Does consolidating accounts hurt fico score adultodating com

29 Aug

With the new qualified mortgage rules, that will take affect at the beginning of 2014, you would need to handle all of the collection accounts and get them to reflect zero balance owed in order to improve your chances of getting approved for a home loan.

This is because of the debt to income ratio that will soon be required to be met in order for loans to meet Fannie and Freddie purchasing. That means the credit impacts could have lost some potency.

With that in mind, I will size up your situation with some general feedback.

Someone with one or two negatives, set beside several positives, will have an easier go of repairing credit and increasing their score. Compare that to someone whose credit report is weighed down with more negatives than positives and you need to have a patient perspective.

Measured in time that will often mean 24 months and more.

Events (not in any particular order): Forclosure of home: July 2012 Reposession of cars (2) November 2010 Credit card debt: We had 7 open revolving lines of credit, all of which are now in bad standing.

Student Loans: (2) I have recently contacted Sallie Mae and committed to a repayment plan. —Melissa D Recovering from a temporary financial setback (not that the years you endured could be called temporary), and repairing your own and your husbands credit score, is possible.