I’ve sat and read so many informative and motivational threads here on myfico and the more I read the more motivated I become formulate my own solid plan and get my credit back in order.
Life changes, bad decisions and irresponsibility have gotten me in a financial hole. With a baby on the way and my desires to build or purchase my home next year I strongly feel I need to kick into gear and formulate a plan I can fully dedicate myself to.
I’m more than 100% sure my utilization is what’s destroying my scores right now. I’ve read numerous times to pay off the small accounts leaving them at zero and working down the bigger ones yield the best results in fico scores. I’ve listed my current financial situation below, any advice on how to tackle this for success in being approved for a home loan 12 months from now?
My current financial situation:
Annual Income: 74K
Scores:
EQ-581, TU-618, EX- 591
Installment Debts:
Auto Loan – 54K @ 7%
Conns Electronics – 2,500
Revolving Credit:
USAA Platinum: 7K limit - 6K balance
NFCU Flagship: 15K limit - 14,200 Balance
NFCU nRewards 15K limit - 14,800 Balance
NFCU Line of Credit 500 limit – 300 Balance
Kay Jeweler - 800 Limit – 700ish balance
Baddies:
3 Paid Collections - Due to fall off next year, written good will letters but continue to get denied.
1 Verizon Collections – 1,400 Verizon continues to update this collection every month. I’ve disputed continuously and have had no lick with removal. I have no knowledge to this balance. I closed a Verizon account back in 2012 and haven’t had Verizon since.
1 Reliant Energy Collection – 400 bucks, this account is from an old reliant energy account from 2012. The account was just placed on my report in Sept. 2014.
