Quick Fix Credit Repair = A Myth


Quick Fix Credit Repair = A Myth


While preparing for this article, I ran a simple Google search using the term "quick fix credit repair".  

The result was remarkable.  Over 558,000 articles and references popped up in just seconds.

You'd think with all the tips, info, and guidance available at the snap of our fingers, that improving credit and credit scores would be fast and easy, wouldn't you?  But no. As usual, there's more to the story ... 

While it's true that options exist for those in need of fast credit score improvement for mortgage purposes via rapid rescoring (improvement of even a few points can have a huge impact on the terms offered during mortgage application), raising credit scores substantially typically takes time.  

There is no "quick fix".

Now I know that fact can seem a bit disheartening, especially if you are someone presently in need of credit repair.  But I offer good news to counterbalance it and it provides real hope and a clear path to credit improvement. 

Simple measures to improve credit scores exist ...


And when these simple measures are performed methodically and consistently, (with time) they'll reap you positive results.

So what are these simple measures you can take to raise your credit scores and improve your chances for better financing options?  

Here are some easily accomplished suggestions:

  • Check your Credit Report right away ... and then check it regularly in the future.  
  1. Check for accuracy - (Personal info, Social Security Numbers, Date of Birth, Full EXACT Name, Address)
  2. Check for rating  
  3. Check to make sure ALL your credit accounts are being reported
  4. Check to see if late/missed payments are showing? If so, what is the true status of these accounts?
  5. More ... 


  • Pay your bills!  Pay them on time, as they are due, each and every time
  • Do NOT close unused credit card accounts.  (Store unused credit cards in a safe secure lockbox)
  • Be aware and mindful of your Utilization of Revolving Credit.
  • Keep the utilization of credit on Credit Cards low.  30% or lower of available credit is recommended - 10% is even better, if possible.
  • Pay fines, parking tickets, etc.  Even seemingly small unpaid debts can be sent to a collection agency and end up wreaking havoc on your credit/Credit Scores
  • Stop applying for new credit/credit cards! (See my post on this topic)
  • Create a budget and plan for your credit improvement. Stick to it. 



For those that like to pay cash, be aware:  Having no-or-little credit history reporting to the Credit Bureaus reaps low Credit Scores or No scores at all.  

As contrary to common sense as it may seem, this method of payment actually works against you should you hope to buy a home.  In today's mortgage financing world, you must have credit (with viable usable approvable Credit Scores) and a credit history to obtain a home loan.  

Why?  Mortgage Lenders and their Underwriters are seeking clues as to how you handle your finances and available credit.  Your Credit Score(s) and credit history provide them the info and clues they need to make their decision regarding lending money to you.

So, what should you do if you've been paying cash, have no credit card(s), or have a short credit history?  (College students, new graduates, and Millennials should pay special attention here) ...


Consider taking these steps:

  • Open up a credit card (known as revolving debt) with a modest borrowing limit. Major retailers and gasoline companies are two (2) good examples of this type of debt. (Make sure prior to taking out new credit or initiating a new credit card, that the company utilized reports to the Credit Bureaus)


  • Use the newly-established credit card by charging purchases within your budget constraints.  Pay the balance on time and in full each month.


    * I recommend that first-time credit users open only one or two credit lines, to begin with. Take small steps. Learn to handle your credit wisely. Crawl before you walk. 


  • Consider using a co-signer to establish a credit account. Lenders consider the co-signer's credit as existing credit.  


 (Note: Co-signing is not without risk, so consider this action carefully prior to doing it. 
  Also:  Make sure the co-signer involved has a long good credit history)

  • In cases where Bankruptcy or Foreclosure has occurred or where other credit issues have taken place:  Try opening a "secured" account with a credit union or credit card company. (A "secured" account" is one where a deposit of cash ($250, $500, $1,000) is made with the credit company, as collateral for a credit card)


Remember:  Should you be hoping to buy a home in Chicagoland/IL soon or in the future ... it's best to talk to me, your Mortgage Lenderas early in the process as possible.  

The information and assistance I'll provide you will prove extremely beneficial at the time of purchase/mortgage application and quite possibly save you money. 

Hopefully, the info I offer above proves helpful and answers many of your credit and credit scoring questions.  Should you still have questions though, never hesitate to reach out to me to ask them.  I'll be happy to hear from you, help, and assist you moving forward ...

Any Questions? Let's Talk!* In need of financing and credit answers? Looking to see what home buying or refinancing options exist for you in New Lenox, Will County, or elsewhere in the Chicagoland area?  Contact me!  I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:


Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed


American Portfolio Mortgage Corp.
nmls #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


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Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   





Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 


Your Referrals & Testimonials are Always Greatly Appreciated! 




Great post and valuable information for the home buyer. Thanks for sharing the tips I hope you have a great afternoon.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (John Roberts Realty) over 3 years ago

People spend a lot of money on the quick fix nd they should ave used it to pay down their debt

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 3 years ago

If only there were Quick Fixes.  It is a process and you have explained it all very well.

Featured in BananaTude!

