How long will it take to improve our credit enough to get a mortgage?

Winter of 06 we were looking to find a mortgage, but denied because our credit scores were too bad. Mine was 498 and hubby's 487.


So far, I have ensured all bills are paid on time (Since Dec of last year)... I acquired my credit file and see that many inquiries will be falling off by the end of June.


Most of the problems on our credit file are very old (Within 18mo of falling off record completely) and we have been advised we're better to leave them alone, as if we open the file to make payments, the 7yrs will start over.


We have also acquired a secure Mastercard (It just came in the mail last week) and plan to use it for generic purchases and pay off right away.


When we checked my credit in Feb, it had already improved to 506.


Our broker has suggested we can get a mortgage with a score of 560.


How long will it take to improve our credit to this level with what we are doing?





We're hoping to get into a house ASAP.


Any help/advise is truly appreciated.


Thanks!How long will it take to improve our credit enough to get a mortgage?
Hello, I have been helping people for free with issues like yours. It is hard for me to help with the information you gave in your post.





I would suggest you leave the debts that are falling off your credit in june alone. What you might find is they might try to Illegally re age these accounts there is one company that is terrible for doing this.





Next, you should have at least 3 good trade lines each. I will give you a couple suggestions. Please understand these cards come with fees and I do not really care for them but they do report monthly and can help you establish a good score. They will take almost anyone and are not secured so it looks better on your report.





Tribute Card will give you a $300.00 line of credit but will charge $150.00 on the card before you get it for fees. I would suggest as soon as you get the card do not charge on it but activate it. Cut the card up and make the minumum payments on the card so you can get your ';Pays as agreed'; status but not dig yourself into debt.





First premeir will give you $200.00 and charge 150.00 to your card and also might ask for a 29.00 process fee.





Orchard bank is a good card. they will usually give you $300.00 line and will charge you 49.00 annual fee. You will have to send a 49.00 dollar fee to them to get the card. Wait for there letter first.





Orchard is owned by Household Finance so stay on good terms and pay your cards monthly. Better yet if you can send something every 2 weeks your in. Household can do your mortgage if no one else will but prove yourself to them by using the card never charging over 40%





Be carefull with these cards so you do not bury yourself in high intrest purchases





Read the links below and educate yourself an authorized user would help you alot.





If you need help let me knowHow long will it take to improve our credit enough to get a mortgage?
Its hard to say.. just give it time..
I don't know if 560 will do it to qualify. I'm seeing more 680 as a minimum score. I have a lady who does credit repair for my clients. The company also adds lines of credit to your account. It's 100% legal, but a little expensive. Email if you would like more info or her contact number.