is it possible to go from no credit score, to good score in 12 months?

Tara: is it possible to go from no credit score, to good score in 12 months?
im 22, i am trying to buy a home, but i have no credit score at all. I do have a few negatives, less than $ 2k worth, is 12mo realistic? random stuff including B&G music $ 50(from when i was like 13?!) a cell phone plan $ 400(my mom started in my name and never paid)and a past gas bill of $ 75, and a $ 500 credit card…i need to be able to acquire a mortgage loan in 12 months max, it this able to be done? my lender told me to get a secured credit card, but i even got declined for that bc of “insufficient credit history”, i dont know where to even start now. Do i call the people i owe? And where can i get positive credit if i cant even get a secured card?? please help, im trying to buy my grandmothers house, the exec of estate will give me 12 mo to get approved and purchase! thanks for you help!
thanks for the help! its $ 50, 000 so its a very small loan, but well worth it. and i know with an FHA they dont count on your credit as much, just have to take care of the negatives…im just nervous, i have a 1 yr old and i dont wanna move in and live there for a year and not be able to get it and have to move. A few of the things like the cell phone and the bg music, ive thought about arguing with them. idk though
, and my income should be fine, the house payment would be much less that rent, and i do have assets.
, and my income should be fine, the house payment would be much less that rent, and i do have assets.

Answers and Views:

Answer by Huntsman
To buy a home, you must take care of the negatives (if you can)
A mortgage company will want to see items in collections paid off.
Just ask here (individually) how to deal with them.
With one time items such as a cell phone bill you can try to do a pay on delete.
This is where you pay in full, and they can remove the item from your reports.
With a credit card, you can’t do the pay on delete, but you can negotiate a settlement. Again, ask here how to do this. A lender will want to see “paid” on your credit reports.
Get these things taken care of, and then get your secured card
Don’t forget to save… you’ll need a down payment for a home

Answer by Ary
First things first, pull your free credit report (if don’t already have one) through www.annualcreditreport.com and analyze each and every entry – some them should have already fallen off your report due to statue of limitation which 7 years from the date your account has been charged off. And then concentrate on the accounts that are affecting your report negatively. Then call those people to see if you can settle for quarter on a dollar. Once that’s taken care of wait for a month or two and then try for a secured card again – if not, look for some kind of departmental store cards. and then when applying for a mortgage loan – see if you qualify for an FHA loan – usually the required credit standards for this type of loans is pretty low (esp. since this is a govt. program)

After all this, if you are still not able to qualify for the loan – see if you can find a co-signer for the mortgage.

Just check one more thing with your lender before you do anything – does your income qualify for the mortgage you are applying for? and is the property worth at least what you are going to pay for?

Answer by Todd S
Most lenders require 3 active credit tradelines with a minimum 2-year history on each…so you’re probably out of luck. Speak with a mortgage broker to see if it’s at all possible, but it’s pretty doubtful, especially seeing that you have no assets and your income is probably shy of expectations.

Even if you did get a “good credit score” in a matter of 12 months, it’d still be very thin, and thus, not truly a good credit score.