I am going through a divorce, and wish to raise my credit score so that i can purchase a home for me and my three children. The credit union said my credit is fair, and that i needed to be at 620-650 at least to get a loan and good rates. How can i accomplish this within the next three months? Is that even possible?

Who are you telling!

I got another way to explain this to you tosha. I use Mycreditkeeper as my credit monitoring service, and they have tools that you can use such as the "Simulator" or "What If Scenario." Basically, all this does it let you play around with your credit report by changing balances (only within credit keeper, not the 3 major CB's) by lowering balances, adding new accounts, closing accounts....etc. When you make changes, you then tell the system to make changes and then your scores either goes up or down from the changes that you have just made. Well, when I used it to say "What if" I paid off my student loans as of todays date, well guess what, it only changed by +11. That just goes to show you that our student loans does not have a significant (if any) impact on your scores.

Potential score change]
Results based on a credit report that is 9 days old.

• Potential score change]
  
• Effect of time on your score][ More

[/COLOR] [/I] [*]Timeframe]1+ month
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Lol, this is even more reason not to be in a hurry to pay mine off anytime soon. Not that I could anyway!

No problem! Thank you!

Don't worry, I got your back, just bring the posts on, seems like you already got a hang of it, I will contact you by personal message box when I move a post so that you will know where to find it, and continue on to.

Thank you so much Meya, and all the info you give is very helpful!

:confused:Good info! We were starting to question the New FICO system. It sort of stalled for a moment.

Heads up to our loyal readers. Bankrate.com had an article (in the last week) that explained that "MyFICO.com" used a 1998 edition of FICO Scores when reviewing the Transunion Credit Bureau and used a 2004 edition of FICO Scores to review Equifax Credit Bureau. Now the 2008 new edition of FICO Scores is rolling out and they are suppose to be more sensitive to borrowers and have the ability to screen out "authorized users" who are buying somebody else's score to raise their own. Over 400 companies have been testing the new 2008 version of FICO Scores. Keep your ear to the rail. We as the consumers are in the dark and rank a long ways down the food chain. :

Sorry if this is under the wrong post. I'm gonna repost under the student loan topic.

Don't worry, I got your back, just bring the posts on, seems like you already got a hang of it, I will contact you by personal message box when I move a post so that you will know where to find it, and continue on to.

I really can't afford to start making payments right now, but if I do, do you think my score would start to go up?

I got another way to explain this to you tosha. I use Mycreditkeeper as my credit monitoring service, and they have tools that you can use such as the "Simulator" or "What If Scenario." Basically, all this does it let you play around with your credit report by changing balances (only within credit keeper, not the 3 major CB's) by lowering balances, adding new accounts, closing accounts....etc. When you make changes, you then tell the system to make changes and then your scores either goes up or down from the changes that you have just made. Well, when I used it to say "What if" I paid off my student loans as of todays date, well guess what, it only changed by +11. That just goes to show you that our student loans does not have a significant (if any) impact on your scores.

Potential score change]
Results based on a credit report that is 9 days old.

• Potential score change]
  
• Effect of time on your score][ More[/quote][/COLOR]
  It may take 2 months to complete these actions. If you made minimum payments during this period and did nothing else, your credit score could increase by 11 points. In your case, the effect of time is the only reason for the predicted score change.
• Timeframe]1+ month

I've been told that student loans are calculated differently in your score. They are installment loans, therefore they are not calculated the same as revolving debt such as credit cards that affect your score(s) tremendously. Now the exact impact they are having on your score, I'm sorry I cannot answer that for you, but my student loans usually do not impact my score very much and mine are also in deferment.

You are absoultely correct Charon, nothing has changed for us on that part.

I really can't afford to start making payments right now, but if I do, do you think my score would start to go up?

I've been told that student loans are calculated differently in your score. They are installment loans, therefore they are not calculated the same as revolving debt such as credit cards that affect your score(s) tremendously. Now the exact impact they are having on your score, I'm sorry I cannot answer that for you, but my student loans usually do not impact my score very much and mine are also in deferment.

Hi everyone. My student loans are deferred ($21,000), but showing on my credit report as good standing and paid on time. How is this helping my score if the balance is always the same every month? Sorry if this is under the wrong post. I'm gonna repost under the student loan topic.

Wanderer that's a coincidence, because the customer service rep at Target told me the exact same thing when I called to closed my account. She begged me to keep the account open and reassured me that things were going to get a lot better once the economy improved. Nice gesture on her part, however, I wasn't moved by it all.

Interesting posting... Too bad we have to know risk scoring, FAKO Scores and FICO Scores! : Only the banking industry could dream all this up. As to going crazy over all this I was getting scores from everywhere. Finally decided to take it one day at a time. Move slowly and let the economy turn around. In one to two years we may be looking at a much more stable and solid economy (note this up and down happens all the time it is just usually not everyone at the same time) . Banks will have their risks nailed down and will be more reasonable. PATIENCE PATIENCE and PATIENCE! Remind me of that when I get frustrated.