jdetermann

buying a house...

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He can't guarantee what your score will be if everything is paid off. That's hard to predict. If it's old charge off stuff, your score could take a hit if there's new recent activity on bad stuff.

If you remove the bad tradelines (assuming they're their) your score could go up. You also need positive tradelines. Getting added as an auth user somewhere will help with that.

You might need to spend some time in the credit repair forums.

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Regarding that number though. Get to 580 and you will qualify for 100% sub-prime financing with a rate near 8%.

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I really wish that people would not talk about things that they don't know anything about. Yes, it is logical-in the real world-that your scores should go up if you pay off your collections, but it is not true.

If you want to increase your scores, you have to develop a positive trade line history. Paying off old bills will only make your scores go down as the "DLA" (Date of Last activity) will become more current, and you will have "bad stuff" that is current, instead of "bad stuff" that is old.

To develop a positive credit history, you have to get credit cards and/or car loans that report to the bureaus. If you don't know who to go to, I think that people on the credit repair part of CIC can help you/give you advice.

Above all, don't get discouraged. If you make building up your credit a number one priority, it will happen. You can get into a home of your own. It may take a long time, but starting now will make it happen sooner.

Best Of Luck

Charles

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After re-reading the post I See I was TOTALLY wrong and misread it. I had read two other post that day that were just negative toward the posters.This forum has helped me SO much since I discovered it and I would hate to think it would turn negative and turn newer visitors off. I owe Charles an apology. And everyone on here a thank u.

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He wasn't directing that comment at ybrew. Charles doesn't work that way.

It was directed at the mortgage guy who told the OP this:

My current score is 460 and this guy tells us if we pay off everything that my credit score will raise to 580 and I will qualify for 100% financing.. Is this possible?
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Thanks for taking what I was saying directed to the LO? that was giving out the info.

In general, I wish that people that gave advice would do research on the subject before talking about it.

One of the wonderful things about this forum is that I have learned a lot over the years. So many questions that were asked at first that I did not know the answer on. Several times, early on, people thought that I was ignoring them by not anwering them. Nope. Just trying to find out the answer/s.

For instance, when someone asks an FHA/VA question, I have had to ask a good friend of mine the question. Recently there was a thread that made me doubt the answers I had received, so I asked someone that I had worked for in the past the same question.

(so now taking an FHA course-I don't do government loans-but feel that I should know the subject material)

Anyway. Thanks for "sticking up for me" last night, as I had to leave early.

Charles

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After re-reading the post I See I was TOTALLY wrong and misread it. I had read two other post that day that were just negative toward the posters.This forum has helped me SO much since I discovered it and I would hate to think it would turn negative and turn newer visitors off. I owe Charles an apology. And everyone on here a thank u.

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I bet a ton of that stuff on your credit cannot be verified. If it cannot be verified, you can get it removed. That will drive your score up. It can actually happen pretty fast if you have some "low hanging fruit". I added an average of 80 points to my 3 scores in 30 days - entirely based upon the info on the credit repair side. You have nothing to gain and a whole lot to lose if you don't!

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