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Fast credit repair is often not feasible

Wed Nov 12, 2008 11:11PM | By Tony

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Q: My credit scores are 622, 637 and 651. My credit report shows two credit card payments that were 30 days late on separate accounts within last 18 months, and one 60 day late car loan payment, which was in March of 2005. I moved, the payment got lost and I got the notice too late. The thing is I want to repair my credit fast, like within two, three months max, to get into 700 range and buy a house in $200,000 range. I have $23,000 to put down.

A: Unfortunately, with these two 30 day late card payments, fast credit repair is sort of out of question. You can improve credit score fast, but it will take some five to six months. Even if you boost your scores, the lenders may look at your late payments quite unfavorably, especially in today's situation, but ...

first, get in touch with FHA lender, someone who specializes in FHA loans, or at least does them on a regular basis, you may be able to qualify for FHA home loan quite nicely. Then, you don't need the fast credit repair to get on track, as much as you think. Getting the mortgage and paying few months on time could be the best credit repair, fast or slow. Get some idea on FHA loans and find approved lenders in your are here.

You have a very good chance for an approval. As I understand you are first time buyer. The very important thing will be your debt to income ratio. The credit scores will improve as long as you pay on time and don't slip behind. Besides this, for fast credit repair you can try to open another credit card and maintain very low balance-to-credit limit ratio. You don't have to carry the balance, but pay it off monthly, still charge no more than 20% of the card limit. The same goes about your existent credit cards. Please, do not try any third party company the offers guaranteed fast credit repair. It will be waste of time and money and can even hurt you home buying chances.

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