11-28-2012 09:17 PM
That is what I just posted above -- I put in my limits and the utilization rates.
Are they not showing on the post you are viewing? I did a copy/paste from Excel in the Rich Text tab.
I also noted the tax lien that was settled and that I had a few late pays a little over a year ago.
11-28-2012 09:55 PM
Is the company your dealing with a broker or lender?
its not that you don't qualify for the FHA your not qualifying for them the lender! FHA min score is 580 for the 3.5% down.. Considering they seem to have some fault in delays they should really try to help you out More then they are.
11-28-2012 09:55 PM
If you can bring under 30 % 13 pts I see you have np, but if you want to see your score faster, then pick a card that close to cut off date pay it off.
11-28-2012 09:58 PM
My dad used 67% then he bring down to 50% score increased 34 pts
11-28-2012 10:07 PM
Your lucky to have gotten though the short sale process that quickly.. My buddy's house took 6 months from start till close this week! That was with BOA.. That is after receiving and accepting a offer. Almost another 5 months just to ok a short sale.
This day and age almost quicker to buy a foreclosure then a short sale especially if it involves FHA or one of them
11-28-2012 10:12 PM - edited 11-28-2012 10:14 PM
Using SW or checking your own reports and/or using a CMS won't ding your CRs or score.
I don't know what Take Charge America is. Is that a collection agency? Was the Chase baddies COs? You are using the word "closed" when I think you mean to say that the Chase account was in Charge Off status or in Collection or some other kinda of Adverse negative recovery status.
So, if that is the case, if the Chase account was already negative (part of one of your older baddies) they maybe updated the account?? So maybe it was CO and they assigned the account to Take Charge America?
Maybe some more detail on the status of the Chase account will help. Anyways, my whole point is that a creditor doesn't normally allow a negative account to remain "open." Normally the account will be "Closed" with a balance remaining. And that balance still adds into your util and DTI. So if Chase merely changed the account status to "closed" I can't see how that would affect your scores.
Could the 13 point decrease be a result of something else? Like HPs?
And to answer your first question, no I wouldn't try to open another account to get 13 points. It may have the reverse effect. You do got 3k on hand. So maybe use the 3k to take care of the problem child Chase account and pay it off your reduce your DTI. Or of course bring your util down on your active cards. As far as the older baddies, GW letters. (GW letters, if they work, probably won't happen before you close, but something to think about if you haven't tried already.)
ETA: And I wouldn't do any sort of debt repair service either
11-28-2012 10:18 PM
Ok - Finally have interwebs back and can type for real..
Comedy of Errors began with the sellers getting the short sale approval (only a $10k "loss") on 10/19 provided we settle by 11/30. Sellers who no longer live in the house and live out of state and have a realtor who is less than responsive, did not tell us that the approval was given until 8pm on Halloween. We immediately ordered inspections and the like and put in for an appraisal. Because of the new Dodd/Frank rules, our mortgage guy could not call an apprasier and ask them to hustle out there..after 10 days of waiting and no apprasier picking up the job, the fee had to be bumped to 50% above normal to get someone to take the job. Appraisal was finally completed last Tuesday, yet as of this typing, we still have not been given the results.
Adding to the Comedy, we had asked our mortage guy to lock in our numbers and let us know if we needed to do anything last minute, like pay down a CC a bit, to make sure we stayed above 640.....his father became ill and had emergency surgery and complications and he never handed off the job to anyone else in his office. We assumed all was well (our mistake) and arranged for renters that we had lined up to move into our house. They were living month to month deal in a virtual slum (we know the renters) and were glad to get out. Their landlord was happy because she had been discounting their rent and immediately found renters at a higher rate. Everyone told us we were set until the11th hour when suddenly we were not because unbeknowst to us, Chase decided to report as closed some very old accounts that we were regularly paying down. This dropped my score severely and made us ineligible for the FHA loan - and we are now essentially moving our stuff into a storage unit and living with a relative. Hence, the Comedy of Errors title.
My stats are:
Card Limit Owed Utilization 30% Mark Amount Payout Needed BofA $ 5,000.00 $ 2,577.31 52% 0.3 $ 1,500.00 $ 1,077.31 CapOne $ 2,000.00 $ 1,081.00 54% 0.3 $ 600.00 $ 481.00 HSBC $ 3,100.00 $ 1,360.27 44% 0.3 $ 930.00 $ 430.27 CitiDiv $ 4,680.00 $ 2,387.73 51% 0.3 $ 1,404.00 $ 983.73 CitiDiam $ 3,490.00 $ 1,060.21 30% 0.3 $ 1,047.00 $ 13.21 $ 18,270.00 $ 8,466.52 46% $ 2,985.52
I also have a VW Credit loan that was $16K after putting $10k down and is now about $6k left...never late. I do have a few older BADDIES including a tax lien that I recently paid off and was lifted (income dropped over 50% and couldn't sell my old home - put me in a giant hole when I put $30k into the house to try and sell it and it couldn't overcome the market).
I can easily pay down $3k to get my average utiliztion to be just under 30% --- will that help get me a 13 point bump or should I look at another route? My mortgage guy said he has used a "credit repair guy" (which I'm leary of in general) for many of his clients in the past and had great success. I think it's nothing I can't do on my own -- the company he is recommending is Trinity Enterprises LLC in Florida. My Realtor is a family friend and has always done good by us and uses this mortgage guy exclusively so I don't think this is a scam....but again, I think I can save myself the $500 or so fee and just fix it myself.
Last question - if I sign up for the MyFico ScoreWatch - will that ding my credit further when it pulls my numbers?
Thanks again everyone.
hello, if you pay off let's say citi for example the 3000 your score will increase more than the 13 points but, the problem is it will not post in time.I would call citi or whichever creditor u choose once u pay the 3000 and ask them to update your credit profile immediately. if you sign up for myfico scorewatch it will not ding your credit and lastly save yourself that 500 this is actually something u can do.
11-28-2012 11:54 PM
You could pay it down and ask for a rapid rescore. Have you talked to you lender about that?
11-29-2012 03:30 AM
Take Charge America is a credit counseling agency, which is why they closed his cards.
He must have made a deal to pay a little bit less in order for some wiggle room and once it was paid off, Chase decided they didn't want to keep him around.
Are you using Take Charge America for all of your other cards?
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11-29-2012 04:41 AM
I'll try to cover most of the questions in one post.
Yes, Take Charge is a credit counseling group. We've actually been enrolled with them since late 2010 on all of the cards. Most were not late, however Chase, clearly our favorite, bought out one of our old CC's and promptly lowered our avail credit to within $1 of the balance the first month, then the 2nd month sent a notice saying that "after review of our accounts" that we were using too much of our line and they raised the APR from 6.99 to 31.99%....virtually every other card immediately followed suit. At that point we were buried with the massive min payment increases and combined with the loss of income, we had some lates and no luck trying to negotiate to have the accounts frozen but back at the lower APR's. Nobody would work with us on that so a friend recommended Take Charge as they had worked with them previously. Within 2 weeks, virtually every CC agreed to a repayment plan. We've gone from $45K+ down to, at last count, about $18k total left to pay off.
We were using a mortgage broker that also originates their own loans as well.