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) over 3 years ago

I like the idea that lenders consider a co-signer's credit as existing credt. I didn't know that.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) over 3 years ago

There's loads of valuable information in this blog, Gene!  It's likely to help a number of folks!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 3 years ago

Hi Gene - Great advice. Our past clients who took these steps seriously were all able to reach their goals - it did take some time, but the result was well worth it.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) over 3 years ago

Great post. My millenial son and his wife asked just the other day. How many lines of credit should a young couple have? They use primarily one but would having more help them improve their credit so they are ready to buy a house.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 3 years ago

This is a big myth:\

Having no-or-little credit history reporting to the Credit Bureaus reaps low Credit Scores or No scores at all

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) over 3 years ago

Gene, if you max out your credit, but pay them off each month, is the effect more detrimental than using  only10-30% of your available credit, as you recommend?

Posted by Brian L. Sirota, Esq., For Solutions: (714) 501-7660 (Bristar Realty (Realtor/Attorney)) over 3 years ago

My husband and I have been careful to maintain a good score. Hopefully we are never in need of a fix, quick or not! LOL

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) over 3 years ago

Thanks for the great advice! Especially the co-signer info.

Posted by Cynthia Biechler (Biechler Grp Real Estate w/HOMESMART Connect - Chicago) over 3 years ago

This is great information for several future buyers I have in my data base. Going to share your post !!. 

Posted by Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA, Providing the integrity and service you deserve. (Future Home Realty) over 3 years ago

I have watched my score shrink when I have closed accounts that I do not use. It is weird. But it is true.

Good advice. Thanks.

Posted by Brian DeYoung, The Realtor with personal investment background (also affiliated with Howard Hanna) over 3 years ago

Dear Gene,

But no. As usual, there is more to the story ...

Can paying off your mortgage impact your credit negatively?


Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) over 3 years ago

So...I get this question from clients occasionally, if they have an unused credit card they want to get rid of and close, whats the best way? And why would reducing your overall credit exposure lower your score? seems like less risk for the lenders...never figured that one out...great article too!

Posted by Robert Poe CCIM over 3 years ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - now I know why one of the lenders insisted I wait and another one said, no worries! Of course, I have to worry!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 3 years ago


Great information and great suggestions in order to fix credit rating.

Posted by Shahar Hillel, Mortgage Consultant, Loan Officer. (Augusta Financial Inc.) over 3 years ago

Good Morning Gene - this is common sense for most people but some don't really get it.  You have given them the road map.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 3 years ago

Hello Gene. Your post sparked my interest because I worked at a mortgage credit reporting service in the 80s and 90s. Whenever a buyer's credit score was too low, the lender would tell them to dispute everything negative on their credit report, (whether or not the info was correct). If the negative info could not be verified within a specified time, it would have to be deleted. This is how many people with legitimate delinquencies got them removed and were able to raise their credit score. The lenders did not care at all that the borrowers did not pay their bills on time (or ever!)--they just wanted the credit reports "cleaned up" so they could approve the loan and package it up to sell on the secondary market.

Posted by Janelle Ancillotti, HSR Certified Home Stager, Syracuse, NY (Seneca Home Staging) over 3 years ago

Hi Gene

We can always count on your for a healthy dose of reality and good information to benefit consumers. Guess I am always a bit suspicious of "quick fixes."


Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.) over 3 years ago

Fixing credit really isn't all that hard.  Just time and consistent actions.  No backsliding. It's amazing how well that works. 

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) over 3 years ago

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi "...raising credit scores substantially typically takes time. There is no "quick fix"."

Right on target - and - re-blog!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 3 years ago

Great article! I plan to share with others.

Posted by Ron Barnes, "Most agents claim they're #1 - I THINK YOU'RE #1! (Associate Broker at Berkshire Hathaway Home Services Georgia Properties) over 3 years ago

Follow the road to a good score by your suggestions.  Great post.

Posted by Rose Mary Justice, Synergy Realty Pros (Synergy Realty Pros) over 3 years ago

Good morning Gene. Qick fix is an oxymoron. This is a thoroiugh and excellent post.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 3 years ago

My thinking is bad credit doesn't happen overnight nor will good credit.  Great info here.

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 3 years ago

Who wouldnt want help on this subject? However, beware of help in sheeps clothing. Good posting and hosting here. Slogan: Keep things clean with Gene

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 3 years ago

Thank you for your post. Good ideas. But I do have to disagree with in 1 area. Close unused credit card accounts. Having multiple credit cards lowers your score.

Posted by April Swenson, CRS and Managing Broker - Ocean Shores Real Estate (Coldwell Banker Ocean Shores Brokers) over 3 years ago

Great advice. Thanks my friend! I am a personal testament to the fact it can take a while to get one's credit back on track. It takes diligence and patience. Be well!

Posted by Paul McFadden, Pest Control, Seattle, WA. (Responsive Pest Control) over 3 years ago

Years ago I had home buyers in their 50's who were outraged at the trouble they had getting a mortgage loan. They felt that they had been good, responsible citizens by saving their money and paying cash for everything along the way. We had to get verification of things like their history of paying rent, power bills, phone bills, etc. in order to get them that loan.

They couldn't believe that no debt was the same as bad credit.

