In DIRE NEED of serious suggestions....

[Anonymous]

Hi I have another question

Thanks for the replies I am in a bad spot..

The house I was renting here in ATL is up for Foreclosure auction Next Tuesday 7/5/2011 Just got served the auction notice the owner scammed me..Collected my money and ran (and I am trying to get some sort Mortgage going On a hud Home I have a Loan officer at WF Bank that can get me FHA approved with a 620 due to my CHP 13 dismissal)  I know I have a few weeks but with a pregnant wife and kids cant take this lightly.

I have a few collections accounts on my credit file I have about  2900.00 This is also my total debt.. in collections between chargeoffs and collections

On my TU and EQ CR, which is more important to negotiate and pay off (to a 0.00 balance) the collections or chargeoffs..

I am wanting to do a rapid resore in a week or two of negotiating and getting payment letters if need be...

To bump my Fico scores IF any of these actions will help me bump it ..

Would opening up another Secured CC hurt more than help in the scoring game? ( I was told I will take an initial score hit rather than a bump up is this true??)

I have a few AU added awaiting updates on those as well..

I need to be at a 620+ by months end

Presently I am at

Lender Pulled 9/2010: EQ 568 TU 555 EXP 622

Lender pulled 5/2011:  EQ 601 TU 593 EXP 598

My fico.com of 7/2011:  TU 610 EQ 601 EXP ??

Any insight online or off will be greatly appreciated... I just moved to ATL a few months ago with family what a welcome..

[Booner72]

do you have any open CC accounts now? 

[Anonymous]

visa with Public savings Banki have 1 secured

[Anonymous]

I am not sure what stage of the loan process you are currently in, but it is not wise to apply for credit while in the process of getting a mortgage. Also there is a chance the underwriter will require you to play off the collect.

Personally I would try to pay off the collection. If you have the funds I would try to work out a PFD, make sure to get it in writing.

[Anonymous]

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@Anonymous wrote:

I am not sure what stage of the loan process you are currently in, but it is not wise to apply for credit while in the process of getting a mortgage. Also there is a chance the underwriter will require you to play off the collect.

Personally I would try to pay off the collection. If you have the funds I would try to work out a PFD, make sure to get it in writing.

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We are at the point now where he is ready to get it to underwriting but needs a 620 to do it manualy so we are

in holding pattern pending a 620 mid score..

He advised against paying off the really old ones or disputing anything..as disputes will cause delays.

I will ask about opening new accounts..

One that the simulator recomended I pay sent me a settlement letter..

will the zero bal on some help increase scores? the simulator said yes..how accurate is it? (the fico simulator)

[llecs]

I wouldn't open anything new if you have some AU TLs about to report. Adding them would hurt and not help (assuming the AU TLs are in good standing with low util).

I'd also consult for 30 minutes with a landlord-tenant lawyer. It might be worth your time. In some states, CA comes to mond, they can't just kick you out without notice and time.

[Anonymous]

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@llecs wrote:

I wouldn't open anything new if you have some AU TLs about to report. Adding them would hurt and not help (assuming the AU TLs are in good standing with low util).

I'd also consult for 30 minutes with a landlord-tenant lawyer. It might be worth your time. In some states, CA comes to mond, they can't just kick you out without notice and time.

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Okay.. sound like a option...

[Booner72]

Plus remember the TU score from MYFIO might be a different version than your lender uses - so don't bank on that score.  I hope you get the points you need! 

One more thought tho, I don't know if rapid rescore will work to get something off your credit reports.  I dont think it works that way.  My understanding is you pay 30 bucks (or whatever amount your lender charges) for each tradeline to each CRA to update.  I also read on here that you can't rapid rescore AU accounts (Though I hope to disprove that theory if need be).

I could be wrong.........I also agree with the poster who said talk to a lawyer about lanlord tenant laws.  You should def. buy yourself some time if you can. 

Sending positive energy beams to you and your family.

[Anonymous]

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@Booner72 wrote:

Plus remember the TU score from MYFIO might be a different version than your lender uses - so don't bank on that score.  I hope you get the points you need!

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so i reality anyone know how accurate this fico score is plus or minus? or is it just random at best?

The one from my lender for EQ is the exact same..

[Anonymous]

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@llecs wrote:

I wouldn't open anything new if you have some AU TLs about to report. Adding them would hurt and not help (assuming the AU TLs are in good standing with low util).

I'd also consult for 30 minutes with a landlord-tenant lawyer. It might be worth your time. In some states, CA comes to mond, they can't just kick you out without notice and time.

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90 days minimum if the new owner intends to live in the property.  Otherwise, the existing lease must be honored in full. 

As Llecs suggested, definitely seek legal assistance.  Once you have no pressure to move, then you can focus on how to deal with your mortgage application.