Next Steps at a Road Block

turts14 · ‎03-26-2012

well ai have increased my scores approximetly 60 points in the past 9 months by getting form PFD's and Rehabbing my student loans. I have hit a bit of a road block on my last few bad accounts. Anyone have anythoughts as I need about 50 more points to get my FHA loan? Here is where I currently am at.

602

588

577

Negaitves

Porfolio Recovery collecitons will not PFD

HSBC Charge off = the collection above and sent GWL to HSBC to remove no luck

First Premier Bank charge off, collection agency not reporting it, sent GWL no luck

Payliance = 56 check collection will not PFD

Payliance = 60 check collection will not PFD

Wells Fargo Education = old student loan was transfered to GLHEC (5) negative accounts today they said they may remove, just sent them the letter that I rehadbeed theses loans though GLHEC (think this will give me the bump alone???

Positives

GLHEC/Suntrust student loan reporting three payment history all on time

Capital one secured card showing 10 payments made on time.

Any suggestions on what I can do to get the increase in 60 -90 days?? Dont want to pay off the collections for fear the updated reporting will hurt me more?

Thank you all!!!

RobertEG · ‎03-26-2012

Unless your score is above the level at which they wont look at derogs, loan approval will most likely require payment of all unpaid delinquent debt.

And the period since payment may even be an issue.

How soon before your mortgage app process? Have you had an informal chat with their loan officer, and received some guidance as to what they will require?

General advice on what would be desirable is not as good as hearing from the lendor what they will actually require......

turts14 · ‎03-26-2012

I have the funds now to move forward with a purchase I just need to get my mid score to 640 for FHA approval.

Anonymous · ‎03-26-2012

@turts14 wrote:
I have the funds now to move forward with a purchase I just need to get my mid score to 640 for FHA approval.

Do you have any open credit cards? What is your utilization if you do?

Also, your charged-off card may be hurting your utilization. Is it reporting both a balance and a limit still? If so, paying that off could help your utilization, and in turn your score.

turts14 · ‎03-26-2012

I have one credit card with a ten month payment history limit of 500 and keep a balance of $20 on it. The two charged off cards are not showing a balance and I attempted to pay them off and recall them for the collection agencies but they could not since it was sold to the collection agencies already