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Updated over 13 years ago,

User Stats

95
Posts
23
Votes
William Ware
  • Investor
  • Holly, MI
23
Votes |
95
Posts

How to get a Quick Credit Score Increase

William Ware
  • Investor
  • Holly, MI
Posted

Hello All
Looking for ways to increase my FICO scores in a short period of time (30-60 days). Here is my situation:
Part time Real Estate investor with several properties owned free and clear
Need to leverage properties to grow business
660 Credit Score (FICO)
45K Credit Card debt
145K Mortgage
80K income (full time job)
One late payment (30 days) 2 years ago

Unable to use 48k year in rental income due to last two years tax shows negative income (properties were purchased and rehabbed during this time)

Bank deal - Approved mortgage with the following stipulations
- Debt to income is too high - Bank would require that 18000K goes to CC Debt at closing
- 2500k Loan Cost

OR - depends on increasing credit score to 680 min 720 optimal

- Bank Line of Credit (for this they will use rental income plus job income
- Low fee's for loan

My question is "How can I achieve a relatively quick score increase by 20-50 points?
How much would I need to pay down my credit cards to get this increase?

Thanks for your time

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