@pengy_wi wrote:My husband and I met with the credit union I'd been a member at for years the beginning of April for a preapproval and didn't get the answer we were after. My husband's mid score came back at 625 (mine are in the 700's) and his report has all kinds of blemishes including a judgment. The LO told us we didn't qualify but the following week sent our file to his senior UW to double check it and we were told he needs to do more rebuilding.
He currently has 2 cards in his name (1 major, 1 store), is the joint on our car loan and has student loans (in deferment since he's in school). This weekend we put the cable bill in his name and added him to the utilities. We really don't want to apply for any more cards (due to the inquiries and AAoA dropping) and don't need other loans but the LO told us to.
We don't plan on going back to the credit union when we apply again, are there other places that we'll still be able to get approved? We've been told that credit unions have stricter guidelines due to how they operate.
The husband will probably have to settle or pay the judgement, picking up another card, or becoming an AU on one of yours will help as well. The judgement and other blemishes are hurting him.
What are the other blemishes? He may be able to get those updated by asking the creditor very nicely, called a goodwill adjustment.
He'll basically have to have the judgement and any collections either paid or deleted, and he'll have to have 12 months of clean payment history on all open tradelines.
With 4 tradelines he should be fine, just needs the scores to come up a bit. I closed with 5 open tradelines.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@pengy_wi wrote:The judgment was paid in 2010, we have gotten agreements for 4 of his 9 collections (all have been paid) to be deleted (so far) and he is AU on 6 of my accounts all with perfect payment history.
He may have more success with building his score using a secured installment loan... it is a higher quality of credit than a credit card. My banker gave me this advice in 2007, and I did an installment loan from Feb 2007 - Feb 2008... it improved my score by 40 points, up to 620, which was the minimum for FHA at that time. I was approved for an FHA loan in Feb 2008 and closed in April 2008
The installment loan will give him points for "mix of credit" as well
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
If they are deferred; do they show a payment history?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Ahh ok. Nvm then.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!