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I've had bad/poor credit for so long, I've always put homebuying as something that was way down the road. Thanks to this board though I've successfully PFD and GWd quite a bit. Here is where I'm at.
I have 2 CAs left on TU and one of them ages off in February and the other I'm in the middle of GW'ing. That CA deleted 2 others already so I expect this one to be gone soon too. TU FICO is 648
I have 2 CAs on EQ and EX - one is the GW mentioned in TU, the other is by same CA and I'm GWing that one also. Even if they don't get deleted, they are paid and over 2yrs old. EQ FICO is 649
And next month my last remaining 3 lates will be at the 2yr mark. But I do have 30,60,90,120 lates in my 7yr history. Does this matter as much as last 2yrs?
I have an old open Fingerhut TL that is positively reporting (although i never used it they've never closed it).
I have 8 SLs reporting, all deferred. Total approx $22k.
No open CCs. No car loans etc.
I have 2 inquiries in the past 2yrs.
I have 2 COs from HSBC DOFD 2008, reporting a zero balance and no CA for it on reports.
Single parent/income household, $30k a year plus child support of $3,300 in 2012 iif they include that? I have $1,800 in a Roth and same in traditional 401k.
I know my income is low. I want to get a better paying job, but will a change of jobs in this process hurt? I've been at current job 2.5yrs, last job 3yrs.
Chances?
You need to get some credit cards.
Personally I wouldn't buy a home at your income.
I applied at Wal Mart in December when my TU Fico was 613....they pulled TU and EX and denied me, the letter listed EX as the CRA to contact.
I've had at least 3 CAs deleted from both reports.
Wonder if I should reapply (is it too late for recon?) or move on to my CU (they don't offer secured though) or another card?
@MovingForward_2012 wrote:
Try for the Capital One Classic MasterCard...your chances will be best with this card. You can also try for their Cash Rewards card for average credit
I have 2 COs from HSBC which Cap 1 now owns. Will this hurt my chances?
I would still be a little patient...
See if you can get the collections off your reports in the next month or so as you stated.
Then I would opt for a secured card, since you still have numerous lates showing. While the lates may not be impacting your scores as much, they are still visable and reasons for rejection.
You may still qualify for a FHA loan, if you can provide a letter from your landlord and receipts showing you paid your rent on time for the last 12 months, a utility bill paid on time for the last few months, and things of that nature.
Being a single mom making 30K a year in my opinion, I would try and purchase a home for no more then 85K-100K, and would opt for the lower end.
@JM-AM wrote:I would still be a little patient...
See if you can get the collections off your reports in the next month or so as you stated.
Then I would opt for a secured card, since you still have numerous lates showing. While the lates may not be impacting your scores as much, they are still visable and reasons for rejection.
You may still qualify for a FHA loan, if you can provide a letter from your landlord and receipts showing you paid your rent on time for the last 12 months, a utility bill paid on time for the last few months, and things of that nature.
Being a single mom making 30K a year in my opinion, I would try and purchase a home for no more then 85K-100K, and would opt for the lower end.
+1 and I would make sure to look you down payment assistance programs, Grants, etc....There are so many programs available for people in your situation but you have to get your FICO up as most of them like 640-660 range.
Best of luck to you!!!!
@beb86 wrote:
@JM-AM wrote:I would still be a little patient...
See if you can get the collections off your reports in the next month or so as you stated.
Then I would opt for a secured card, since you still have numerous lates showing. While the lates may not be impacting your scores as much, they are still visable and reasons for rejection.
You may still qualify for a FHA loan, if you can provide a letter from your landlord and receipts showing you paid your rent on time for the last 12 months, a utility bill paid on time for the last few months, and things of that nature.
Being a single mom making 30K a year in my opinion, I would try and purchase a home for no more then 85K-100K, and would opt for the lower end.
+1 and I would make sure to look you down payment assistance programs, Grants, etc....There are so many programs available for people in your situation but you have to get your FICO up as most of them like 640-660 range.
Best of luck to you!!!!
Thanks everyone! I do plan on app'ing for a few cards once the 2 CAs come off, hopefully my CU will work with me on a Visa even though they don't offer secured, I've had an account there for about 5 years.
And YES there are some great down payment programs...not sure if all states do this? but we have an IDA program that matches you $3 to every $1 up to $2,000/$6,000 total. I definitely plan on taking advantage of that. There are a few other programs as well.
Again, thanks everyone...will keep plugging along patiently. okay I got the patiently out with ALMOST a straight face ;-)
Having a sense of humor through the process sure will help you!!!!! lol
Smile it makes the world a much better place...
You are on the right track... Keep up the hard work it will pay off...
Does a wicked sarcastic streak along with the sense of humor help? Hehehe