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I currently have a 567 score and I'm trying to raise it to 620 by Dec. 1 in order to get a home and qualify for the 8k tax credit. Here are the credit issues:
Student Loans- deferred b/c I'm still a student
CC- that was closed due to non usuage paid on time $0 balance
2 charge offs- Wachovia ($318) and Fashion Bug ($342)
1 car loan- owe $1600
medical collections
I have contacted Wachovia and they have agreed to a PFD and I'm also planning on doing the same for Fashion Bug. I have one more credit card that I recently got b/c I thought it would increase my score and b/c the other card was closed out. I quess I'm wondering if its possible to raise my score 53 point by Dec. 1?
Raising your scores before Dec 1 shouldn't be an issue. A PFD on both accounts will help a lot, but the medical collections are most likely doing a lot of damage too. Are the collections small ones you could afford to pay in full or are they larger ones that you would need to make payments on? I strongly recomend looking into the HIPAA process for the med collections and you can easily get that burden off your report and bring your scores up past where you want them faster than you might think.
Keep in mind it takes time to get a mortgage completed and to be eligable for the tax credit you need to close on the house before Dec 1. I'd recommend you set a goal of getting the whole mortgage process started no later than early September so you don't find yourself trying to get a deal finalized in the 11th hour.
Just MAKE SURE that you and the OC or CA are on the same page when you make an offer to pay.
PFD offer is only a contingent offer to pay. If they accept it, make sure that it has clear and explicit language that the creditor agress to delete the account, and not just update it to paid, and get that in writing before you pay!
Wachovia is really great to deal with! I had lates that also had been on my brother's report because he was my co-signer for that car loan. They deleated that acct, which at the time, raised my score by about 12, I believe. I also have a cc with them. I've had it since Oct 06 & just a couple weeks ago I'd requested a cli...anf they gave it to me.
I can't wait to see my score when they post in a couple days. I'd paid about 600 on that card during this last billing cycle & my limit went from 7k to 8400. I need those FICO#'s too and that is one customer friendly bank...
Hi everyone, I was wondering if anyone knew if I would qualify for a home loan with my credit scores. They are:
Equifax 585
Transunion 628
I am tired of renting, and really want to purchase a home. My income is 75000/year. If you have any info please let me know. Thanks
@katrinalbsn wrote:Hi everyone, I was wondering if anyone knew if I would qualify for a home loan with my credit scores. They are:
Equifax 585
Transunion 628
I am tired of renting, and really want to purchase a home. My income is 75000/year. If you have any info please let me know. Thanks
Hi Katrina....you might want to start a separate post. It will get more attention.
Also....spill the dirt! Show us the good & the bad & we'll see what we can help you with!