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So update, now I have TWO new cards, obviously have to wait for them to report. I hoped a Merrick Bank Secured card for $200 yesterday and this morning was approved for a $300 fingerhut revolving account. I was so happy!
My first secured I had on my card reported for the second month today Still waiting on a collection to be removed (that I have the letter for) and the two capital one's that I paid off to be removed.
@Anonymous wrote:I just applied for a secured card with Merrick Bank and was approved, says they report to all three credit bureaus, and sent in my $200.. Now I will have to wait for that one to update. So thank goodness will add that to it. I tried the Credit One and apparently I had a charge off at some point with them, atleast that's what it told me. I've never had an account with them lol.
Any other advice please let me know!
How many points do you think it will raise once the HP Sears account is gone, and those capital one's show 0 on my credit, right now one shows $900 the other shows $250 but I settled those in full, they are reporting monthly.
OK, here's the problem as I see it. Fully 1/3 of your score is based on balance management of your revolving accounts - your UTI%. Unpaid charged off revolving accounts are included in your UTI calculation under FICO scoring. You CANNOT get your UTI% to any reasonably *good* scoring percentage as long as these charge off remain unpaid. This is the main reason revolving charge offs are so much more damaging to your score than other derogs. They kill both you history and your UTI% portion s of your scores - thats 2/3 of the FICO score.
Once you settle ALL of the unpaid charge offs, and get them reporting a zero balance, then your low UTI% will kick in and you should see a decent rise in your scores. Whether that combined with a couple of new accounts will get you above 620 is anyones geuss but it will get you moving in the right direction.
Thought I would give an update on my mortgage fico scores, I am now at
591, 576, 575
So, I need 44 points to get to a 620. I am tempted to get a cheaper house because then I would qualify at a 580 score for FHA. BUT, I have two more months before I move, so I am going to be patient. I have paid off THREE of the charge off's (the lowes, and two capital ones) so I am waiting on those to update on my report. I could probably pay it all off for $5,000 but then I wouldn't have any money left...
my normal fico scores are 606 / 601 / 572
@Anonymous wrote:Thought I would give an update on my mortgage fico scores, I am now at
591, 576, 575
So, I need 44 points to get to a 620. I am tempted to get a cheaper house because then I would qualify at a 580 score for FHA. BUT, I have two more months before I move, so I am going to be patient. I have paid off THREE of the charge off's (the lowes, and two capital ones) so I am waiting on those to update on my report. I could probably pay it all off for $5,000 but then I wouldn't have any money left...
my normal fico scores are 606 / 601 / 572
not to judge here but ur salary is 140,000 and u wouldnt have any money left if u pay off 5k?
@gdale6 wrote:
@Anonymous wrote:
@Anonymous wrote:If he said you can get a mortgage with those reporting and not paid I would run. Why not pay your debts first?
** What are your current scores?
My current scores are:
576 / 535 / 562 These are my MORTGAGE fico scores..
He said charge offs do not have to be paid off. He just needs my score at 620 for the conventional.
Salary is $140,000
You are getting some bogus info there, all COs and CAs will have to be settled prior to closing, the lender who will fund your loan will demand it, If you want to be able to purrhcase a home within a reasonable period of time you need to make deals now to settle all of this, preferrably with PFDs. For any account who refuses your PFD and you settle with and if its not updating monthly now will cause a Fico score drop when they report the account paid off.
So much this. Credit building is not a race, it is a journey. Sadly, we get folks wanting (not needing, you have a place to live) a mortgage, can you help raise my scores ASAP? Those charge offs when paid, will lower your score, because they update as new. Been there with a dispute, done that. For conventional loan, you will want much more than 629, the interest rate will kill.
it will take 6 months to a year for some serious recovery. You need positive trade lines reporting, and a secured installment loan. Did you mention how old the charge off were?
Don't feel offended at the slow pace. The more knowledge you have, the better you can set your expectations. Two years of positive payment history on three revolvers and one installment loan will work wonders, as well as removing the charge offs. The reason they need to be paid? Mortgage lenders want to see how you handle payments over long period of time. And you let the accounts go bad. I understand, I was there in 1/2008. Choice between living, and paying debts I could no longer afford. I made the choice, but there is a trade off, and you have met it.