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Which order is more helpful?


Hopeful1
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If you can get new ones and not abuse them, then do so if you are trying to build up your score. When you first open an account your score will most likely drop. It takes several months to start getting a boost from new accounts. Start as soon as you can, but be smart with them.

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Is it more helpful to my credit to dispute and apply for new credit concurrently or to go through all the disputes first then rebuild?

I'd probably say that if you have the time to wait, dispute first. If you can get some things off of your CR, then your score will go up, possibly making you eligible to apply for new credit at more favourable rates.

What you do want though, are new TL's that then stay positive. Like Rambler says - be responsible when you get them going again.

I did what I've suggested here - disuputed first, then applied for new credit and saw my FICO go up 120+ points within a year.

You wanna see a dog with fight in him? Check out Crash5050, ie; disputing his CR for big change... Go and see this thread from today:

http://www.creditinfocenter.com/forums/credit-repair/312610-700-club.html

Crash5050 brought his Credit Score up 200+ points in THREE MONTHS... that's how you do it.... damn... we outta throw him a virtual party! :)

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If you want to save a few bucks and get a better rate, then by all means wait as RD said. For me it's all about a VA home loan so some sort of line of credit ASAP was a priority. I threw down for a secured card from Cap1 as sson as I had the cash to do so. Same for my wife and we added each other as authroized users for extra TL. Takes a hit at first, but been getting slow steady increases since. Just added another 300 to bring my limit to 500 on mine, and doing the same next payday on SWMBOs card.

I will look for better offers when I hit the 650/700 range but it's slow going for now. Only 1 negative on one CR and still stuck at low 600's. EX wants to play hard ball and leave all sorts of false and incorrect crap on there so stuck at 580ish. Will be addressing that in court soon I hope.

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If you want to save a few bucks and get a better rate, then by all means wait as RD said. For me it's all about a VA home loan so some sort of line of credit ASAP was a priority. I threw down for a secured card from Cap1 as sson as I had the cash to do so. Same for my wife and we added each other as authroized users for extra TL. Takes a hit at first, but been getting slow steady increases since. Just added another 300 to bring my limit to 500 on mine, and doing the same next payday on SWMBOs card.

I will look for better offers when I hit the 650/700 range but it's slow going for now. Only 1 negative on one CR and still stuck at low 600's. EX wants to play hard ball and leave all sorts of false and incorrect crap on there so stuck at 580ish. Will be addressing that in court soon I hope.

Rambler,

If time was of the essence then you did the smart thing, definitely.

Did adding your wife as an authorized user and vice versa to your secured cards really imporove your scores? I only thought that worked if the TL had been open a long time with good payment history. If so, nice!

Some cards will let you convert to a non-secured card after a year or so, you should check that as an option too.

I opened a secured loan at my local bank, which basically means that I put money in that I can't touch, then the bank *loaned* me money against it. Once I pay the loan off, I get my original money back. This one thing pushed my score up about 80 points after I'd paid on it for a year, which was just recently. And some banks will let you do this with just $1000.

Just make sure they report to the big 3 or there's no point in doing it.

Also - what do you mean that the EX is playing hardball? Are you saying she has access to be able to report to the CB's somehow?? I'd get that into court as soon as possible, with good evidence, then sue ex's a$$ off...

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EX= Experian, sorry for the confusion. They are playing hardball in comparison to the other two. Currently I have 1 neg on Equifax, 2 on TU, and freaking 7 on experian. Last June/July when I started this they all looked that way but EQ and TU deleted most of them after some work.

As for me and the wife adding each other...it was only a very modest gain as each account is only about 6 months old. Seems like maybe 1-2 points a month but everything counts for me at thing point.

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Basically 650+ and nothing that could result in a lein being placed upon the home in case of judgment. At least that is my best understanding of it. Oh and anything negative has to be 2+ years old from what I was told. It will depend on the lender you actually use though. Each one is a little different. The VA does not make or approve the loan...they just secure it in case of defualt. The lender will set the requirements, and there are a lot of VA lenders.

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Rambler, what is the VA looking at? This is the probable path my hubby & I will be taking in a year or two and a heads up would be great.

Hopeful,

Since the VA guarantees the loan, they tend to have some of the strictest guidelines out there. Just remember it's not a piece of cake to get approved.

You've gotta have all of your sh!t together credit-wise. If you're working on that now, with a target of later this year in mind, then that's a good thing.

A lot of people think that since it's a VA loan, and they're veterans or whatnot that it's a piece of cake, which isn't so.

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It's not a piece of cake, but it is easier than getting a traditional loan with no money down. VA sets quidlines, lenders use those and their own so they vary some. Since it is backed up by the VA, lenders are more lienant than normal loans...as long as you met the basic VA requirements.

Like I said, the one I was speaking with wants a 650, last 2 years clean and on time, and they didn't mention it, but from others I have heard basically they want nothing on there that could end up as a lein on the house.

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It's not a piece of cake, but it is easier than getting a traditional loan with no money down. VA sets quidlines, lenders use those and their own so they vary some. Since it is backed up by the VA, lenders are more lienant than normal loans...as long as you met the basic VA requirements.

Like I said, the one I was speaking with wants a 650, last 2 years clean and on time, and they didn't mention it, but from others I have heard basically they want nothing on there that could end up as a lein on the house.

Agreed.

What I mean more is that the VA has tough criteria, because they are backing the loan. It's actually probably easier to get the lenders say yes because of it, but still not a cake-walk to get past the VA.

What's your time frame to get your house? I'm trying to get into a situation before November. There is a HUD program in 16 states right now (expires in November) that gets you into a house with ONLY a $100 down, as long as you qualify for the loan... which is both awesome and crazy.

Btw - I think Texas is one of the states where this program is available... :-)

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I'm looking at the end of summer hopefully. May have to look into the HUD thing, but with VA it's nada down. And with my disability rating from the VA no closing or anything. At least I am pretty sure, will look a lot more into it when I get a few more of these things off my CR.

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I'm looking at the end of summer hopefully. May have to look into the HUD thing, but with VA it's nada down. And with my disability rating from the VA no closing or anything. At least I am pretty sure, will look a lot more into it when I get a few more of these things off my CR.

Wow - I didn't realized that with a VA loan it was nothing down and no closing or anything. Very cool indeed.

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