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At this point I don't know what to do........

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Anonymous
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At this point I don't know what to do........

In November if 2016 we are trying to buy in Georgia.  I am busting my butt trying to get my credit in check. I prefer to use the VA Loan but i'm scared it won't be possible.  My lender has said that my credit isn't "terrible". But he has mentioned that I need more assets.  So everytime I have alump of cash I have huge anxiety over wether or not I should pay down CC utilization or throw it into savings for assets. Im hoping to raise my score so I can use my VA Loan but i'm not sure if that will happen in time. Currently i'm sitting at 81% CC utiliztion.  I'm so stumped. 

Message 1 of 17
16 REPLIES 16
Anonymous
Not applicable

Re: At this point I don't know what to do........

With your scores being what they are, you should focus on fixing the credit before focusing on assets. It may be better to be in a good position to qualify than to just have money saved and questionable credit.

Message 2 of 17
Anonymous
Not applicable

Re: At this point I don't know what to do........

I have a charge off from Cap One that I just paid in full then sent a GW for deletion, if this happens then I expect to see a huge improvement on my scores.  currently transunion isnt reporting that CO so i am hoping that's the jump i'll get. If so then I figured that by dropping my cc uti then i can make another huge impact on my score. I feel like at this point I have time. 

Message 3 of 17
ezdriver
Senior Contributor

Re: At this point I don't know what to do........

Since you did not post any information about your credit profile, you will not receive useful/constructive recommendations. A year is a good length of time to improve yous credit profile. Use of VA financing is also the most forgiving mortgage program. Therefore, your focus should be on your credit profile. Two or three tradelines with a minimum of 12 months of positive use/payment history is a good objective to which you should work. You can offset some negatives with positives.

Message 4 of 17
Anonymous
Not applicable

Re: At this point I don't know what to do........

what information is needed?
Message 5 of 17
Anonymous
Not applicable

Re: At this point I don't know what to do........

I meean honestly, i'm new to all this and i'm not sure what i'm doing. i'm happy to tell the world my credit info but i just dont know what info is needed.

 

Message 6 of 17
elim
Senior Contributor

Re: At this point I don't know what to do........

Listening, I think you are going to do just fine.  You have plenty of time to get every thing lined up.  Bringing down the 81% utilization will give you a major score boost.  Cap One has been pretty good about removing negative trade lines recently via GW.

 

What CC's do you have and what balance/limit are they?  How old are they?

Message 7 of 17
Anonymous
Not applicable

Re: At this point I don't know what to do........

First Premier B $0 L $500 Opened Nov 2015
Navy Federal Credit Union B $4,630 L $5000 Opened August 2015
Credit One B $427 L $600 Opened June 2015
USAA Secured B $0 L $250 Opened October 2014
USAA Rewards $3,226 L $3,500 Opened June 2011
Military Star Card B $2,768 L 3,650 Opened November 2009


*********** This looks way worse thank I thought ************************
Message 8 of 17
elim
Senior Contributor

Re: At this point I don't know what to do........

In my opinion, this debt should be top priority. Paying off highest interest cards first. Stop using them and pay cash for everything (helps me lower spending) while paying them down.  Once you get them to 30%, your scores should improve enough to grab a higher limit BT card.  You have 11k in CC debt and 9 or 10 months to pay it down.  Is $1100 per month possible?  if not, what amount is?

 

accountbalancelimitutilization
First Premier05000%
navy4630500093%
credit one42760071%
usaa sec02500%
usaa rewards3226350092%
mil star2768365076%
    
totals110511350082%
Message 9 of 17
ezdriver
Senior Contributor

Re: At this point I don't know what to do........


@Anonymous wrote:
what information is needed?

EDITED: I posted before I saw your list of tradelines.

 

That is a good collection of tradeline on which to build so think positive and ocntinue to use/pay them and let time work for you. The size od the limits is not a big deal for now. FICO scores use what is available to determine your point-in-time score. As you approach the one-year age for tradelines, try for limit increases as raising the limit will help your utilization ratios. The rebuilding section of this forum has a wealth of information to help you build a robust credit profile. Too much to replicate here so I encourage you to read as much as you can on the subject and you will be able to take charge of your credit profile. You can qualify for a VA mortgage with less than 600 mid score so don't thinkthat you need to achieve a 700+ score to be approved. All the best to you in your rebuilding effort.

Message 10 of 17
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