Looking to get pre approved. ..

[kezia2410]

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@Mrs_hambright wrote:
That's great!! Happy hunting!!

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Thank you!!!

[kezia2410]

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@DallasLoanGuy wrote:

he will have to pull a report to be able to score simulate.... for sure

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Ok the lender pulled my score and Fiance...my mid is 617 and his is 647. How can I get 23 point within the next 30-60days? This is what is on my credit report  now... I have no late payment on my current card on listed on the chargeoff.

Negative:

2 charge offs  from 2009 ($674) 

1 Medical unpaid from 2011-$262 

Paid from 2012 (paid this month) ..they refused to delete

I have 3 credit cards and Im an AU on a Capital 1 card and a secured loan.

Barclays: open 12/2013 Limit $500.00 Bal reported: 0.00 (will report on 3/26)

Wells Fargo: open 2/2013  Limit $300.00 Bal reported: 0.00 (will report on 3/25)

First Bank: open 11/2013 Limit $300.00 Bal reported: 7.00 on 3/15

Capital : AU open 12/2013  Limit $200.00 Bal reported:35.00  on 3/10

Secured Loan: Opened 11/13 for 7 months Pay $70.00 every month (Will pay again on 4/1)

Should I see an increase in score with paying 2 of the cards to zero???  Thanks!!!

[ShanetheMortgageMan]

Biggest issue you have going against your scores are the past negative marks on credit + minimal re-established credit history.  The only way to solve those is to get the negative items removed and have longer established credit history.

On the credit cards, if you paid them, you'd probably see minimal increase since the utilization is so close to 0%.

Best is to see if you can get the negatives removed.  For the medical collection this method works the best - http://www.whychat.5u.com/GUIDE%20HIPAA%20PROGRAM.html

Are the charged-off account balances near their limits?  Are they revolving accounts?  If so, then paying them off could get your scores up... but you also risk updating the date of last activity to when they are paid off.  So it could be a risky move to pay them off.

Are there any credit cards that family can add you as an authorized user to?  It'd need to be $0 balance in order to help you with more credit history, and also not guaranteed that the previous credit history will transfer, but that is another idea that could work.

[kezia2410]

@ShanetheMortgageMan wrote:

Are the charged-off account balances near their limits?  yes they are...Are they revolving accounts? Yes  If so, then paying them off could get your scores up... but you also risk updating the date of last activity to when they are paid off.  So it could be a risky move to pay them off. So should I pay it or leave it alone? I have spoken with the credit union and they are willing to accept a settlement amount. 

Are there any credit cards that family can add you as an authorized user to?  It'd need to be $0 balance in order to help you with more credit history, and also not guaranteed that the previous credit history will transfer, but that is another idea that could work. No, I do not have any one I ask to be added onto their cards.

At this moment I am ready to say forget it and just try again next year. Every lender I speak with tell me something different. I just don't know which way to go anymore.  I  have worked so hard to rebuld and I can't get to a 640.  

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[ShanetheMortgageMan]

If the CU will accept a settled amount, report it as a $0 balance after it's paid, and won't update the date of last activity, then it should be safe to pay them off.  However if they update the date of last activity, then it can actually hurt your scores since it'll have the impact of a recent charge-off instead of one that happened back in 2009.

Realize you are still in the early stages of rebuilding your credit, you only appear to have 5 or so months worth.  Having more on time credit history will improve your scores, you can probably expect to get 3-5 points per month as long as all payments are made on time.  It doesn't come overnight. 

It'll help your outlook if you make improving your credit scores your goal rather than qualifying for a mortgage.  Yes, improving your scores will help you qualify for a mortgage but if you have "mortgage on the brain" you'll just be disappointed everytime you see a home that you can not yet qualify to get a mortgage for.  I'd shelve it for a few months.  It'll happen, just be patient.