@RebuildingSingleMom5 wrote:
Im looking to rebuild my credit so i can get a first time home buyer loan to buy a house i dont have any credit card debt just a lot of collections which alot is medical and a few old bills i have one student loan under 4 thousand that is in good standing and an old car loan that i volintaraly gave back because i got screwed on my deal when i was 18 and that sits at 5600 i recently wrote a letter to everything reporting on my credit to validate it and am waiting for the response on those. I have no credit cards i cant get on not even a secured card. my bank wells fargo did offer me a secured card which i am thinking about taking to help build my credit but i just want some advice before i mess up my chances i may not even have at getting a home loan. does anyone have any advice for me at all? i am signed in with credit karma and my score on there is 499 what should i do?
Your states SOL is going to govern how you approach all of these. You dont want to rock the boat with these collectors inside your states SOL unless you are prepared to PIF. Once the SOL is established: For the medical collections Google search HIPAA Process. You can post back here for specific help on individual CAs and if WF is offering you a secured card TAKE IT, you need to establish revolving credit cards to qualify for a home mortgage. 3 bankcards are good to start with and help to maximize your FICO. I would also got SDFCU for their secured card, it is my understanding there is no HP, this would give you 2 of the 3 right away.
Credit Karma score is not a FICO and is not used in the real world its considered a FAKO. CK however can help you monitor your credit on TU.
@RebuildingSingleMom5 wrote:
Thank you for responding I haven't sent the letters to the medical debt collectors yet should I not do that? Also I don't know what SOL means? But I get pay in full most of them are small enough I can pay in full I will get the Wells Fargo secured card Monday and check into the other one is that South Dakota federal credit union? Thank you again
If you have not yet sent the DV for the medical(s) read up on the HIPAA Process and you can then make an informed decision, it cant be discussed on this board but you can contact its author when you look it up. SOL is Statute of Limitations every states SOL is different and its your guideline on how to approach old debts. No its the State Dept FCU.