So where to start..hopefully this is the right place to post sorry if its long.
I have about 13,000/14,000 in debt not included medical, my score took a dive about below 600. I have 3months to get a place to stay, and i have 2,000 set aside for security as a backup plan. I really need a house, aside from the items i have (kids jungle gym and such) it would save me alot of money in the future if i get a house now because i can take all the items from this house (gardent tools, mower, pool, furniture).
My plan is to try and get a loan under my wifes name for the amount of debt i am in. I figured her name would be better because she doesnt have much credit and this would build hers, and my debt is all in collections, and/or charged off.
My question, if i paid off my debt this week how long would it take my score to go up? being that my debt is either charged off or in collection. I found a house for 100,000, is it possible for fix my credit enough in 3months to get this loan? thanks for your help.
need help, 3 months to fix credit and find a place to stay.
Negative items will remain on your credit report for at least 7-10 Years. Therefore, if you want to improve your credit score, you will need to payoff your debt on time. This is because; late payments hurt your credit score by 35%. There is no specific time limit when your credit score will go up. But when you start making payments on time, your credit score will improve gradually. As your credit score is below 600, so it may be difficult for you to get a loan. This is why; you need to payoff your charged-off account first.
Pretty much everything is charged off, except school loan which is garnishing my check. I was thinking about trying to get a loan under my wife for the amount of my debt to clear my credit and build hers. Would my credit jump if i did that? If the creditors accept a pay for deletion.
need help, 3 months to fix credit and find a place to stay.
Yes, your credit score will gradually improve if you repay your debt in full. You can contact with your creditors and request them for a pay for delete agreement. If you are able to convince your creditors, then they may accept your proposal. The following link may help you in this regard:
creditmagic.org/repair/pay-for-delete.html
credit
It does take time to repair your credit, but, it can be done. Gotta just make 'baby steps' to do it. Every payment, you make on something, brings your debt down by just alittle. So, your income/debt ratio isn't as bad. Trying to make some kind of arrangments with your creditors is a good idea. However, most CA's won't remove the debt until it is 'PIF'. That may take more than 3 months for you to do (depending on your situation). have you looked at your credit report lately?