How Long Did It Take?

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BCM35

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How Long Did It Take?
« on: January 23, 2018, 10:52:27 AM »
My husband and I will finished paying our CP in August of 2020. We know we will have to wait 3 years until the CP is no longer on our credit report. We would like to move in October of 2023 and we would like to have a credit score of at least 680 by then. We will always rent houses as it is cheaper than owning a home. We know that we can't afford the houses we want and we can't afford all of the extra costs of owning a home such as repairs and property taxes. My husband and I would prefer to put our extra money into investments as well as RRSPs.

Our plan is to obtain 2 secured credit cards while we are still in the CP. Hopefully, paying those off regularly will have a positive effect on our credit score so that when the CP is off our report, we will see a huge increase in our credit score and landlords will not turn us away. We are good candidates in every other respect such as income, job security and references. However, we realize that a low credit score will make landlords nervous. Our current landlord didn't care that we had poor credit but I think we were just fortunate. Every ad that I see for houses indicates that only tenants with good credit will be considered.

My question is how long did it take for you to see a huge increase in your credit score? Do you think that 3 years will be enough to go from 520 to 680? Are there any other measures we can take to raise our credit score to that level within that time frame?

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Jennykk

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Re: How Long Did It Take?
« Reply #1 on: January 23, 2018, 08:57:32 PM »
My husband and I will finished paying our CP in August of 2020. We know we will have to wait 3 years until the CP is no longer on our credit report. We would like to move in October of 2023 and we would like to have a credit score of at least 680 by then. We will always rent houses as it is cheaper than owning a home. We know that we can't afford the houses we want and we can't afford all of the extra costs of owning a home such as repairs and property taxes. My husband and I would prefer to put our extra money into investments as well as RRSPs.

Our plan is to obtain 2 secured credit cards while we are still in the CP. Hopefully, paying those off regularly will have a positive effect on our credit score so that when the CP is off our report, we will see a huge increase in our credit score and landlords will not turn us away. We are good candidates in every other respect such as income, job security and references. However, we realize that a low credit score will make landlords nervous. Our current landlord didn't care that we had poor credit but I think we were just fortunate. Every ad that I see for houses indicates that only tenants with good credit will be considered.

My question is how long did it take for you to see a huge increase in your credit score? Do you think that 3 years will be enough to go from 520 to 680? Are there any other measures we can take to raise our credit score to that level within that time frame?

You should start rebuilding credit while on proposal. Repairing credit takes time.
Do you keep track of your credit score?

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BCM35

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Re: How Long Did It Take?
« Reply #2 on: January 24, 2018, 10:45:01 AM »
Yes, I mentioned that we're getting 2 secured credit cards while in the proposal.
Maybe we should wait another year after we are out of the CP.

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Wetcoaster

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Re: How Long Did It Take?
« Reply #3 on: January 25, 2018, 07:14:52 PM »
Any extra money you get put it toward the proposal and try to pay it off early.

You should get copies of your credit score and make sure all the information is accurate on them.  We has a lot of errors on ours
and getting them corrected raised our scores right away.

680 by 2023 should not be out of the question.  Our proposal has been paid off a year and mine is 660 at Equifax.

You can also sign up with Credit Karma and Borrowell for credit scores.

Some banks offer free scores also...I am with RBC and they have me at 712 TransRisk score.

 

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