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hey guys I am new to posting but not new to the site. I have been lurking for 2 years. When I started this process my scores were in the 480's. Now once my last credit card payments post in a couple of days all my scores should be above 640. I am wanting to purchase a home and was considering doing a PFD on two of the 4 collections I have reporting. 1 is entergy and the other is a finance company reporting over 120 day late. However CK shows the last report date for each of these is back in 2010. My question is will a PFD help me is it even worth my time?
What does your complete profile look like? and where did you get the score?
My current Utilization is 33%. Once all of my accounts update at the end of the month that number should be under 10% with only the Visa reporting a balance. I have Visa with $750 CL Amazon with $600 CL VS with $350 CL Overstock with $250 CL and Fingerhut (Revolving) with $250 CL. The scores are from myfico as of today reporting as follows. Visa $47 Amazon $598 (just paid it off will update friday) VS $57( also paid off updates on 17th) Fingerhut $31 (also paid off updates end of month) I also have two auto loans. FMC 1.9% (put a big DP) around 13k left and an auto loan with the CU for $11k. (Selling this truck to family to lower DTI) Income is $31k yearly. (I am a poor banker) I have total collections. Hunter Warfield $1593 A medical for $700 Entergy $152 Security Finance $ 260. Transunion reports two additonal medical collections $377 and $450. Thanks for any help
Start with the small ones. Send PFDs and see if you can get them taken care of quickly and easily. It will give you a nice bump and keep you going. Then send PFDs with settlement amounts for the big ones. Its ok to settle if they are going to remove the trade line completely.
Get that utilization down to 1% before you apply. only on 1 card. the rest at zero. Don't close any. Don't open any. And you only need the 1 installment loan for your credit so dropping the one car payment will be good.
That should set you up for a good point for the home loan.
Thanks for then input everyone