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I want to buy a home in the next few months but I'm not sure if my credit is good enough, here what I have,
HSBC auto loan bal.16, 000 paying on time since 1/08 had a 30 day late for 10/07, 12/07, 1/08 I have a letter stating that they would remove it but as of 10/08 have not done so, also debuted with CB nothing yet.
Laser Finance this account is PIF but had a 30 day late in 6/08 sent a GW letter but they don't know how to remove it and said they would let anyone know that is was never late if a LO called, in the process of get that in writing to dispute.
2 Palisades accounts one is PD (settlement offer) in 3/08 the other sent a PFD letter yesterday (358.)
1 Medical collection sent PFD letter yesterday (365.)
I do have a citi bank card it's never been late but I'm an AU and its bal is 2600. And CL is 3600. I think this might be hurting my score. Should my name be removed from it, it in great standings.
The only other thing on my report is American General and it's never been late I owe 230.00 and it will be paid off this Tuesday.
My Equifax score is 584 not sure on the others but probability in the same neighborhood.
What are my chances of getting a FHA loan the home I want to get in around 130,000. I've been at my job for 9 years my income is 46,000.
Any help would be greatly appreciated
If the Citibank is the only credit card currently open, I would recommend getting your own card and letting that get established a bit. Then maybe consider removing your name, but probably confirm with the experts in the Rebuilding Your Credit forum. I think you'll want that age and line for credit mix for the moment. Can you go up the ladder with Laser Finance? That's ridiculous.
If your others are in the 580s, you're going to find it really tough to get a loan since most lenders went to 620 minimum score for FHA. I would assume conventional is stricter, if not there would probably be hefty rate adjustments for scores in 580s. It sounds like you'll make good progress if you get that medical collection removed (see HIPAA process) and get some lates off.
I agree, from what you have shared with us you would be best served if you took care of your credit first - diligently without anything else..
Send more GWs out, contact exec offices
Remove collection by (as mentioned above) dig around credit section of these myfico forums and ask if you need help
Avoid any inquiries, pay down balances I am sure you can get to 620 (middle fico score recommended for "good" FHA rates)