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Valued Member
germese1975
Posts: 85
Registered: ‎04-23-2013
0

3 Month Update...Thank you MyFico Forums!

I started this journey in late April after getting hosed over on interest for a car I bought. Granted, it was 8.5%, but I got fed up with paying a company so much interest for the privilege of obtaining a secured loan. I decided to get a hold of my credit that was destroyed 3 years ago after a nasty divorce right up to a year long deployment in Afghanistan. I had several bills that went unpaid and into CO and collections during that year I was gone. I didn't know what steps were available to me to deal with these things until I found this board. Fast forward to the present day, and I'm sitting in Afghanistan once again...Same exact place too... cleaning up my credit in preparation for retirement in the next 1-2 years from a great Army career. I'm limited to what I can do out here to phone calls and emails. Still, during that time, I've been able to PFD one collection and pay down my largest credit card from 87% util to 19% thus far. I settled a Barclay's CO that they wouldn't PFD. I've opened a $1000 secured USAA AMEX and a paltry $250 CL at The Buckle. Those coupled with my low CL Orchard Bank (in the process of transition to Cap One) has given me 4 revolving CL. My new (to me) car gives me an $18,000 Installment CL. The biggest baddie I have is a mortgage for a house I haven't lived in since summer of 2010. Although they deny it, Wells Fargo told me I needed to show a financial hardhsip to qualify for Short Sale, so I did what they said and went exactly 90 days late and resumed payments. That was Feb of last year that I started that. I have had an offer on the house since the beginning of May, but WF has not approved the sale yet. I tried to file a complaint through CFPB to get the lates removed. WF denied any wrong doing, so the 90 day lates just keep piling up.

So now in addition to that, I have 4 paid CO and 2 Midland accounts I need to deal with when I get back home. It's difficult to do a GW campaign from over here. All that being said, thanks to the information I received on this board, I am up 89 points EQ, 118 points TU, and 128 points EX!!!

 


700 club.... here I come!

Starting FAKO scores: EQ: 566, EX: 566, TU: 569 (27 Apr 2013)
Starting MyFICO scores: EQ: 618, TU: 544 (4 May 2013)

Current FAKO scores: EQ: 665, TU: 658 EX: 635 (4 Jul 2013)
Current FICO Scores: EQ: 651, TU: 662, EX: 694 (13 Jun 2013)

Goal: 650 REACHED!!
New Goal: All 3 in the 700 Club!
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: 3 Month Update...Thank you MyFico Forums!

Way to go germese!!!! Congrats!!!

Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: 3 Month Update...Thank you MyFico Forums!


germese1975 wrote:

I started this journey in late April after getting hosed over on interest for a car I bought. Granted, it was 8.5%, but I got fed up with paying a company so much interest for the privilege of obtaining a secured loan. I decided to get a hold of my credit that was destroyed 3 years ago after a nasty divorce right up to a year long deployment in Afghanistan. I had several bills that went unpaid and into CO and collections during that year I was gone. I didn't know what steps were available to me to deal with these things until I found this board. Fast forward to the present day, and I'm sitting in Afghanistan once again...Same exact place too... cleaning up my credit in preparation for retirement in the next 1-2 years from a great Army career. I'm limited to what I can do out here to phone calls and emails. Still, during that time, I've been able to PFD one collection and pay down my largest credit card from 87% util to 19% thus far. I settled a Barclay's CO that they wouldn't PFD. I've opened a $1000 secured USAA AMEX and a paltry $250 CL at The Buckle. Those coupled with my low CL Orchard Bank (in the process of transition to Cap One) has given me 4 revolving CL. My new (to me) car gives me an $18,000 Installment CL. The biggest baddie I have is a mortgage for a house I haven't lived in since summer of 2010. Although they deny it, Wells Fargo told me I needed to show a financial hardhsip to qualify for Short Sale, so I did what they said and went exactly 90 days late and resumed payments. That was Feb of last year that I started that. I have had an offer on the house since the beginning of May, but WF has not approved the sale yet. I tried to file a complaint through CFPB to get the lates removed. WF denied any wrong doing, so the 90 day lates just keep piling up.

So now in addition to that, I have 4 paid CO and 2 Midland accounts I need to deal with when I get back home. It's difficult to do a GW campaign from over here. All that being said, thanks to the information I received on this board, I am up 89 points EQ, 118 points TU, and 128 points EX!!!

 


700 club.... here I come!


