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I posted this in the mortgage forum, but they thought it would be helpful to post here and get advice, see below:
Current Salary $118,000 before yearly bonus (this past year was 31K)
Been with my company almost two years, but in the same line of work for 17 years.
Can put down 3.5%, potentially up to 10% but wouldn't like to go that high if not needed:
So here are my current charge offs, if anyone has any recommendations on what would help to increase my score the best, PLEASE provide input!
Carmel Financial original contract amount $1800, they have a balance now on my report for $5614. It states charge off, but they are updating it monthly, so it says I have been 90+ days late every single month for the past 5-6 years. This one is out of SOL, but not quiet out of credit reporting yet, I think it falls off at the end of this year.
Barclay card, shows balance of $2841, charged off, shows 12 times 90 days late as of February 2015, DOFD 7/2014, I was trying to recover the card but they only gave me 3 months of $30 payments but then increased to over $400)
Capital One, shows balance of $344, charged off, shows 18 times 90+ late as of March 2015, DOFD 8/2013
Capital One, shows balance of $931, charged off, shows 18 times 90+ late as of March 2015, DOFD 8/2013
Credit First, shows balance of $1787, charged off, shows, DOFD 08/2013
Syncb / Lowes, shows balance of $891, charged off, shows13 times 90+ as of Jan 2015 DOFD 9/2013
Syncb / Amazon PLCC, shows balance of 0, DOFD 9/2013
Synb / Walmart, shows balance of 0, DOFD 9/2013 (shows no payment history)
Sync / Paypal, shows balance of 0, DOFD 10/2013
Pen Air Federal Credit Union, shows balance of $517, charged off DOFD, 1/2014 (shows 12 times 90+ late as of Feb 2015)
Pen Air Federal Credit Union, shows balance of $2249, charged off DOFD 12/2013 (shows 12 times 90+ late as of Jan 2015)
(Still pending two medical collections to be removed, I have the letter from them for removal, it just hasn't been removed so hopefully score will go up more once they are gone)
Then Collection from Midland Funding for the walmart account, $980, date assigned Sep, 2014
Anyways, I can be in a position to pay for a paid in full etc, whatever will help my score increase, or should I just wait and see what mortgage guy tells me to do? He saw all these accounts back in December along with a million others (that I had removed) and gave me a pre approval... I'm just scared to death when I go to do the official application at the begining of next month I'll get a big fat NO.
Current MORTGAGE scores:
Experian (as of 3/13) 552
Equifax (as of 3/16) 530 - Just went up from 511
Transunion (as of 3/13) 562
I really need to get that middle score to atleast 580 as soon as possible!!!!!!
Here is my GOOD other info:
Pen Air Federal Credit Union Auto Loan: Original Amount $25,324, current balance $17,748, date opened 11/2011, never been late
Capital Bank: secured $200 card, date opened 2/2015, never late, keeping it under 3% utilization
Consolidated Student Loans: $140,000, never been late, in deferrment (don't ask, I'm a doctorate student, that's where the money went)
When I do a score simulator it tells me to pay down $7,392 of my debt (I am assuming it's talking about the charge offs) then my score will raise by 100 points.
I just don't want to pay something and it lowers my score, do not need that.
Here's the deal - no matter what the balance is on your current Capital Bank card, your UTI% is SCREWED by all of the previous CO credit card accounts - and UTI% is a LARGE part of your score.
My advice would be to pay off all of the charged off revolving accounts as soon as possible. Settle them for less if you can, but you got to get them reporting a zero balance before you can effectively manage your UTI%.
@Anonymous wrote:Here's the deal - no matter what the balance is on your current Capital Bank card, your UTI% is SCREWED by all of the previous CO credit card accounts - and UTI% is a LARGE part of your score.
My advice would be to pay off all of the charged off revolving accounts as soon as possible. Settle them for less if you can, but you got to get them reporting a zero balance before you can effectively manage your UTI%.
Ok, so what is a good plan of action when calling them. I've already tried to get capital one to do a full pay for delete and they refused....
What amount should I negotiate in order to pay them?
Well, I would start by saying "I'd like to settle this, but I don't think I can pay it in full, what would you be willing to accept to wipe the slate clean". Let them toss out the first number and go from there. You may find them very unwilling to settle, so its just a matter of how badly and how quickly you need to get these down to $0.
At this point since you are pressed for time, I would not even worry about PFD's...
I had a total of 11 charge offs with major lenders. The original creditors almost always never delete the tradeline, at least they didnt with me. I had charge offs with chase, citi, capitalone, and discover. I can tell you that I did manage to settle some of the charge offs for 30 percent of the total charge off amounts (somehow they would rather take the loss rather than delete the tradeline if I paid in full, just kind of baffling but I guess they're loaded so they dont care). They were all charged off in 2012/early 2013 so YMMV
@Anonymous wrote:I had a total of 11 charge offs with major lenders. The original creditors almost always never delete the tradeline, at least they didnt with me. I had charge offs with chase, citi, capitalone, and discover. I can tell you that I did manage to settle some of the charge offs for 30 percent of the total charge off amounts (somehow they would rather take the loss rather than delete the tradeline if I paid in full, just kind of baffling but I guess they're loaded so they dont care). They were all charged off in 2012/early 2013 so YMMV
So you paid the Original Creditor?? I don't have any Collection companies other than the one for Walmart which is Midland, the rest I haven't been contacted by anyone.
I paid the collection agency that was collecting on behalf of chase, citi, discover, and capitalone. So the lenders had outsourced collecting the debt to the collection agencies who didnt own the debt but they were servicing it for the orgical creditor. When I paid them I would make the checks out to Citi, but chase for instance was client services.
So throughout all of it the OC owned the debt and I paid them through an intermediary which was the collection agency that was contracted to recoop the losses.