My credit score is horrible and i have one year to repair it before my mortgage goes in to an ajustable help?

i bought an house a year ago and since then we had a bit of finance trouble and we had to let two credit cards go with out payment and have inquireies up the wazoo from lenders trying to help us refinance the house and a lot of little things on our credit but, those were there when we bought the house now our credit has fallen below five hundred any ideas how to get it back up there?My credit score is horrible and i have one year to repair it before my mortgage goes in to an ajustable help?
The only things that can improve your credit score are paying your bills, including any old unpaid ones, and time. A year is a goodly amout of time if you start now. First, get a copy of your credit report. Make certain it is accurate, if it isn't take steps to get the errors corrected with ALL 3 bureaus. You can get their contact info from the credit reporting agency that issued your report. Next, call your creditors with delinquent balances and enter into a repayment program that will bring your accounts up to date as quickly as you are able to do so. Do not open any new accounts. Do not generate any more inquiries. Set your priorities appropriately. This is HUGE, it has to come first. It will take time, but your score will rise every month that there are no new delinquencies reported and no new inquiries generated.





Good luckMy credit score is horrible and i have one year to repair it before my mortgage goes in to an ajustable help?
Cut back on everything. See what ';necessities'; are really not. Scrimp and save and pay off your debt. A lender that sees that kind of effort might be understanding.
try to consolidate your credit cards, pay at least the minimum don't charge anything else and don't open any new cred card accounts. if you do that, youre crdit score will go up. it will help if you can pay more than just the min.
As a rule, only repayments will do that. Have you been in direct contact with your creditors? Do not avoid them. DO NOT!


Bear in mind that they are not receiving a dime at present. Write a letter to them, explain your circumstances. Make an agreement that you will pay something each week, month, whatever, no matter how small the amount. Give them details as to why you can't pay more, income, living expense, etc. Also, plead your concern that a high interest rate will not solve the problem. I realize that on defaults, creditors can increase interest rates up to 30%. That is usuary and the damn gov. did this.


If they accept that, it will not be removed from your credit rating until paid in full. Also, slow pay will remain for several years.


This is your best approach. Consolidations are a scam. You will pay high interest anyway.


Talk to your morgtage holder, see if that can be accomodated. You probably have very little equity if any. Lenders are not fond of repos any more than the borrower.


Higher interest is inevitable. The price we pay. Tighten your belts. Get rid of every luxury that you can live without. Is a cell phone, cable TV, high rate internet, mags, etc. necessities? Is public transportation cheaper than driving to work, parking?


Think about it.
Smart move! It's great that you realize you need to do this before your mortgage rate goes up. There are quite a few things one can do to improve your credit without paying off the collection. I can also refer you to a non profit organization with a one year credit improvement program.





I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called ';stated income';) and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica
I may be able to help you, I am a mortgage concultant with citinet mortgage, we are a direct lender, with 150


investors, and do both A paper and Sub Prime Loans.you may be able to fix your credit by refinancing and consolidating your debt into your mortgage, click on my profile and E-mail me or contact me on my cell@ (951)660-9580. I can only help you if you contact me.
There is a lot of good info on this subject right here.
#1) Pull all your reports. Not online, request actual physical copies. They usually contain more than what an online report does. This will give you a start on where you need to go with your reports. Also, keep them. Never toss them. They are proof later on if you need them to refer to if you ever get into a legal situation regarding your credit (lawsuit etc). You can get your first set free on an annual basis at annualcreditreport.com.





#2) Dispute. Dispute anything that is not correct including, balance amounts, lates, etc. If you have only one or two lates, I would call your creditor and see if you can get them removed via goodwill gesture, or send a goodwill letter. You can find some great letters on some of the credit boards like creditnet.com and creditboards.com.





#3.) Collections? If you have any collections on your account or anything that should not be there, send a DV (debt validation) to the creditor asking to prove the debt. If they cannot, they have to remove the debt off of your report by law.





#4.) You have rights - check out http://www.ftc.gov/os/statutes/031224fcr鈥?/a> for more info.





#5.) check out some of the posts on creditnet.com and creditboards.com for assistance.





#6.) If you have no credit, or want a temporary boost - have a family member or really (really, really, really) close friend add you in as an authorized user on their credit cards. Make sure the balances are not high, otherwise this could hurt you more. The higher the available credit, the more your utilization will go down on your report - therefore bumping your score.





#7.) Avoid unnecessary inquiries. Hard pulls can hurt you, so avoid applying for new credit cards unless necessary.





This of course is a shortened version of things you can try. Research info on those links I provided you. You can increase your score spending just a short amount of time per week, sending letters to creditors etc. I increased my score over 100 points in less than 6 months. Depending on your situation, this could take shorter or longer time, but at least you have somewhere to start. Good luck!