Questions?????

[Anonymous]

Hi All,

First question is my student loans was transferred to Fed Loan should I get the old ones removed from my report?

Second question is that by the end of the year I would like to be signing papers for a new home. Should I get a new credit card now?I have two with Cap One (both 500) and a JcP retail card (1,000).

Third question is a I have a car loan that was closed as well and should I get that taken off as well?

Thanks in Advance

Ashley B.

[newstart2010]

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@Anonymous wrote:

Hi All,

First question is my student loans was transferred to Fed Loan should I get the old ones removed from my report?  You cant remove closed accounts and if they are good you want them to stay.  If there are any missed payments or derogatory items you should send goodwill letters to the previous company and see if you can get themto remove them.

Second question is that by the end of the year I would like to be signing papers for a new home. Should I get a new credit card now?I have two with Cap One (both 500) and a JcP retail card (1,000).  Try increasing the limit on those cards instead of getting new ones.  Start paying them off if they hold any balances.  Dont open much more credit so you can have a strong AAoA.

Third question is a I have a car loan that was closed as well and should I get that taken off as well?  Same as the first question.  You don't want something removed that is closed if it is in good standing.  If there are any bad payments you want to goodwill themtosee if you can get them removed. If the whole account is bad then you want to see if youcan payfor deletion if any money is owed.  If its paid off just goodwill them to see if youcanget it taken off.

Thanks in Advance

Ashley B.

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what is your current fico score and the utilizationpercentage on the cards you have now?  How muchof the student loans canyouget paid off before you apply for the home?

[Anonymous]

Eq is 656, Trans is 661 and Ex is 652 as of today. When the lender pulled last month he came back with 611. The total balance is 1650 but I'm paying them off like in the snowball method. I recently sent in a request to pay the loans back based on my salary, so to be honest I'm not sure. 

[newstart2010]

ok. Most lenders do not use the fico scores you will find here.  But you can focus on that later.  Right now what you need to do is look at your report and check it for any derogatory items.  Plus get the credit cards paid off, put the store charge and one of the credit cards away and only use one, and use it sparingly.  You want that toread around $5 or $10 when it comes time to apply for the mortgage.

Once your cards are paid off take the extra money you have each month and split it over two things.  One goes into a savings account for the purchase and the other goes to the student loans.  the mortgage scores can now be seen with the new myfico pulls.  I would garden and pay down for a year, then pull your scores tosee where you are at.  If you are above 640, great, if you are not you will want to be to get a no headach approval for most loans.

[Anonymous]

Thank you so much for the advice. 

So with the negative marks on my report they are collectinos and i've sent out e-mails to top head indiivudals in those companies to see if I can do a PFD but should I just go ahead and pay them and then do a GW letter instead?

Also, I have 100 going towards my savings every two weeks and im doing a savings plan thing and i'm putting the taxes in the savings as well so I guess I'm one step ahead for the savings part, Yay me!!!

So with that being said can I take the extra money and put it towards just my student loans?