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Plan of attack for financing

Established Contributor

Plan of attack for financing

Sales contract sign, earnest money put down, Property to be completed in March, Est Closing in mid-Aprill.

 

Mission: get middle score to 640 (probably going to be EQ bc I have collection being removed from it)

 

Plan (so far): reduce util. from 80s to 20s (or below) and get final collection removed, GW any lates and GW C/O from 2007

 

Any advice?

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 1 of 49
48 REPLIES
Valued Contributor

Re: Plan of attack for financing

My advice, stop playing with fire.........

 

How old is that collection.

Message 2 of 49
Valued Contributor

Re: Plan of attack for financing

+1, you don't want to resurrect an old collection. A lot of times you can qualify with an old collection if you meet the score requirements.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 3 of 49
Valued Contributor

Re: Plan of attack for financing

That is not what I ment. The OP has a mid 500 score and signed a contract and put down earnest money. This is not good at all. You could lose it.

Message 4 of 49
Valued Contributor

Re: Plan of attack for financing

Oh! I didn't know he had a 500 score. :-| How long is that contract? Check your Contract to see how long it is as that is typically when you have to reclaim your earnest money. Did they let you sign a contract without being preapproved?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 5 of 49
Established Contributor

Re: Plan of attack for financing

Mid score is 548, I am working with preferred lender of builder, everything already pulled and reviewed. Lender advisedly of what to do and with rapid restore believes util will bump my score where it needs to be. Lender recommended only signing contract for a new construction so I have a few  months to accomplish this.

Contract has a financing clause so I get my money back if I don't get full financing approval.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 6 of 49
Established Contributor

Re: Plan of attack for financing

Also collection is almost 2 years old but they report monthly. They have already agreed to pfd
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 7 of 49
Valued Contributor

Re: Plan of attack for financing

Is it your only collection?

 

If that is your last collection and you pay off the cards, I think you have a good shot. If you have other collections, I dunno.

Message 8 of 49
Valued Contributor

Re: Plan of attack for financing

Do you have any other lates or charge offs in the last 2 years.

Message 9 of 49
Established Contributor

Re: Plan of attack for financing

Yes that is the last collection. I do have a late on an old walmart card that I am trying to goodwill- they agreed to delete one but left another (I am pleading for the other), I havent had any lates in a year. Last late before the wally was in early 2011.

 

Only C/O is from 2007.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 10 of 49