I am just getting my feet wet in "credit repair", but the basics: I have ten years of credit history reporting, Experian: 669, Equifax: 679, and TransUnion: 652. My FICO (myFico.com) is 582. There's a huge disparity between these numbers, but I realize now that the FICO counts. I attempted to get a home loan in December 2010 and was surprised when I was declined for the loan but after researching FICO I found my number. I have the following being reported:
Chase Auto (30 days x 1)-November 2010 (very recent)--sent a GW letter. auto lease with 13,000 remaining.
Community Nat. Bank (installment, 30 days x 1)-August 2010--sent a GW letter, since paid off in full and closed.
HSBC furniture card (30 days x 3)-December 2008--sent GW letter, no missed pmnts since dec 2008
I have 11 hard inquiries being reported (car shopping then home shopping mostly)
I've been enrolled in a credit counseling service since 2008-divorce slayed my finances.
My credit to debt ratio is listed as 54%.
I have 12,000 in revolving debt and 14000 in revolving (student loans that are paid by military and my car lease).
All of my revolving debt is closed except for about 1000 (wish I had kept some open).
To get to the point, I still want to buy a house in July when my apartment lease is up! I'm not sure how much my score can go up between now and then but I'm hoping that my FICO will soon follow with my other scores. I wrote my goodwill letters and sent yesterday, and myFICO advises me to pay off revolving debt and stop having inquiries. I know that the recent late payments are hurting me (I honestly just thought I had paid them--started using autopay now!) and the inquiries bring score down. My questions: If HSBC, CNB, and Chase somehow decide to drop the lates, approximately how much do you think this will help score? I'm getting a VA loan so I've got to get 620/640 the way I understand it.
How long will the inquiries in December (mortgage lenders x 2) continue to affect score? As in, if I turn around and re-apply in say, May or June, will I see another big drop in FICO?
I will have all my open revolving accounts paid to $0 by May (it's only another $2000), but my closed accounts will take some more time. My plan is to pay as much off as I can and see how the score reacts, I just may have to sign another 6 month apartment lease if I can't get approved by June. 
Is it worth it to ask for higher spending limits on the few credit accounts I have left open? Temptation to use them isn't a problem, but more inquiries could be...
My mortgage officer said that I should put my tax return in savings rather than use it towards revolving debt...? Does savings/checking balances affect FICO?
I apologize for the novel, I just wanted to project a clear image of my position. I'm not desperate enough to seek a cosigner, but I AM really trying to purchase a home this summer for myself and my daughter so I'm very motivated. I have learned many many money lessons in the last month!! Thank you all for the forum and in advance for any responses to these questions.
Welcome to the forums,
Inquiries report for 2yrs, but only hurt your FICO score for 1 yr.
Most mortgage lenders use FICO scores, so IMO I wouldn't waste my money on non-FICO scores.
I see you are wanting to get a house on a VA loan,good for you.
But first, let me thank you for your service.Are you active? What branch do you serve in?
OK back to about mortgages,Pay your bills on time,the minimum is for 12mos so you will have to wait until Nov2011, unless
you can get the 2 lates from Chase Auto & Community Natl Bank removed.If you have to wait until Nov and that is not too far away,I would suggest to sock away money for your down payment/closing cost and for an emergency fund.
Over on the Mortgage board,in the sticky section.There's a wonderful thread written by ShanetheMortgageMan, it covers most of question one has about qualifying for a mortgage. Here's the link..
You asked" Does savings/checking balances affect FICO?" No, they do not effect your FICO score.
I would suggest to read "whats in a FICO score","Whats Not in a FICO score, and how to improve a FICO score.
This info can be found, by clicking on the blue Education tab,located at the top of the page.Happy Reading