Need help getting mid score up for a mortgage

[Anonymous]

Looking for help getting mid score up, or get one period, my TU is 608, EX is 720, Eq is 603, these are the Fico mortgage scores, I am trying to get one of the two up above/at 640 mid, I have an income of 91975.50 gross annually and am hoping for a USDA loan, I live in Mississippi, and have several accounts that's paid down and/or off, one cc that was charged off in 2015 is one, and 2 others paid to 0 and 7% utili and a fingerhut account at 0 and few other things but am hoping these will get me a mid score of 640 with one of the two low cra's and am in need of help to get a rescore to get qualified I'm hoping. Anyone that can help please help, I'm pushing for time as my lease ends in 8 months and need a home, not keep leasing.

[StartingOver10]

I moved your new post to start a new thread so you can get more answers. There are a ton of helpful people here to help you. I changed the title to attract people with the answers for you. 

It looks like your current mortgage mid score is your TU score right now at 608.  Visit the rebuilding forum to see what you need to do to get your scores up. It might not be as difficult as you think.

Others will pop in to give you guidence.

[Anonymous]

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@Anonymous wrote:

Looking for help getting mid score up, or get one period, my TU is 608, EX is 720, Eq is 603, these are the Fico mortgage scores, I am trying to get one of the two up above/at 640 mid, I have an income of 91975.50 gross annually and am hoping for a USDA loan, I live in Mississippi, and have several accounts that's paid down and/or off, one cc that was charged off in 2015 is one, and 2 others paid to 0 and 7% utili and a fingerhut account at 0 and few other things but am hoping these will get me a mid score of 640 with one of the two low cra's and am in need of help to get a rescore to get qualified I'm hoping. Anyone that can help please help, I'm pushing for time as my lease ends in 8 months and need a home, not keep leasing.

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Hey Bobby.  All the open cards you mention are at $0, but you also mention a CC utilization of 7%.

Could you list all your cards like this?

Card 1.   Balance = ____    Credit Limit = ____

Card 2.   Balance = ____    Credit Limit = ____

Card 3.   Balance = ____    Credit Limit = ____

etc.

It will then be easier to advise you.  You want all cards at $0 (except one) with the remaining card reporting a small positive balance.

Also, can you tell us whether your CC balances were higher the last time your scores were pulled?

[Anonymous]

Discover 180.00 / 1000.00
Berkshire 0.00 / 200.00
CO FP paid 0.00 / 460.00 needs updating
Fingerhut 0.00 / 400.00
Self Lender 490.00 / 500.00 needs updating

All these need updating across the board

[Anonymous]

Yes they were and didn't have some accounts

[NC_Mtg_Loaner]

Check the USDA website here:

https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do

to be sure you don't make TOO much money in order to qualify for their program.

If you do make too much money then you'll want to begin to develop a strategy to save and accumulate money for a downpayment.    

One quick and effective way to do so is by borrowing from yourself--from an employer sponsored 401k plan.   Naturally, this assumes you are already saving, but check with your plan administrator to be certain what the regulations are for a personal loan.  Most plans allow you to borrow up to 50% of the amount you've saved.  401ks are great because your money comes out before you pay taxes to Uncle Sam and it can grow and compound quickly--especially in today's market climate.   Anyhow, figure out your targeted goal and get started now so that you'll be ready for the future, whether you need that money for a down payment or not, you'll be thankful you're saving when it comes time to retire anyway.

[Anonymous]

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@Anonymous wrote:
Discover 180.00 / 1000.00
Berkshire 0.00 / 200.00
CO FP paid 0.00 / 460.00 needs updating
Fingerhut 0.00 / 400.00
Self Lender 490.00 / 500.00 needs updating

All these need updating across the board

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Very helpful.  Thanks.  It looks like you have....

*  Three open credit cards: Discover, Berkshire, and Fingerhut. 

*  You have one card that is closed and charged off: this is the one you called CO FP.  (Am I understanding this right?)

*  One loan via Self-Lender.  That looks like it is pretty new, is that right?

When all that information above gets updated, your mortgage scores should be much better.  You will want to keep your cards reporting with two of them at $0 and one of them with a small balance. 

Have all three cards been used at least once?  When was the last time each card reported a positive balance?

SelfLender is fine, as far as it goes, but check with us next time and we can suggest a much better option.  The lender we have in mind will allow you to have a loan open for 5 years that will only cost you $2 a year in interest.

What tool are you using to pull your mortgage scores?  Is it the myFICO Ultimate 3B package?  If so, when will your next report be generated?  You get one every 90 days.

Buying a house in 8 months from now is very doable. 

[Anonymous]

Current Scores :
TU - 612
Eq - 621
Ex - 643

Baddies :
Chapter 13 (Drop off 10/18)
Chapter 13 (ended 2014) > Due to divorce
Chapter 7 (ended 2013)>

Charge Offs w/balances :
Tower Loan - 6445.00 (drop off 9/18)
American Honda - 2255.00 (drop off 9/18)

Current Credit Cards:
Discover - 0.00 of 1000.00 (unsecured)
Capital One - 0.00 of 300.00 (unsecured)
First Choice - 187.05 of 200.00 (secured) (no statement yet )
Fingerhut - 31.93 of 400.00 (no statement yet )
A/U Acct. - Capital One - 75.46 of 200.00 (no statement yet)

Installment Loans :
Credit Union Credit Builder - 795.21 of 1000.00
Self Lender Credit Builder - 332.10 of 550.00

No collections
Have 6 charge off's showing 0.00 balances, paid
Have 11 past accounts in good standing/paid as agreed

I'm trying to get my scores up by February for closing on home in April, and need any advice offered to help me achieve getting my scores up, I'll provide any information that's helpful if anyone can help me to get on right path. Thanks in advance.

[VALoanMaster]

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@Anonymous wrote:
Current Scores :
TU - 612
Eq - 621
Ex - 643

Baddies :
Chapter 13 (Drop off 10/18)
Chapter 13 (ended 2014) > Due to divorce
Chapter 7 (ended 2013)>

Charge Offs w/balances :
Tower Loan - 6445.00 (drop off 9/18)
American Honda - 2255.00 (drop off 9/18)

Current Credit Cards:
Discover - 0.00 of 1000.00 (unsecured)
Capital One - 0.00 of 300.00 (unsecured)
First Choice - 187.05 of 200.00 (secured) (no statement yet )
Fingerhut - 31.93 of 400.00 (no statement yet )
A/U Acct. - Capital One - 75.46 of 200.00 (no statement yet)

Installment Loans :
Credit Union Credit Builder - 795.21 of 1000.00
Self Lender Credit Builder - 332.10 of 550.00

No collections
Have 6 charge off's showing 0.00 balances, paid
Have 11 past accounts in good standing/paid as agreed

I'm trying to get my scores up by February for closing on home in April, and need any advice offered to help me achieve getting my scores up, I'll provide any information that's helpful if anyone can help me to get on right path. Thanks in advance.

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Are the 2 COs in red above reporting every month? If so, it may help a lot to get them settled/paid. You do not have to pay the full amount, offer them a couple hundred dollars & see what they say.

[Anonymous]

They did report in early September but also reported closed at that time. I'll see what they'll do