congrats! you guys have come a long way in just 1 year. That gives me hope for my situation.
I do believe you have to pay off those baddies before getting approved, I would send them pay for delete letters - requesting them to delete them off your credit reports in exchange for payment.
Well disappointing news from my LO this morning. Wells Fargo ran my report and got; EFX 616, XPN 591, and TU 579. My wife's were EFX 684, XPN 693, and TU 713. Looks like we still have some work to do. I am trying to get the PFD's. We'll see how that goes.
We are trying to get a USDA loan through Wells Fargo too and they told us the same thing about needing a 600. Heard somewhere that Bank of America will accept 580 but they never even answer the phone. Anyway my score from here is 666, it freaked me out when I first saw it, and my girlfriend's was 564. She got a score watch update yesterday that hers went up to 578. Now desperately trying to get 23 more points!
@Cracksmeup- I feel your pain. I'm 9 points away. I'm just wanting to know why myFICO has a TU score of 614 and Wells Fargo pulls a 579? It seems 35 points is kind of serious. In this case devastating. I'm wondering if it's because one is using TU FICO 08 and the other TU FICO 04? I am paying my most recent delinquent cc off tomorrow morning via moneygram. Apparently these outstanding old revolving accounts are posting against my utilization rate. By doing this I will reduce my utilization down by another 17%. This will mean I have a utilization of 26%. It's below that magic 30%. I'm hoping that does something. I'll post the results.
Of note I pulled my Experian score via $1.00 7-day trial. It gave me a 580 versus the report pulled by Wells Fargo which gave a 591. Where do you go to get a "real" credit score? I'll just plug away at the old debts while keeping current and low balances on my current. Time heals all wounds right?
@Yodafer - tried to get a PFD on a card that went delinquent in 2010. However the CC company turned over to a collection agency. They refused a PFD and will not negotiate a lower payment in full. What crap! I'm stuck on this one as I need at least a 9 point increase on my middle score. I'm paying them in the morning via moneygram for which they are releasing an immediate letter of Payment-in-Full. I'll turn around and file that letter with the CRA's and hope for the best.
Just as an update to this thread.....I submitted copies of the "paid-in-full letter" to the three CRA's and put in on-line disputes. Hopefully this will get quicker results. I also found two public records that were duplicated on my TransUnion report. They agreed to remove them, but that will not post until the $0 balance on the defaulted CC posts. Additionally I will have my two open CC's down below 10% utilization. This should all post by March 23rd. Hopefully then everything will be above 600.
Update.....We found a hose my wife and I finally agree on. We know we're waiting on the previous posted actions to report on the CRA's. We don't want to make a move without pre-approval. However, we get a call last night from our real estate agent. She says' "Just got an email from the seller's agent. She's expecting an offer on the house tomorrow. What do you want to do?” I'm thinking, "Is this a pressure tactic? The house has been on the market for over 215 days." We need to decide what to do.
This morning I called our mortgage rep. We reviewed everything I've done, how long will it take to post, etc. He feels we're in pretty good shape, but obviously there are no guarantees. I wanted to wait (have to wait) until the end of the month to request the credit pull. If we want in on this house we have to roll the dice and hope it works out.
I paid off an old (but the newest defaulted CC closed Jan. 2010) debt, got TU to delete 2 derogatory public records because they were duplicates, and paid my active CC's down from 18% to 5% utilization (if you add a defaulted CC from Dec. 2006, a total utilization down from 52% to 23%). I hope we hit the sweet spot we need. My lender pulled EF 616, EX 591, and TU 579 on Feb. 23rd before these posts. We have to be > 600, but our goal is to hit 640 on the middle score.
My lender says I need 45 days to process a USDA loan, and if I can get to that 640 it makes life much easier. Wish us luck! Thanks!
Keeping my fingers crossed for you. Please keep us posted. Are you doing USDA Direct or Guarantee?
Thanks! I'm so inpatient waiting for this darn score watch to fire over a message. Everything posts so fast if it's not the consumer trying to get something done. The USDA website says 620 makes you elligible for "streamline" financing, but my lender says 640 is the sweet spot where life gets easier.