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ASTD1978
Posts: 2
Registered: ‎06-13-2009
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I need a home really bad. Please help me with my credit.

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?

 

 

New Contributor
Myriad
Posts: 74
Registered: ‎02-04-2009
0

Re: I need a home really bad. Please help me with my credit.

[ Edited ]

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.

Message Edited by Myriad on 06-13-2009 12:14 PM
New Visitor
ASTD1978
Posts: 2
Registered: ‎06-13-2009
0

Re: I need a home really bad. Please help me with my credit.

Thanks for responding Myriad. My medical collections are fairly small. None of them are over $300. I will look into the hippaa process for medical collections. At this point I'm willing to do anything to get my scores up. Thanks for the info.
Mega Contributor
RobertEG
Posts: 18,422
Registered: ‎03-19-2007
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Re: I need a home really bad. Please help me with my credit.

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!

New Contributor
Myriad
Posts: 74
Registered: ‎02-04-2009
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Re: I need a home really bad. Please help me with my credit.

Happy to help.  My scores were in the mid 500's back in April and I'm now in the upper 600's because of the advice I've found on this site and the HIPAA process, so you should have no problem bringing your scores up too.  Try google searching "Why Chat's HIPAA letter process" to find the steps and example letters.  Make sure you follow the steps EXACTLY or you will start running into delays, and make those your first priority as they tend to take a little bit of time to complete.  Also, follow RobertEG's advice and make sure to get those delete agreements from your other accounts in writing.
Senior Contributor
BungalowMo
Posts: 4,243
Registered: ‎05-01-2008
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Re: I need a home really bad. Please help me with my credit.

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...



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Member
katrinalbsn
Posts: 9
Registered: ‎02-14-2009
0

Qualifying for a home loan.

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

Senior Contributor
BungalowMo
Posts: 4,243
Registered: ‎05-01-2008
0

Re: Qualifying for a home loan.


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! :smileyvery-happy:  Show us the good & the bad & we'll see what we can help you with!



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Regular Contributor
Izaana
Posts: 131
Registered: ‎07-09-2009
0

Re: Qualifying for a home loan.

[ Edited ]
I know exactly how you feel, I am in the same boat with EQ 549 and TU 551. I have 4 nedicals amounting to about 800$  I also have one in collections with Legal Recovery Law Offices from a Capitol One  credit card. A late payment last December on Sallie Mae that they wont retract and a 3K bill in collections with Western Controls from Corner Stone University. I thouhg when I stopped going that last bill  with cornerstone would go in with the Sallie Mae loans. I found out a couple months ago that I owed Western Controls for a cornerstone bill....I was confused. We calle dcornerstone and they said once I stopped going (I had to stop I got a good job and its on 2nd shift, the program was a nights only program) that I immediately owed the money back to the school...oooops So now I sit with a $3,000 bill in collections. Funny thing is (sad actually) I took the cash out from the school to pay off the HSBC cards and the Capitol One card, but HSBC worked real nice like with me....Capitol Ass One refused to work with me ...they said I WASN"T DELINQUENT ENOUGH YET........jerks.
Message Edited by Izaana on 07-17-2009 06:34 PM
Valued Contributor
AndySoCal
Posts: 1,949
Registered: ‎04-07-2009
0

Re: I need a home really bad. Please help me with my credit.

[ Edited ]
On the collection and charge off accounts start working from the newest account(s) to the oldest accounts. The more recent the account (date opened) the greater the impact on your FICO score.
Message Edited by AndySoCal on 07-17-2009 07:00 PM
Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

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