Hello Credit Junkies!
I am proud to say my credit score is up 115 points in just over a year! YEAH!!!! However, it was EXTREMELY low! My median FICO score is now a 617. As you all know, I need it to be a 640 in order to get approved for a mortgage loan. Well, in the past few months I have paid off ALL collections! WOOOHOOO!!! Now the only things on my report are my car with a balance of $24,000 and a Sallie Mae Student loan with a balace of $3500. I have been paying on this account for 5 years and have never missed a payment! Thank goodness! I do have a secured capital one card with a credit limit of $1250 and my credit report is reflecting a balance of $468. I have already paid this off, but it won't reflect until the 22nd of this month. My question is this, if I pay off the sallie mae, (the orginal balance was $4704) will this raise my credit score? I really really need to raise my score to a 640 by December. Do you think that there is any hope???
Starting Score: 517
Of course there's hope. What are the baddies still left on your report? We need to triple the efforts on those and see if we can clean your CR up a bit. Paying down that util will help and paying off you loan will help your DTI for the loan.
Starting Score: 504
Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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Well all the baddies are charge offs. (7 to be exact and they are ALL paid) I have tried everything. They were validated, and I have sent GW letters to no avail. 
my debt to credit ratio is great! Income isn't the problem. It's for sure the payment history. I went through credit repair, then I wised up and did the leg work myself. I had A LOT removed! Then I paid off about 12k in collections. There just isn't anything left to pay off for a "quick fix!" I of course don't have an extra $24k laying around to pay off my car loan, but I could manage to pay off the Sallie Mae.
Wow,, on the laptop, have no idea what went on there, I'll get that fixed!!!
Starting Score: 504Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Scott, my lender has told me that FHA will consider a lower score, but you can't have any late payments for 24 months. I really messed up earlier this year and was 33 days late to Ally for my car note. I was in the midst of a divorce, and just really messed that one up. I have tried EVERYTHING to get that late payment removed, as a matter of fact, I received another rejection letter from them today!
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