Can You raise your FICO scores fast?             Click here to Print

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#Omega611 - Says,

My FICO score is 536 and I am tryinmg to refinance out of ARM that is adjusting upwards every 6 months. Is there a lender that will offer financing with a score of 536?
#CMBV22 - Says,

In todays market I think that you will find it difficult to refinance at 536. I would suggest a couple of easy quick(er) fixes to try and boost your score.

Get your CR and see if you have any inquirys. Send inquiry validation letters to all of the companys that are listed. This should raise your score about 5 points each.

See if you have any duplicate accounts on your CR. Sometimes when you owe a debt and it is bought and sold by mutiple CAs you will find multiple listings for the same debt. I suggest sending DV letters to the companys that no longer own the debt. These CAs will most likley remove their listing rather than try and validate it to you. They have nothing to gain.

Open a credit card account. Even secured cards will help. Keep a small balance and pay it on time each month.

All of these things will help your score in a decent amount of time. Obviously validating all of your debt and paying off the balances will help the most but, if you dont have the money to pay them...

Just be careful that you dont get sued by any CAs whom you owe money too. You dont want them to put a lien on your home.

#carol - Says,

Hi Omega
Since you have an adjustable rate of mortgage and the rate of interest is on the increase, you can ask your lender to refinance out the ARM into a fixed rate mortgage. FHA loan refinance is a good way to refinance your ARM provided that your mortgage payments has been on time for the last one year. You may consult your mortgage broker and I hope that they will be able to help you about it.

#Omega611 - Says,

Thanks. Where can I find a sample DV letter? I have a mrotgage company (Option One) that has not been willing to help even after ove 1 year of on time payments. FHA has a minimum requirement of a 580 score
#CMBV22 - Says,

YOu can find some in the stickys on the forum. You can also look through my previous posts. I have posted my favorite letter before.
#sdchargers_63 - Says,

If I send Validation Letters to my CA's, and they don't respond within a certain amount of time, can I have the account 'Deleted' from my CR? Is it the best thing to send copies, of letters to the CB's? REALLY 'getting into' trying to clean up my CR..ya know.
#CMBV22 - Says,

sdchargers_63,

Yes but, it takes a bit of work. Send your DV letters cert mail you can prove they got them and keep a copy for yourself. After you send two letters 30 days apart, send a letter to the CRAs *i posted one you can use* and send your copies of the letters with copies of the cert mail tickets. Now, if your luck is as good as mine *you poor thing Wink* you will get letters back from the CRAs saying they vailidated the debt as yours. Then you get to send them a method of verification letter that requires them to send you the verification they got from the CRAs within 15 days. MOst times they dont fully validate your debt when they contact the CAs this forces them to or, be in willful noncomliance with the FCRA

#creditcoach - Says,

FHA does not have minimum 580 FICO- According to HUD Handbook 4155 there are NO minimum credit scores to obtain an FHA loan... Many lenders have implemented their own 580 minimum criteria but there are still several lenders that are lending with scores below 580- Shop around... If you have been on time for the past 12 months and there are no other Major derogs in the past 24 months you should be able to find someone to do a FHA refinance for you...

Good Luck!!

#sdchargers_63 - Says,

So, CMBV........it seems ALMOST like a 'catch 22', to clean up your credit. Not imossible, just time consuming..right? My luck?........it can go 'either way'...LOL
#awestover - Says,

I have this really good Ebook, that will help you with any credit problems you have. It is called xxxxxxxxxxxxxxx. You can increase your credit score within 90 days, even if you don't have credit. It worked wonders for me. I read this book, and now I have almost perfect credit within four months. Good Luck! I have this really good Ebook, that will help you with any credit problems you have. It is called xxxxxxxxxxxxxxxxxx. You can increase your credit score within 90 days, even if you don't have credit. It worked wonders for me. I read this book, and now I have almost perfect credit within four months. Good Luck!

[deleted] Violation of forum rules - Richard

#lostrikan24 - Says,

I was told that calling current credit card companies and asking to raise the credit limit would greatly help our debt-to-income ratio. I can see how, but does this also help our FICO scores? If so, that is a quick and easy way to boost FICO scores...

Does anyone know or have any info?

#goodnatured - Says,

I can see how this would definately raise your score, I would not have thought this.
#CMBV22 - Says,

sdchargers_63,

Yes and no. I just got two accounts delted after requesting MOV. The flip side to that is as soon as the CA who put that debt on their either sends some kind of validation or sells it to another CA, My fun starts all over. That is why I generally call them up and offer to settle once it is off with the agreement that they will not relist it. Also, I ALWAYS get it in writing first. I also send the funds with a letter re-affirming our agreement.

Another fun fact is that in many states if you right 'paid in full' on the check even if they cross it out and write I dont agree' The debt is considered paid.

#lostrikan24 - Says,

Goodnatured,

I was given that advice by a close friend in the past and did not follow up on it. I am now reading a book on how to better my credit/fico scores and ran across that advice once again. In the process of going through my credit report I found out about a few cards that I had aquired but never really used in the past. Those balances are still at zero and that helps also. I will not close these because doing so will greatly lower my debt-to-credit ratio. Well, this little trick is helpful if we raise the credit limit but don't actually use it. Good luck! =)

#Mary - Says,

Hi lostrikan
You are true. Raising the credit limit on old credit cards help a lot in increasing your FICO score. But if you use these cards for making compulsory payments like utility service bills etc., and then repay them back in time, a good credit history will be created which will no doubt increase your credit score much faster. Sometimes credit card companies raise these credit limits automatically, so as to persuade customers to buy more with these cards if the card remains inactive for a longer time.

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