Congrats 

I love reading stories of success it is and can be quite inspiring to others Bravo

Someone will be touched by your accomplishments and know it can be done 

Thanks for sharing and keep up the good work

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Valued Member
rearfanged
Posts: 36
Registered: ‎10-10-2012
0

Re: 3 Month Update...Thank you MyFico Forums!

Congrats man! Great to see people making progress......

 


Starting EQ Score 01/26/2013: 519
Current Scores: EQ 649 - TU 694 - EX 628
Goal Score: 650

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New Member
superfrustrated
Posts: 18
Registered: ‎07-19-2013
0

Re: 3 Month Update...Thank you MyFico Forums!

is Wells Fargo aware of your active military duty?  I ask because they will (likely) NOT be able to foreclose on you while you are on active duty.  SO the short sale is truly the best option for them as well.  Clearly active military service does not affect your FICO...I was just replying in hopes of getting your short sale moving along.  I work closely with the Loss Mitigation department (not at Wells Fargo, but I imagine they all work the same) in my own job so I know short sales can be quite a drawn out process.  You literally need to hound them over it.  Ask specifically what the hold up is - what documents are they missing?  Why isnt the review complete yet?  Mention your active duty status.  Ask to speak to a supervisor.  Also, is your loan a Fannie or Freddie loan?  google 'how do I determine whether my loan is a Fannie or Freddie loan' and you should be able to find the link to determine whether your mortgage is backed by Fannie or Freddie - chances are, it IS (unless you have a jumbo loan).  If it is, you can go directly to Fannie or Freddie and get your file escalated - they too will LOVE to hear about your active military status.  Once you get Fannie or Freddie into the mix, your review will likely proceed faster than you ever imagined.  Because Fannie/Freddie actually OWNS the loan...Wells Fargo simply services the loan.  Fannie/Freddie can impose large penalties on Wells Fargo should it be determine Wells Fargo contributed to the fact your loan was not settled via short sale in a timely fashion.  As soon as Fannie/Freddie contacts Wells Fargo about your complaint, trust me, Wells Fargo management is brought it and it should be taken care of.  Actually, there is one final way to attempt to get results if all of the above fails - google the head executives of Wells Fargo.  More specifically, an executive whose title is something like 'default services', 'loss mitigation', 'risk management'.  Literally email them (or call) and that will also get your file escalated.

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: 3 Month Update...Thank you MyFico Forums!

Valued Member
germese1975
Posts: 85
Registered: ‎04-23-2013
0

Re: 3 Month Update...Thank you MyFico Forums!

Thank you, everyone, for your words of encouragement! I'm looking forward to getting home and starting down the path of GW! While I'm away, I've got Skyblue doing their thing. I'm entering into the second month withour any successes attributed to them so far. I'll give it until I get back to see what they can do, if anything. I've heard they've had some decent success with some peoples CR.

 

Superfrustrated.....Thank you for replying about my Short Sale. They are definitely aware I'm active duty. I call them once a week to check on the progress. This past week, they told me they were waiting on the funds for the appraisal to be approved, and that it was approved last week. They claimed we should know something in 15 days. It's strange because they conducted the appraisal in the beginning of June, according to my realtor. They claim they have all the documentation they need and they are waiting on internal processes to complete, whatever that means. I've checked both Freddie and Fannie and my loan is not listed with either of them. I'll ask them who the investor is when I contact them on Tuesday. I know my file has been moved to the "Presidential Office of Executive Complaints" at Wells since I filed the CFPB complaint against them. That hasn't seemed to make the process move along any faster. I had thought about emailing the SEVP of Consumer Lending about it. I just haven't done that yet. Do you think it would make a difference? Perhaps if I don't hear what I want to hear on Tuesdy when I call, I'll drop her a line from my deployed work account. It's frustrting dealing with the short sale. They've already made up for the loss in offer and owed price in interest paid for the last 3 months. Granted...Wells gets the interest and not the investor, but it's still a needlessy drawn out process.

Starting FAKO scores: EQ: 566, EX: 566, TU: 569 (27 Apr 2013)
Starting MyFICO scores: EQ: 618, TU: 544 (4 May 2013)

Current FAKO scores: EQ: 665, TU: 658 EX: 635 (4 Jul 2013)
Current FICO Scores: EQ: 651, TU: 662, EX: 694 (13 Jun 2013)

Goal: 650 REACHED!!
New Goal: All 3 in the 700 Club!

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