I want to be able to purchase a home when my lease is up at the end of the year and wish to find out if I have a shot - preferably FHA. I was talking informally with a mortgage person but she seems to have vanished in the last 2 weeks and I think she may no longer be with the company. I have a little time and am trying to prepare - if I even have a shot.
Credit is fairly bad - was struggling for years and some bad things happened. In 2006 the company I was with for 7 1/2 years downsized, income was limited for a few months and I got further behind. That worked out well in the end - they had me doing contract work part time for them (less than 2 weeks after being let go). I had a full-time contract job elsewhere for a year and did them part time. I went back to them in February 2008 full time as a "casual employee". No benefits but double the pay and I can show 9+ years of continuous employment with them - did I mention I had previously been underpaid? During the few months I was working part time, many items got real bad.
I have the free credit reports from each company and went to TrueCredit. Those scores (I know, not accurate) are TU-641, EX-625, EX-617. The went up since 6/1 from 599, 581, 616. Credit must have been getting a little better because 2 credit cards gave little increases without even asking. Earlier this year, I almost took a loan to help someone (stupid idea) and was approved for $3500. I did not take it however.
Everything is paid except for 1 dispute and 3 medical. The dispute is a duplicate - it was transferred to another CA in 9/2007 with the other deleted after payment. The medical were incurred when my ex-husband had an accident and my son had to ride in ambulance to be checked out. He did not give them my insurance info at the time and I didn't even find out about the charges for a few years. The mortgage lady I was talking to said I may not have to pay the medical for an FHA. She was going to check on it since the one is over $3000.
Everything bad went bad over a year ago, no lates for at least the last year. I did pay most of these very recently (before I found any credit boards) and did not negotiate any PFD's. I'm hoping that didn't really mess things up.
I have about $8000 saved right now, will have about $13,000-15,000 saved by the time lease is up. I can get another $15,000 out of 401K (I am willing to accept the penalties to get a house). 2 grandchildren live with me and they need a yard. I am looking at about $100-$150 range and make about $70,000 a year now.
Below is my current situation.
Housing: Lease apartment, no lates for at least 6 years.
4 Credit Cards - All Opened 2001 - Never Late. Total Limit: $2125
1 Gas Card - Opened $2004 - Never Late. Total Limit $1000
1 Credit Card - Opened 1999. (1) 30-day late (2005). Limit $600
Total Utilization on these 0-20% total. Nothing over 20%.
Auto Loan - Opened: 05/2005; (1) 30-day late (12/2006); owe app $12000
Auto Loan - Date Opened: 02/2002, Date Closed: 04/2007; (5) 30-day lates (last late 3/2007) - Paid Off: 4/2007 in 61 months.
Real Bad Stuff - All Paid
AMEX - Date Opened: 11/2004, Date Closed: 01/2007; Paid off: 6/2008 (still shows owing $1800 on CR but will go away soon). Went 120 days+ late
COLLECTION CO OF AMERICA (Sprint) - Date Closed: 07/2006, Assigned to Collection: 9/2007; Paid off: 6/2008
FIRST PREMIER - Date Closed: 05/2006; (4)30-day lates, (4)60-day lates, (3)90-day lates); Paid off: 2/2008
CREDITONEBNK - Date Closed: 03/2006 (2) 60-day lates, (2) 30-day lates; Paid Off: 3/2008
CMI (Adelphia) - Date Closed: 02/2003; Paid off: 5/2003 (goofed up accidentally here)
GA POWER - Date Closed: 9/2006; Paid 6/2008 (This was a goof-up after a move - only found out about when I got report)
Unpaid Medical Collections
Medical #1 - Date placed for collection: 04/2003; $3,249
Medical #2 - Date placed for collection: 05/2003; $227
Medical #3 - Date placed for collection: 04/2003; $532
Disputing as duplicate - RIDDLE - Date placed for collection: 05/2006; $172
6 inquiries total for last 2 years on reports.
I probably gave too much detail but am really hoping someone can look at this and see whether I have a shot or not. Hopefully FHA, hopefully little down. I don't want to pursue something if it is just a waste of time right now.
