Credit Repair & Debt Relief Issues

Shorty8708 asked:


My husband and I both have low credit scores 550-595 and student loan debt. I am graduating next year with my nursing degree which will significantly increase our income. We know the benefits of owning a home versus renting. We hope to buy a house within a year of me graduating. What do we do to prepare our credit and finances. I don’t want to have to wait 7 years for negative credit to come off our reports before buying a house.

vmorgan04 asked:


how does credit repair work? is it a good idea if you have bad credit and want to buy a house.

Michelle K asked:


Okay here is the deal we are roughly 40,000 in debt (just a little under). Around 20,000 is what we owe on our vehicle, and we are not planning to pay that off early (we will probably be tradiing that vehicle in soon).

That leaves around 20,000 in credit card and (student) loans debt for the two of us (husband and wife). Both of our credit scores are 680/687. We are coming into some money soon that will wipe out our debt completely (July). So this being said all of our accounts are paid on time, no negative reports or anything bad on there.

We are moving and going to be buying a house. I am wondering how long will it take for our credit scores to go up once all our debt is paid off and if anyone has any idea how much it may go up. Right now our balances versus limits are too close on our credit cards thats why our scores are so low. Other than that everything is in good standing. Thanks.