1) Pay no attention to anyone who said carry balances: you want a small reported balance on one credit card - that's optimal for anyone. Read as $20 or whatever on a single credit card, everything else zero. You're not in a bad place now at 17% but you can gain some points and every point counts if you aren't north of 740/760 already.
2) You might get a huge win regarding the tax liens come 7/1; maybe, it depends how they were filed in terms of quality of data but a ton of consumers will get liens excluded because of bad or unreported data, and you may get a windfall there. Also if those are Federal tax liens, and they are paid, file these forms: https://www.irs.gov/pub/irs-pdf/f12277.pdf
3) Medical collections and what not, Google "HIPAA method" and see if privacy laws might help.
4) Post the negatives over in the Rebuilding forum, there's a lot of people there with experience with literally thousands of institutions in aggregate, and maybe someone has dealt with your particular ones and can recommend a strategy for dealing with them.
5) EQ/TU don't care whether your cars/mortgages/loans are open or closed when it comes to mortgage UW, EX does care a little bit but it's simple to sort:
Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
Anyway that's how I would approach it; also there are some non-traditional qualification routes that you can chase such as an asset based mortgage underwriting, the APR will be higher but with 400K+ in terms of downpayment and call it 15K in monthly income, you have the ability to play let's make a deal and potentially ignore the credit score UW portion of it though you will need a specialized lender / loan program.
Relax though, you're not going to be homeless with those stats and you can possibly address some things to allow you to walk through the front door too; hope ain't lost yet.
HTH
@Anonymous wrote:Thank you so much for your help. I just figured out how to find my post and how to read a respone. Now I have to find out how to post! LOL.
Ill do all the steps you recommend.
One more question if you are up for it since I have not figued out how to post a new question.
mortgage fico comes out on the 27th of the this month.
ive checked my fico notices. Looks like the majority of points are gained from the last few days of a month to the 12th of next month.
If I wait to the 12th of July to see if if my fico 4 comes up, when pulled by a potential lender, will that help?
So we are selling 2 homes.
The first is the rental and is paid off. Should have 200k from that. Waiting on an offer.
We have 231k in reporting mortgage.
197 for or home.
34 on the second mortgage that was med bills 15 yrs ago.
We have never missed a payment.
So house one for sale, lets say it sells this week, and our home is not up yet.
But should be within 10 days.
We are preparing it to sell quick.
All the "right touches to attack a buyer and priced right.
So I could have both go to closing in ne month.
Thats the goal. We need to be in a home to get our senior enrolled for school mid August.
But lets say only one sells.
At that time do I pay off the second mortgage and the 2 credit card accounts with the 17% usage?
or do I wait to pay them off when our home sells?
Going to the Federal credit union who holds one of the balances and see if they will increase the balance so I have better utilization, and have the money for the account in the checking account so they have 0 risk.
Hoping that will boost me.
We have talked to the loan officers in the communities we want to purchase in and they say I have to have 620. Regardless we would put down 400K on a 500k home with no other debt and 13 to 18k month income.
Or that Ive carried 1 to 5 mortgages at one time for 5+ yrs no lates within last 10 yrs, paid one off, pay extra each month on all . never had mortgage insurance,. They still will not give me a loan in my name unless its 620.
Which I do not see happening before August.
Im going to go to our bank and ask for a secured loan to use for improvements on this house and keep utilization at 7%.
Ive read in posts that may give me 20 to 30 point boost.
Thank you again!
Just so concerned, that I have thought I had been doing well and was not. That we think we should be able to take care of our families not lavishly but be able to provide a home in a good neighborhood and find out I may not even get approved to rent!
If I could talk to Prsident Trump, Id suggest that we drop a yr of the repeat of History lessons and requie a yr of credit building as a class with simulators as projects and final grade on how they managed and improved the financial challenge they were given. Unique senarios work on teams. One student card challenges, another student loans and car loans, another collections, etc. % of grade working as a team to review and find answers to increase. Take the year to increase score. Gade would be based on increases and taking part in discussions.
live situations would be the most valuable lesson a student could learn.
Who cares if you know the battles of the south and north each yr. Your real battle is real life and I can tell you from collecting on student loans that we need to educate our students on the pitfalls.
I highly doubt he cares. He borrows money for cheap, buys properties and makes businesses. If they fail he writes them off in his taxes and does it all over again. Fiscal policy is not his strong suit.
I think in your case your situation will be vastly improved by having sales proceeds from your other properties. Good luck and I hope it all works out!
If you're putting $400 down and only requesting a loan of $100, have you considered FHA?
I'm sorry, I'm very confused by your post. What sales price are you looking at? 750-900, 400, 500?
If you're looking at a $400 k house with $300 down, have you considered FHA?
If you're looking at a $400 k house with $300 down, have you considered FHA?