Any thoughts or advice? Thank you in advance.
Stephanie
Credit is fairly bad - was struggling for years and some bad things happened. In 2006 the company I was with for 7 1/2 years downsized, income was limited for a few months and I got further behind. That worked out well in the end - they had me doing contract work part time for them (less than 2 weeks after being let go). I had a full-time contract job elsewhere for a year and did them part time. I went back to them in February 2008 full time as a "casual employee". No benefits but double the pay and I can show 9+ years of continuous employment with them - did I mention I had previously been underpaid? During the few months I was working part time, many items got real bad.
I have the free credit reports from each company and went to TrueCredit. Those scores (I know, not accurate) are TU-641, EX-625, EX-617. The went up since 6/1 from 599, 581, 616. Credit must have been getting a little better because 2 credit cards gave little increases without even asking. Earlier this year, I almost took a loan to help someone (stupid idea) and was approved for $3500. I did not take it however.
Everything is paid except for 1 dispute and 3 medical. The dispute is a duplicate - it was transferred to another CA in 9/2007 with the other deleted after payment. The medical were incurred when my ex-husband had an accident and my son had to ride in ambulance to be checked out. He did not give them my insurance info at the time and I didn't even find out about the charges for a few years. The mortgage lady I was talking to said I may not have to pay the medical for an FHA. She was going to check on it since the one is over $3000.
Everything bad went bad over a year ago, no lates for at least the last year. I did pay most of these very recently (before I found any credit boards) and did not negotiate any PFD's. I'm hoping that didn't really mess things up.
I have about $8000 saved right now, will have about $13,000-15,000 saved by the time lease is up. I can get another $15,000 out of 401K (I am willing to accept the penalties to get a house). 2 grandchildren live with me and they need a yard. I am looking at about $100-$150 range and make about $70,000 a year now.
Below is my current situation.
Housing: Lease apartment, no lates for at least 6 years.
4 Credit Cards - All Opened 2001 - Never Late. Total Limit: $2125
1 Gas Card - Opened $2004 - Never Late. Total Limit $1000
1 Credit Card - Opened 1999. (1) 30-day late (2005). Limit $600
Total Utilization on these 0-20% total. Nothing over 20%.
Auto Loan - Opened: 05/2005; (1) 30-day late (12/2006); owe app $12000
Auto Loan - Date Opened: 02/2002, Date Closed: 04/2007; (5) 30-day lates (last late 3/2007) - Paid Off: 4/2007 in 61 months.
Real Bad Stuff - All Paid
AMEX - Date Opened: 11/2004, Date Closed: 01/2007; Paid off: 6/2008 (still shows owing $1800 on CR but will go away soon). Went 120 days+ late
COLLECTION CO OF AMERICA (Sprint) - Date Closed: 07/2006, Assigned to Collection: 9/2007; Paid off: 6/2008
FIRST PREMIER - Date Closed: 05/2006; (4)30-day lates, (4)60-day lates, (3)90-day lates); Paid off: 2/2008
CREDITONEBNK - Date Closed: 03/2006 (2) 60-day lates, (2) 30-day lates; Paid Off: 3/2008
CMI (Adelphia) - Date Closed: 02/2003; Paid off: 5/2003 (goofed up accidentally here)
GA POWER - Date Closed: 9/2006; Paid 6/2008 (This was a goof-up after a move - only found out about when I got report)
Unpaid Medical Collections
Medical #1 - Date placed for collection: 04/2003; $3,249
Medical #2 - Date placed for collection: 05/2003; $227
Medical #3 - Date placed for collection: 04/2003; $532
Disputing as duplicate - RIDDLE - Date placed for collection: 05/2006; $172
6 inquiries total for last 2 years on reports.
I probably gave too much detail but am really hoping someone can look at this and see whether I have a shot or not. Hopefully FHA, hopefully little down. I don't want to pursue something if it is just a waste of time right now.
Any thoughts or advice? Thank you in advance.
Stephanie
Starting Score: 689 (Feb 2013)
Thanks for the advice. I haven't had any lates in the last year and nothing added. But, I did just pay everything off and was hoping that that wouldn't hurt in some way.