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) over 3 years ago

Excellent advice. I also want to chime in and say it's important to never open a new line of credit while shopping for a mortgage and even after money clears escrow. I've heard horror stories of happy buyers who went and bought a car days after closing on a brand new home. More than one hardpull so close together is very dangerous! 

Posted by Lisa @ Chime Technologies, We market for agents, build CRM and tools. Ask me! (Chime) over 3 years ago

There is no quick fix. Pay on time and cut your debt

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 3 years ago

Thank you for sharing such great information and great suggestions in order to fix credit rating.

Posted by Mega Team Real Estate, San Francisco and Peninsula Real Estate Concierge (Realty ONE Group Alliance) over 3 years ago

Get Rich Quick and Quick Credit Repair are great enticements but do not lead to what is promised.

Great tips that will get the job done.

Posted by John Wiley, Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA over 3 years ago

OMG!  I had to get on here and comment on this!  I have been providing credit education and repair since 2009 and there is no magic fix, no fairy dust, no instant results.

Now, when a consumer makes the right moves and removes inaccurate or outdated information on their credit reports the scores can climb rather quickly.  I have seen this happen.  However consumers that don't even understand the why, underwriting guidelines or what it all means have the most to gain from learning.  They can spend time on google like you did and get both fact and fiction.  Or they can meet someone who can accurately educate them.  Education is key.  I am a credit nerd...I can't help it.  

Let me add a bit to your post:

One late payment can drop a consumers score as much as 65 points so yes, pay those bills on time.

You can carry approximately 10% - 30% on your revolving debt.  Depending on your overall debt load 10% might be the sweet spot for you to drive your score up.  For someone else 30% might be sweet.  Play with the balance and compare how it affects your score.

Length of credit history is important.  Don't close accounts and be prepared for when you pay off your car note that your score may drop by as much as 30 points.

Finally, there will be a difference in the score a lender sees and the score a consumer sees.  The consumer will see a higher score - anywhere from 30-40 points than what the lender sees.  This is due to risk of loss.  So consumers should try to build their scores upwards of 30-40 points than what their lender needs.

Oh, there is so much more....but I had to get that out, lol.

Finally, if you are in Gene Mundt's area call him for financing!

Posted by Jeanette Acevedo over 3 years ago

Great read. How things certainly have changed...and also another eye opener for me.

Posted by Peter Lavelle REALTOR®, GRI SRES, ABR, SOLD@100%Market Value,or I Pay You the Difference (Keller Williams Real Estate) over 3 years ago

Thanks for sharing your expertise on credit repair Gene.  It takes a while, and some bad credit behavior to get into a mess.  It will take a while to get it going the other way.  No one mentioned the elephant in the room---student loan debt.

Posted by Dan Derito (Success! Real Estate) over 3 years ago

so funny, my score is good and I monitor it several ways regularly, but you did remind my I laid a medical bill aside last week and I need to mail a check tomorrow

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 3 years ago

Congratulations on your feature recognition. This is excellent advice to share.

Posted by Roy Kelley (Realty Group Referrals) over 3 years ago

Great info & it's not as easy as just clicking on credit repair in Google. I don't think that people realize how much it actually costs them extra.

Posted by Lyn Sims, Schaumburg Real Estate (RE/MAX Suburban) over 3 years ago

So, Jeanette Acevedo, #36, stated that lenders undercut the consumer's credit score by up to 40 points, so, if a lender posts a credit score of 680 to qualify for a certain rate and the consumer score is 680 from the credit bureaus, will the rate be increased? If not, why is that information important to consumers? If so, wouldn't that be a HUD violation and possible litigation by consumers? 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) over 3 years ago

TEN Stars Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi ....quick fixes rarely "fix" anything !

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) over 3 years ago

Excellent information as usual Gene!  It's so important for anyone looking to purchase a house, a car, or anything major to understand their credit and how to improve it.  Saving money with higher scores is highly underrated!  Great job!

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) over 3 years ago


Your post is a must read for real estate professionals . . .  . Great information.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 3 years ago


Congratulations on a gold star feature for an informative post.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 3 years ago

Gene, your advice is spot on.  Those with a bankruptcy looming or in the works should take heed and not fall for any quick fix credit repair.  It just won't happen. 

Posted by Ron Marshall, Birdhouse Builder Extraordinaire (Marshall Enterprises) over 3 years ago

Gene -  I monitor mine and it is always good but I want to get the one loan off that I co signed for my daughters education.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 3 years ago

This is very sound advice you posted here and I hope all AR Members spend a few moments reading it. Thank you and Happy Independence Day!

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (HomeSmart Realty West & Lend Smart Mortgage, Llc.) over 3 years ago

Many potential home buyers are 3 to 6 months away from repairing their credit and qualifying for a home. However, time isn't the only factor. They must follow the advice of Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi to accelerate their credit repair and to avoid making simple mistakes that can cause big credit score setbacks.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 3 years ago

Many times people just forget that they missed the payment, or closed a card, or were late with a payment....credit history reflects all of that for too many years. 

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Calabasas CA (Barcode Properties) over 3 years ago

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