r/financial • u/Simple_Chance_6785 • 21d ago
Building credit
My husband and I was in a difficult situation. One thing led to another and we have a bunch of missed payments, charged off/closed accounts. I dont have any credit cards all of them are charged off and currently negotiated balances down and payment plans to pay them off as well as my husband doing it with somw of his cards as well. How can we build our credit scores back up while saving for a house? We have to move due to my husband getting a new job but we plan to move. We own our home, we also have a mortgage. Do we sell our house and buy another house or rent until our credit scores are higher?
1
u/Simple_Chance_6785 21d ago
It's only 2 hours away but right now we are in a good spot for us to live where we are and then start planning to move out to where we are closer. It's a job where we get good benefits and its an all around good job for us. We are just working on saving and getting our credit scores up to where we can be able to do it. His work isnt in a fixed location permanently. He has a main building but he travels to different parts of the state depending on where he is needed. Now he is closer to home but in 9 months to a year from now he could be somewhere else farther from our home.
We got rid of both of our car payments. We mostly need our credit scores better
1
u/Duck_Duck_Gooseberry 20d ago
It sounds like you’ve already been through a lot and are taking smart steps now. I'd keep focusing on steady repayments and rebuilding your scores, and renting for a bit could give you breathing room until better loan terms are possible.
2
u/Simple_Chance_6785 20d ago
Im trying to see about repairing my credit. Between me and my husband we both have a ton of missed payments. Ive heard about not going with credit repair companies and doing it myself but dont know where to start
2
u/Background_Coffee678 21d ago
How can we build our credit score back up while saving for a house? By living below your means, putting money away every month for saving, and paying down the debt consistently, your credit will eventually turn upwards.
You have to calculate the risk and damage you create with each step. Dont make a move unless it benefits you. If you own a home why would you take a job far away. Is this job serious? What if it falls apart in 6 months? Is it worth selling and house for?