My boyfriend and I have poor credit but are trying to get back on track in order for us to buy a house soon.
We live well below our means and can pay off all our debt by May 2010 (excluding student loans which are paid on time every month and car payment which is also always current)
His old debt is not bad, maybe $500 total but are charge offs.
Mine is about $5000 also charge offs and I just received a summons for a judgement from a bill collector (total is $1300)
If I pay the charge offs and this judgement (hoping to pay that off before they garnish my wages) how long does it take to improve our credit score? We are hoping to purchase a house within a year or two. Once the debt is paid off we can save about $15,000 in a year for a down payment.
Any thoughts?
We live well below our means and can pay off all our debt by May 2010 (excluding student loans which are paid on time every month and car payment which is also always current)
His old debt is not bad, maybe $500 total but are charge offs.
Mine is about $5000 also charge offs and I just received a summons for a judgement from a bill collector (total is $1300)
If I pay the charge offs and this judgement (hoping to pay that off before they garnish my wages) how long does it take to improve our credit score? We are hoping to purchase a house within a year or two. Once the debt is paid off we can save about $15,000 in a year for a down payment.
Any thoughts?
