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Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

Depressed..

Trying to get a house this year, but I am running into no luck.  I thought maybe if I paid off auto loan in full early it would increase my credit score.  I read online today it does not.  I got dinky credit card thinking it would boost my credit score, well I did bad on the utilization so I paid it off in full early this month.  So now my TU is 615, Experian the same, and equifax the same.  I can't get to 640 for the life of me.  I tried Goodwill letters and PFD toSallie Mae and Penn State University for the late payments to be removed.   All I got left on my credit report is a repo, Sallie Mae student loan, U.S. Dept of Ed loan, Auto loan, and a dinky credit card. This is some B.S.  I am starting to get discouraged.  My lease was up in November, and I am on month to month and my landlord wants the rent at $800 now.  I don't qualify for the city of Houston Downpayment assistance program, because I make too much money.  Basically have to be poor.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Depressed..

if the repo is paid, you might have some luck with goodwill.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Depressed..

2-3 revolving lines are recommended for rebuilding.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Depressed..

Agreed. You need to get a couple more credit cards. Is your landlady decent? Ours isn't and we have never paid her late in the 3 1/2 years that we have been here. We are also renting month to month since May and when she found out that we aren't buying her home, she sent us a notice vacate by Jan 31st or face eviction. Find out the laws in your state regarding renting month to month and how much notice the landlord has to provide if she wants you out. Where I live, it is 10 days so we are in trouble. Loan is still in UW and we need to close by the end of the month. Not sure if we are going to pull if off so we hired an angry lawyer that is coming over to the house on Friday to get info and take pics. He is going to start sending our landlady nasty grams. So be careful on a month to month lease. Get a couple more cards and keep the Utl down and see where you are in 3 mos. You'll get there. I know it can be a slow go. You might want to see if you can get a 6 month lease to protect yourself. If you stay month to month, be sure to give her the amount of notice required by your state to move or she can sue for an extra month's rent. So just be very aware of the little protection you have when renting month to month. Best of luck to you.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
Posts: 233
Registered: ‎10-03-2009
0

Re: Depressed..


jordanmedical wrote:

2-3 revolving lines are recommended for rebuilding.


 

+1

 

I would have atleast 2 cards. I have also read three is ideal. 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Depressed..

The housing authority in our state has a special loan servicing program where the downpayment & closing costs are rolled into a 2nd mortgage. It is called the CHFA Homeopeners Plus Program. Income limits are pretty high...$103,000 a year max for 3+ people and I make $96,000 a year. I would call your housing authority to see if they have a similar program in Houston. I am only coming out of pocket with $2,400 for a brand new home appraised at $347,900. So I would keep searching for other downpayment assistance programs in your state. I came across it by googling, "No downpayment mortgage loans in Colorado". The mid fico score only has to be 620 and you have to take a homebuyers class that can be done online from home and meet once over the phone or in person with a housing counselor. Or you can keep searching for a lender that will preapprove you at 580. Try small banks. Also maybe app for the Capital One Cash Rewards Card for average credit as they have more lenient approval practices so that you can start some history on a 2nd trade line and earn cash back!! I have earned $90 since opening it in July just by buying everyday purchases that I would normally use a debit card for and then I pay in full every month. Just trying to throw out some options for you so you can keep your chin up. Don't give up! :-) <3
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 346
Registered: ‎05-29-2007
0

Re: Depressed..

Hello,

 

You are almost there.....don't give up! I know it's tough, but you are in a waaaaayyyy better position than I was...ready my story. If I can pull it off, I know you can. If lender has a fico simulator, that will help you. My lender had one and I was able to identify actions that got me to a 641 Mid. I am in agreement with the others...you may want to get 2 additional cards, but maybe after you have gone through a simulation with a lender...you dont' want to generate too many inquiries.

 

Hang in there...it will happen!

 

Phumanr

Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

Re: Depressed..

I will try and get another revolving credit line.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

Re: Depressed..

My landlord is being an A-Hole, and we never paid him late.  We told him we were trying to get a house.  He insisted we buy his condo.  I was like no.  So this February we have to start paying $800 a month, or do a year lease for $775.  I don't want to be trapped in another lease.  We tried to ask for 6 months, and landlord refused.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

Re: Depressed..

I am.  We are already discussed with a LO into doing the T-5 Star program here in texas.  It does the same 5% of closing and downpayment costs along with a $375 fee.  Me and my husband already talked about doing $1000-2000 extra to put on the house.  I been looking at houses in the $70K-100K range.  I feel that is feasible.  But the LO needs a 640.  Trying either to get Transunion or Experian up.  Then I will be good to go.  Experian I am only 6 points off.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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