1st time HB need help

[Anonymous]

I've been following the threads on this site on how to clean up credit, raise score and qualify for a mortgage.

Loan officer with major builder pulled my credit and only come up with one score. EF 568. TU and EP had no score. I have no credit history. I believe in "cash is king".   Cleaned up my credit report. Had over 8 items deleted leaving only 2 charged off cards that are 3 yrs old of begin in default.

1. Should I settle these accounts and get them deleted off my credit?

2. Hubby has credit and not the income for the price of house

3. I've opened a secured line of credit with credit union

4. Capital one is reviewing my credit application for the second time.

If i check my credit and only come up with EF has reporting, will i be able to qualify based on this credit bureaus number?  By how many points does my credit score go up after deleting 8 negative reports and opening 500 secured loan? I've had the loan for a month now and it showed up on mycredit report. This was a copy of credit from the cc after disputing when they send the uo to date report. Only two negatives are still showing and 2 positve.  Old cc i closed and the new loan.

Suggestions and inputs will be very helpful.

[Anonymous]

If you only have one credit score then that means you haven't had credit long enough to generate scores.  I believe it is at least 6 months of reporting before a score is generated....With that said on time payments and the one card reporting should generate the other two scores. 

If you apply with your husband, your lowest middle score would have to be used to qualify for the mortgage, which unfortunately is below the minimum 620.  If your husband applies alone then his middle score would be used.

If you apply for credit too much this will have a negative effect on your scores.  which is a catch 22 because you can't generate a credit score without using credit and you can't use credit if you don't have credit cards.

My best advise....don't apply for anything else until the credit card you have has reported for 6 months.  Then try one creditor.  If you don't get that card, wait another 6 months and try again.

Good Luck!

[Anonymous]

So, what you suggest is I wait 6 months then apply for another cc? I was told Conn's works with people who have no credit. I was thinking of purchasing an item in the $1000 range and putting down 20% and then making payments instead of trying to get CC. This will show a different kind of trade line on my report. Any suggestion or input on this? Or do you knw any business that offer such options?

I'm in TX.

Hubby has credit but no income since his unemployed. He cannot qualify for house on UEB. Cleaned up his credit has well. Have not yet pulled up scores since we are waiting on 2 dispute out comes.

Scores pulled by LO TU:650 EX:678 EP:660

Question; if I get my scores up to the mid 600 and do not close before dec 1st, that means we lose out on the 8,000 tax credit? The home builder we are going with takes 6 mths to build their houses. Any advice? Does putting down the earnest money help? Do you think if i have the LO office repull the scores, the might offer the loan? The main problem was charge off and what he circled on the copies sent to me have all been deleted expect the 2 cc, which hopefully can be settled this month. One of the CC wants to up date account has been settled in full when i pay off the agreeded settlement amount. They declined to remove it. Any input on this?

Sorry for throwing all my questions out like that....

Thanks for helping and the feed back   

Message Edited by sherk99 on 05-06-2009 09:00 AM