Rebuilding after a foreclosure….
This is my first post so please excuse me, if I break any protocols. My background: Quite honestly, I've never been very smart when it came to credit (turns out I am bi-polar which greatly decreases impulse control). I have always carried high DTI on my CCs, and have never gotten A+ APRs on any loan or CC. In 2/06 my DW and I bought our first house, and I immediately started screwing it up. My first late payment came in 5/06, then I did OK until I was out of work with no short term disability available. That was the beginning of them end. We fought for the next year to keep the house before finally having it FC. Along with heFC, we had a 2nd mortgage, 4 CCs that were late, and a truck and boat payment. Once the FC was final, we rented a house, where we have been for the past 20 months. We were still fighting with paying the CC's and loans but were still delinquent more often than not. After I lost my job AGAIN, we were able to get started on CCCS in 1/09, and the bank renegotiated our loans in 7/09
Categories: Rebuilding Credit Tags: else-derogatory, FICO, house, keep-the-house, life, loans, report, score, started-on-cccs
Old Collections
I am attempting to get a home loan and I am only 23 points away from being approved. I only have a couple of old collections on my record but the last time I paid off several old collections it caused my score to go down almost 100 points and it took almost a year to get 1/2 the points back. My lender recommened paying the collections only if the collector agreed to delete them once they were paid but the collector indicated they are not allowed to remove things from your credit record. I do not mind paying these off if it will help my score but I can not risk my score dropping when I am so close. Also are there any tips to get my score up just a little?
Categories: Rebuilding Credit Tags: collector, from-being, old-collections, points, record, remove-things, score, several-old, the-collector, the-points
Public Record: Tax Lien–Paid (Satisfied) vs. Unpaid–Score Difference?
I'm trying to refinance my home via FHA Streamline Refinance.
Categories: Rebuilding Credit Tags: 'Scoring', before-the-new, considered-more, inquiry-hit-now, lower-because, points-higher, Question, really-matter, score, score-increase, slightly-higher, unpaid-public, updated
Which to pay first?
I have 3 credit cards and one charge off on my credit and I'm wondering which to pay first to improve my credit score quickly. I have to buy a new car in the next few months because mine is getting old and costing me more than it's worth. Card #1 - owe $230 at 9% interest Card #2 - owe $235 at 9% interest Card #3 - owe $561 at 11% interest (this card is closed) Charge off - owe $521 (no interest, obviously). This shows up under the "accounts" section of my credit report, not under collections. The description is "charge off/bad debt" and they ARE reporting my current balance and payments My current score with Equifax is 679. I've done the FICO Score Simulator with the credit card debt, but I haven't been able to find any advice/information on what paying off a charge off will eventually do to your score. I know in the short term it could hurt me, but will I be able to recover in 4 months, which is when I plan to buy a car. So right now, I am making payments on all accounts and have been current on all accounts since September 2007. Should I put more towards the credit cards or the charge off? THANKS for any knowledge you can impart!
Categories: Rebuilding Credit Tags: all-accounts, credit, Credit Card, Credit Score, credit-cards, current-balance, current-score, done-the-fico, making-payments, score, score-simulator, wondering-which
Need Advice: Call or Write
Hello All, I need some advice on how to proceed with contacting two Creditors about deleting some 30 days & 60 Day late pays from my CR( all of which happened in Oct & Aug 09). I want to apply for a mortgage in the next few months. I've had some credit issues in the past obviously and I'm desperately trying to get to 620 in order to apply for a mortgage. My current score is EQ:560. I also will need to pay down some of my credit cards in order to increase my score. This won't be a problem to do within the next 60 days.
Categories: Rebuilding Credit Tags: advice-on-how, credit, credit-cards, credit-issues, creditors, current-score, orchard-bank, replies, score, student, the-creditors, your-replies
Secured Credit Cards easy to get?
Anyone know of any secure cards I would be able to get with my credit score, the score is below in my sig? anyone had any exp with them at all?
Categories: Rebuilding Credit Tags: credit, Credit Score, score, the-score
Question about revolving closed account
So, after several baddies deleted from my CRs I noted that my scores would'nt go up that much, I understand I have to let some late payments age cause right until november last year I've had lates on a car payment, on november is when I decided it was enough of being irresponsible and took matters in my hands, but reviewing my CRs I have a Discover Card, the account is closed, the limit was 1,000 and when it was closed because of defaulted payments the penalties kept going up now I have and outstanding balance of 2,476 which according to the MYFICO "Whats Hurting Your Score" puts my utilization at 250% cause I don't have any other positive TLs besides the car loan, thus hurting A LOT my current score or at least preventing it from going up when deletions have come, my question is, since the account is closed is it correct that its reported as revolving credit still?? AS a side note, I tried PFDs till I couldnt try no more, they offered a settlement but Ive read here settlements doesnt look good to lenders and they actually may hurt your score a bit so Im on a payment plan now for the bull balance, and gonna try GWs when I finish paying them.
Categories: Rebuilding Credit Tags: account, baddies-deleted, besides-the-car, Current, current-score, discover-card, other-positive, penalties, Positive, Question, score, utilization, whats-hurting
I Need a Plan
Hi, okay so I am in the process of cleaning up my credit and raising my score which is between 520-546 to a goal of 650+ so that I can purchase a home within the next year, but I really don't know where to begin. I really need some help figuring out the best and most beneficial method to clearing up my credit and seeing a score increase as well, my over all debt is pretty low, close to 3500 in all, any advice would be much appreciated.
Categories: Rebuilding Credit Tags: attack-because, card-on-record, Credit Score, explanation, first-or-should, increasing, negatives, score, utilization
Paying Off CO’s
I have a couple CO's on CC and according my myfico score simulator paying those down will help my score I am guess due to a lower Util My question is if I pay these off will it reage the accounts?
Categories: Rebuilding Credit Tags: Accounts, know-not, myfico, myfico-score, personal-check, reage-the-accounts, score, simulator-paying
APPROVED for $500 personal loan!
YAY! Thanks to the help I've gotten from here I've raised my score 112 points in 6 weeks. A couple days ago I found something I wanted for my car. No, not rims.
Categories: Rebuilding Credit Tags: chances, chances-were, credit, credit-reports, credit-unions, cross-the-700, inquiry, personal-loan, report, score