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bynindy
Valued Member

recent 60 day late

First I would like to say that this forum has helped with so much with my credit repair.  I have been able to get 6 items removed from my credit reports using the goodwill letters from this site.   Here is my question,  I was hoping to purchase a home by October.   I have an account with Drive/Santander Consumer that they reported 30 days late in May and 60 days late in June.  I was not late either month and currently I am disputing the information and filed a complaint with the BBB.  I have a 2 year old charge off with First Premier Bank and a DCS collection only on my Experian report that was opened in 2008.  I have a dismissed Bankruptcy on my Experian that is due to fall off in October 4, 2009 (according to Experian) and a Chapter 7 bankruptcy that was discharged in October 2005.   Oh and a charged off Verizon account from Jan 2009.   Also I have a credit card that is paid almost half way down with a credit limit of $320.  Balance to paid is $206.   What are my chances of getting approved by October? 

 

My scores were in June Equifax 643; Transunion 549; Experian 512.   Since then I have had 5 accounts removed from my Experian report. 

Message 1 of 12
11 REPLIES 11
rockymtngrl
Frequent Contributor

Re: recent 60 day late

I hate to tell you this but you are facing an extreme uphill battle. To get a mortgage after bk you don't have to have perfect credit but it needs to be darn near perfect. With mulitple collections and lates after bk including lates and collections in the past 12 months I would think your chances are slim to none (only then if you can get your scores over 620 and have a strong file in every other way reserves, DTI, job history etc). I think your best plan of action is probably to work on some more pfd and gw. sorry.
Message 2 of 12
Anonymous
Not applicable

Re: recent 60 day late

being realistic, your chances are slim to none.  They are probably going to want to see at least 12 months of perfectly clear credit and quite possibly 24 months.  Any history of late payments post BK is a battle you usually can not win.  You will need low DTI and high reserves to even have a chance.  I wish there was a better answer but there just is not.  Also, you are looking to get approved prior to the first BK falling off (which will likely still be on the report until the end of October).  I don't see any lender lending with 2 BK's on file and ANY lates since last BK.  You need the old BK off your records, you need to PFD the verizon, and you need to get the disupte resolved and the other lates removed.  Then you need to wait until you have 12 months clean credit (or are getting close to it) and apply then.  Make sure you have plenty $ for DP, closing, and reserves as that will make a post BK loan alot easier.
Message 3 of 12
bynindy
Valued Member

Re: recent 60 day late

Thanks so much for the reply but maybe I wasn't exactly clear on my question.   I am raising my score and right now I am high 500's and still over 640 with equifax.  I am still doing the goodwills and the Verizon account is paid.  Actually all the other collections are included in bankruptcy expect the DCS and First Premier.  I have 4 years on my job and 3.5% down.   If my mid score is over 620 even with the recent late could I possibly be approved?   The dismissed Bankruptcy is due to fall off on October 4,  I called and spoke with a representative at Experian and they gave me the delete date.  So after October 4 I should only show a discharged Bankruptcy on all three reports. The lates were inaccurate and I am fighting those right now. 

 
Message Edited by bynindy on 07-22-2009 09:44 AM
Message 4 of 12
DallasLoanGuy
Super Contributor

Re: recent 60 day late


@rockymtngrl wrote:
I hate to tell you this but you are facing an extreme uphill battle. To get a mortgage after bk you don't have to have perfect credit but it needs to be darn near perfect. With mulitple collections and lates after bk including lates and collections in the past 12 months I would think your chances are slim to none (only then if you can get your scores over 620 and have a strong file in every other way reserves, DTI, job history etc). I think your best plan of action is probably to work on some more pfd and gw. sorry.

agree

Retired Lender
Message 5 of 12
BungalowMo
Senior Contributor

Re: recent 60 day late

Why the purchase by October???  A little more time will give you better scores for a better rate?
BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 6 of 12
bynindy
Valued Member

Re: recent 60 day late

October is when the dismissed Bankruptcy falls off and it will give me a little more time to work on the dispute with the inaccurate car reporting.   Plus I am paying month to month in my lease starting next month and I am not sure how long I can afford to do that. 
Message 7 of 12
Anonymous
Not applicable

Re: recent 60 day late

If the month to month leas is such a high burden financially, are you going to be able to have some reserves set aside and have down payment, money for moving, money for maintenance, and some reserves.  Not trying to be arguementative, but this is the exact question that will be going through any UW mind.

Message 8 of 12
bynindy
Valued Member

Re: recent 60 day late

Its ok, you're not being argumentive and that is a good question.  Actually the month to month lease is not financially an issue, it will be the most I am willing to spend on a mortgage payment and I have worked out the budgeting for that so I am ok.  I just don't want to sign a new one year lease and then end up possibly having to break the lease or tell the underwriter that I will need to break the lease.  In my opinion month to month was a better option. 

 

The reserves are gifts so I would not be able to take from that anyway.   I have a family issue also that just came up so more space is a most in the next few months anyway.  

Message 9 of 12
WannaHouse
Valued Contributor

Re: recent 60 day late

Transunion 549  <--that is your current mid. It's going to be really hard to get that over 620 and also get rid of the lates.

 

I agree with the others. This is going to be a major uphill battle right now.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 10 of 12
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