I started my journey almost exactly one year ago. I began thinking that I needed to get serious about a "forever home" for my daughter and I when I really had never had much credit - and NEVER a credit card. My early adulthood was destroyed by medical issues and then a bitter, nasty divorce and I had a mess to clean up.
About me:
With my employer for about 18 months.
Base pay is $47,000/year but I net $3,000 bonuses quarterly and a net $12,000 annual bonus in Feb. (total is right at $70,000k)
My scores hover around 640 - ebbs and flows. My oldest credit card is only 8 months old, newest 2 months, and I'm still learning to maximize their reporting.
I'm a student on full ride scholarship. After my expenses are paid I have about $1,000 left over 3x a year that is taxed as income.
No child support....I have an order for $510/month but I have seen only $460 in 3 years.
I'm a long time Chase customer with about $30,000k in my checking account, up from 11k this time last year.
My student money is put into a separate checking account and I have about $2,400 in that account.
Located in Pinellas County (Saint Petersburg) FL.
I have one consumer account reporting that is being disputed and my goal is to get rid of it. I have 6 medicals reporting between the 3CRA's. All at least 3 years old.
I had a student loan that had been in default but they were paid in full and set to stop reporting the lates either Aug or Sept this year.
NO Lates- other than the danged student loan that will stop reporting soon. GW's didn't work.
I have a significant other who lives with us and who contributes to bills, about half, but he won't be on the loan.
I took a hit while getting credit cards, of course. I was back where I started in the very low 600's but I'm slowly gaining ground back as my cc's age.
The House!
It is 2 blocks from our rental and 3 blocks from daycare. It was foreclosed (FannieMae) for $365k. It was initially listed at $285- way over market value. It has been on the market 200 days and now down to $230k. Comps are selling at $230 but are "Cream Puff" houses when this one needs work. Just found out that the roof will NOT pass inspection and needs replaced ASAP. The bank had a roofer come in to cover it and stop loss but we are at a standstill.
Realistically, with the kitchen needing total replacement its worth about $180k. The roof issue now needs to be taken into account but the bank doesn't want to fix it. This house qualifies for a FannieMae Homepath Renovation mortgage, but I'm not yet at 660 credit score to qualify for less than 20% down. I qualify for FHA, and county HFA, but the house won't pass.
Do I have any options or do I just light a candle and wait?
In the garden until October 2015!
Journey began 12/13
My wallet: Cap1 Journey (12/13) $4,800 - Cap1 QS (3/14) $1,500 - Chase Freedom (5/14) $3,000 - Chase CSP (12/14) $8,000
Closed on my primary home and income property in December 2014!
