Assistance with score for home loan

[Anonymous]

Hello,

I am currently working with a lender who has pulled my info and given me some advice to get where I want to be (I want to be 720 so I can go 30yr conventional at 5% down).  FHA is not an option for me due to my husband owning a home even though it is all only in his name.   Here is where I am at:

TransUnion: 686 (638 2 months ago so I have already made a lot of progress)

Equifax: 668

Experian: 657

Here are my accounts on my reports (all others are reported as closed paid in full, etc - unfortunately a few 30 day lates with old BofA card)

Sheffield FN: 4200/5500

Chase(1): 2300/2500 (AU only, I do not use this card)

Chase(2): 1900/2100

CITI: 1100/3780 (AU only, I do not use this card)

GEMB/Walmart: 0/400 (AU only, I do not use this card)

First, I realize I just need to pay down Sheffield and Chase(2) - within 45 days I can do that.  My question is is there any specific way I should do that (ie one first then the other, or does it matter?)

Second, my loan office said to have the two cards removed that have balances where I am only an Authorized User (leave the GEMB as there is no balance).  I was added to those two cards in 08 and 09 but do not use them, so I called and had myself removed right away (and asked for a letter sent to me stating they did so as well as updating CR).  I hope that was the right advice.

Third,  I had a CapOne card (limit of 1050) that was original opened in 5/01.  This account was paid in good standing and I stupidly closed it in 1/10.  In 9 yrs there was one late (30 days) and I don't even know why as I was very good about this.  My question is, should I see if I can re-open that card? Is that possible?  Would it hurt or help? And could they do anything about that late?

Fourth, BofA sent me a letter 3 months ago indicating their records were not updated correctly and as a result items that were not late were reported as late.  As a result they stated they would be updating with the credit bureaus.  I have checked my report at myFICO each month and no lates have been removed, in fact I went from 2 lates (of 30 days) to 4 lates.  Additionally although the account was closed in 11/08 it now shows account closed by consumer 07/10.  I have no idea what they did and what I can do with this.

Any advice on the best way I should go about this is much appreciate.  I have read through numerous posts on this board and have learned a ton of info for my future.

Thank you.

[Anonymous]

Removing yourself from the au accounts was sound advice... i'm assuming the were your DH's this way u do not have to depend on him to pay them down.  Keep in mind you still may have to wait for the reporting period and thus may have to do a rapid rescore if your lender isn't already doing that with the hopes you close.  DId you request the AU removal with the ccc's sounds like it.  You can always dispute it as not yours with the Credit bureaus.

You can give Cap one a shot call them and request that they reinstate the account it has not been closed that long they will definately have record of it.  Amex has been known to give back all history just request they report is as the same account original opening date etc so it doesn't appear new.

If the AU thing does not work soon enuf you can always ask the DH to pay down the cards or give him a loan.

[guiness56]

Hi and welcome to the forums.

Sheffield FN: 4200/5500  Pay this down as soon as possible.

Chase(1): 2300/2500 (AU only, I do not use this card)  Have it removed.  A maxed out card is not helping you at all.

Chase(2): 1900/2100 Pay down as soon as possible.

CITI: 1100/3780 (AU only, I do not use this card)  Same as above

GEMB/Walmart: 0/400 (AU only, I do not use this card)  This one is OK

First, I realize I just need to pay down Sheffield and Chase(2) - within 45 days I can do that.  My question is is there any specific way I should do that (ie one first then the other, or does it matter?)  You didn't mention the interest so I will say pay down the Chase first since it has a lower balance.  Utilization is 30% of your score.  Getting the AU accounts removed will probably help right off the bat.  Then as you pay down the other 2 you will see a rise in your score.

Second, my loan office said to have the two cards removed that have balances where I am only an Authorized User (leave the GEMB as there is no balance).  I was added to those two cards in 08 and 09 but do not use them, so I called and had myself removed right away (and asked for a letter sent to me stating they did so as well as updating CR).  I hope that was the right advice.

Third,  I had a CapOne card (limit of 1050) that was original opened in 5/01.  This account was paid in good standing and I stupidly closed it in 1/10.  In 9 yrs there was one late (30 days) and I don't even know why as I was very good about this.  My question is, should I see if I can re-open that card? Is that possible?  Would it hurt or help? And could they do anything about that late?  You can always ask if they will reopen the card with the same date.  This would help tremendously.  Also ask about the late, if they would consider removing it.

Fourth, BofA sent me a letter 3 months ago indicating their records were not updated correctly and as a result items that were not late were reported as late.  As a result they stated they would be updating with the credit bureaus.  I have checked my report at myFICO each month and no lates have been removed, in fact I went from 2 lates (of 30 days) to 4 lates.  Additionally although the account was closed in 11/08 it now shows account closed by consumer 07/10.  I have no idea what they did and what I can do with this.  I would call BoA and talk to them.  Let them know what is happening to your CR.

Any advice on the best way I should go about this is much appreciate.  I have read through numerous posts on this board and have learned a ton of info for my future.

Thank you.

Again, since utilization plays such a big role in your score, getting those CC taken care of will be an immediate help.

[Anonymous]

Thank you for your responses.

So far today I have done the following:

1) Removed myself from the AU accounts (with the CC companies - asked to have removed from reports and send me a letter in the mail to show my lender)

2) Payed off Chase(2) completely

3) Called CapitolOne - absolutely no luck - they said no CC companies do this, you must always re-apply for a new card (I find this hard to believe)

4) Called BofA - wow talk about unhelpful, I talked to three different people (including a supervisor) and they could really care less about their mistake and are totally not willing to help.  Is there another route I can go with this one, getting those lates off would help me a lot - especially when 2 of them are not legit (I take full accountability for the original 2).

Thanks again.