What will happen to my credit score?

Question

I have recently (earlier this month) had all kinds of old debts deleted from my credit report they are actually already removed as of now but my credit score is still the same. I have a score of 568 right now but I have no open credit cards. EVERYTHING on my report was from 4-6 years ago. I am trying to buy a home and I was told I could most likely get approved for an FHA loan with my girlfriend. We have done everything we can to clean our reports but I would like to know if anyone could tell me how long it will take my score to improve. Thanks.

Answer 1

It might take a really long time and it might not help to remove OLD items.  Your credit score is usually composed of stuff from the last 2 years primarily.  Have you considered using one of those authorized user tradeline programs. They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help.

Answer 2

You can improve your credit score with knowledge, some time, some effort and not a lot of money. Start by learning the credit laws in the United States the big one thatwill help you is that credit bureaus must respond to disputes in a set amount of time or they have to remove disputed items from your credit report.

http://best-loans.awardspace.com/credits...

Get a copy of your credit report and go over it with a fine tooth comb. Find the inaccuracies; almost every credit report has them. Write letters to the credit bureaus, disputing the inaccurate items. If they can’t prove it’s correct or don’t respond in time, the items must be removed.

Answer 3

If you don't need to move right now, wait a little while and work on your score.  It goes up in baby steps.  The higher your score, the better mortgage interest rate you will get.  Having an open credit account wouldn't hurt, as long as it wasn't maxed out or paid late.  Keep credit balance at least 40% below the available limit.  30% is even better.  This will show that you know how to use credit wisely.