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Need help getting ready for a mortgage

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karaguy
New Member

Need help getting ready for a mortgage

Hi all,

 

I need some help getting ready for a mortgage. I would appreciate any assistance with moving forward with repairing my credit and making adjustments to my credit report. I plan on purchasing in December of 2014.

 

Negative Items:

 

Civil claim judgement 

Status: Civil claim judgement. $650

 

Asset Acceptance (01/2012)

Status: Paid, Closed. $689 original amount.

 

Bank of America (In regards to Asset Acceptance) (08/2008)

Status: Closed. $985 written off. 

 

Capital One (01/2008)

Status: Paid, Closed. $769 written off.

 

Enhanced Recovery Corporation (11/2013)

Status: Paid in Full. $257.

 

Fredericksburg CR BUR (03/2010)

Status: Collection Account. $173

 

Accounts in Good Standing

 

BBY/CBNA (08/2013)

Status: Paid, Closed / Never late.

 

Capital One (08/2013)

Status: Open / Never late.

 

Capital One (08/2013)

Status: Paid, Closed/Never late.

 

Navy Federal (10/2013)

Status: Open/Never late.

 

Nissan Finance (12/2011)

Status: Open/Never late.

 

PNC (03/2012)

Status: Open/Never late.

 

Westlake Financial (02/2011)

Status: Paid, Close/Never late.

 

I currently carry a balance on my NFCU credit card, and it's my main focus right now to pay that off to $0. In regards to the civil claim judgement, this was paid back in 2009. The other party never reported it. I have the proof, should I submit a motion to have this marked satisfied or is should I just provide this information to the bank if necessary?

 

For Fredericksburg CB, they've said that if I PIF and then send in a letter, they'll remove - think I'm going to go for this.

 

Is there any other suggestions for ways to improve this? Just send GW to the chargeoffs / ERC and hope for the best?

 

Thank you!

Message 1 of 7
6 REPLIES 6
CreditHealthy
Established Contributor

Re: Need help getting ready for a mortgage

Good morning Karaguy, you may want to ask the guys on the mortgage forum about what you need to do to qualify for a home loan. Good luck!

What's in my sock drawer? NFCU LOC 15,000] NFCU Cash Rewards 20,000][ Golden 1Platinum Rewards Card 6,600 Discover It 5,000,] {NFCU goRewards 17,500} Barclaycard 1250.00,]Cap one 750.00 ], Watering my garden for the next five years:-)
EQUIFAX 727 EXPERIAN 732 TRANSUNION 743 FICO} STARTING SCORE....554 July 2013
Message 2 of 7
karaguy
New Member

Re: Need help getting ready for a mortgage

Yeah, it's a definitely a mixture thread, didn't know where it belonged. I'll go ahead and create a thread there as well.

 

Thank you!

Message 3 of 7
los_west
Regular Contributor

Re: Need help getting ready for a mortgage

I am not the most well versed in the mortgage area, but by everything I've read, it is important to have several current accounts in good standing.  Also, keeping the utilization low will help your debt-to-income ratio, as well as help your credit score.  So if you have those things in order, I recommend you start working on those good will letters, and start saving for that down payment.

 

If you have any "dispute" comments on your report, start getting them removed now.  It may drop your score at first, but for a mortgage, they will demand that anyway.  So might as well be pro-active.

 

As for the civil judgement, I've never had any experience with this.  I can only assume that getting this off would greatly help your credit score and profile.

 

Good luck!

Starting Score: (04/18/2013) EX 572, TU 577, EQ 554
Currently: (12/2014) EX ?, TU ?, EQ 766 (new version)
Lender Pull (12/03/14): EX 759, TU 750, EQ 766
Message 4 of 7
guykara
Frequent Contributor

Re: Need help getting ready for a mortgage

Sorry, different user name here, same person though.

 

How do I get dispute comments removed? I have quite a few, would love to start this now.



Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
5/05/2014 EX: 628 | EQ: 627 | TU: 623
5/25/2014: EX: 628 | EQ: 635 | TU: 623
Current Scores: EX: 670 | EQ: 663 | TU: 681
Goal Scores: 680 across the board


Take the myFICO Fitness Challenge
Message 5 of 7
Shogun
Moderator Emeritus

Re: Need help getting ready for a mortgage

You can contact the creditors and ask them to remove.  Disputes are only supposed to lst 30 days, I have no reason why the CRAs allow these to stay on so long.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 7
guykara
Frequent Contributor

Re: Need help getting ready for a mortgage

Ok cool, I'll give them a call tomorrow. Anything else I should be aware of for optimal approval? I'm currently sitting at 8k/12k on my credit card. My main goal for the next few months is to totally pay this off. Hopefully that'll bump my credit up from the 620's that it's sitting at. I'll also go ahead and fire off some GW letters ASAP.

 

Thanks!



Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
5/05/2014 EX: 628 | EQ: 627 | TU: 623
5/25/2014: EX: 628 | EQ: 635 | TU: 623
Current Scores: EX: 670 | EQ: 663 | TU: 681
Goal Scores: 680 across the board


Take the myFICO Fitness Challenge
Message 7 of 7
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