Mortgage Process is in FULL SWING needs some advice...

[darkknight74]

This has been a journey for me First Home Buyer and learning allot.  I hired Lexington Law to start the process and let me tell you.... THIS FORUM ROCKS... I did more in the time frame I hired them I fired them almost 3 months ago....  PLEASE from a complete credit NEWBIE do not hire them use the resources and nice people in this forum... I can not thank you guys enough.  That being said lets talk numbers below are lender pulled

Jan 2013             | March 2013

Transunion 545 | 575 

Experian 544     | 590

Equifax 519        | 571

Currently I have to have a 640 to do the Loan in my area, spoke with my Mortgage guy and he said if I pay 3 charge off's down to 0.00 His credit program estimates program estimates a  80+ point jump.  I paid them and currently waiting for the faxes from the OC and 2 CA's Monday.  He says he can do a rescore and get me the needed points to make the FICO requirement.  

Do you think this restore will help or ? I have been reading a lot about the process and most have good results.

Any advice I would welcome at this point I am stressed beyond my limits...

Thanks again

[MovingForward_2012]

Are the paid collections/charge offs going to be deleted off of your credit report or are they just being updated to paid status?

[darkknight74]

He did the simulation to PAID 0.00 not deleted.  I asked if I should pay in full, he said as long as it shows 0.00 so I negotiated with them and had a much lower cost of paying them.

[JM-AM]

Never a guarantee a rapid rescore will give you the points you need. But it is possible you may gain some points.

Why dont you list the things on your reports and break them down

Example

Credit Cards

Cap One ---------- CL 1000 -------- balance 100 ------- monthly payment $25 ---- no lates

CITI ---------------- CL 1500 -------- balance 0 ----------- monthly payment $0 ----- no lates

Chase ------------- CL 500 --------- balance 50 ---------- monthly payment $25 ---- no lates

Intsallment Loans

Car Payment  Nissan credit ------- loan amount 25k ------ balance 20k ----- monthly payment $400 ---- no lates

Charge Off

Bank of America ----- balance 1000 ----- charged off 1/10/208 ------ not paid

Collection

Collection Company ---- balance 500 ----- not paid

Collection company ----- balance 500 ----- not paid

Judgement

No Judgements

Liens

No Liens

Now what type of loan are you trying to get? FHA? USDA? VA? CONV?

[darkknight74]

Credit Cards

Cap One ---------- CL 1000 -------- balance 20.00 ------- monthly payment $25 ---- no lates

Orchard ---------------- CL 320 -------- balance 15.00 ----------- monthly payment $15.00 ----- no lates

Intsallment Loans

Car Payment  GMFinical------- loan amount 23k ------ balance 17k ----- monthly payment $417 ---- no lates

Webbankl------- loan amount 230 ------ balance 32.00 ----- monthly payment $4---- no lates

Charge Off

Cortrust Bank PAID 0.00

FST Premier PAID 0.00

FST Premier PAID 0.00

FNCC NOT PAID SHOWS  0.00

CREDITONE NOT PAID SHOWS  0.00

Collection

No collections 

Judgement

No Judgements

Liens

No Liens

Now what type of loan are you trying to get? FHA? USDA? VA? CONV?

 USDA

[JM-AM]

Pay Orchard in full... and do not leave a balance on that card... pay it in full all the time before statement hits.

Pay off Webbankl as soon as you can, while it may not help your scores much, it will eliminate the debt and wasted interst charges.

Search the rebuild boards and see if there are any contacts you can try and send a GW for any and all your collections. Just do not start this now. Wait until you see if your scores improve, and if they havent then begin working on sending GW letters. If your scores did improve then leave this alone for now until after you close.

You can also try a different Loan Program and or a different Lender with a lower score requirement. But they are getting harder to find and come across.