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We need to boost our credit soon

OK so My and hubby need to boost our credit score We want to buy a house. don't know exactally what mine is but his is ZERO and he has no loans and anything like that we have all the bills in both names we pay bills on time all that good stuff. on the other hand have student loans( I didn't pay on time a few yrs back) out there and another personal loan that i want to get rid of because the interest is in insanly high. So I was wondering how long it takes to boost our credit up.

I know we need a credit card and keep balance at a minimum or zero but what should our limit be? or how many? (Don't worry we will behave ourselves) I'm thinking just buying gas or our hotel trips then paying for it at the end of the month

I hate my blasted loan i pay so much for and just want it gone, been paying on forever, would it be bad to get another loan with lower interest and shorter term to get rid of it (we could cosign together

Answer Question
 
Elizzaay

Asked by Elizzaay at 12:18 AM on Mar. 5, 2010 in Money & Work

Level 3 (23 Credits)
Answers (3)
  • Why'd you post the same question twice with different titles back-to-back in the same section?
    Anonymous

    Answer by Anonymous at 12:23 AM on Mar. 5, 2010

  • Zero? I've never seen a zero credit score...do you mean his credit is incredibly bad or that he's never had it?

    Step one, really? Go to a lender and get prequalified. They can tell you whether increasing your score is possible, and what you qualify for at this moment.

    The common wisdom is that if you have a card, you actually SHOULD carry a balance, but one that's well in line with your income. Your bank can best advise you on what you should be carrying.

    If your current debts are within your means, then you probably have as good a score as you can get. There is no way to fix the late payments in the past and those will be a mark against you. Lenders are not just looking at FICO scores these days; they want to see the whole enchilada.
    gdiamante

    Answer by gdiamante at 12:36 AM on Mar. 5, 2010

  • He can go to a credit union and open a secured line of credit, basically its a prepaid loan and you get the money back after 6 months and it gives you credit, then he get an actual line of credit and start building it higher that way.
    DomoniqueWS

    Answer by DomoniqueWS at 12:49 AM on Mar. 5, 2010

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