Current Score: 540 Goal Score: 650 Let me know if you would like any further information. I figure there is no better time than now to at least get a game plan and start making steps in the right direction. You can have better results going about your own credit repair, than by hiring someone. First thing I want to address is the patience part.
In other words, those 2 defaulted auto loans do not exist in a box.Dealing with those alone will not improve the credit score overall because of the other things that are weighing him down.Auto loans that go unpaid, and cars being repossessed, result in the cars getting auctioned.Someone with one or two negatives, set beside several positives, will have an easier go of repairing credit and increasing their score. Compare that to someone whose credit report is weighed down with more negatives than positives and you need to have a patient perspective.Measured in time that will often mean 24 months and more.