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Hello All,
I'm new to the forum and excited to join! I really need some help big time. I need to buy a home by the end of this year. My credit is considered fair (Just a little better than poor, but not good). My EXP is a little over 630 and Trans/Equi Fico just under 670. I have no credit card lines at all. I have a collection, which is in dispute and a couple of charge offs. All I have is my mortgage, which I paid on time month to month for 7 years now and my recent car loan which I only had for a few months, but paid on time as well (YAY). My goaI is to get all 3 scores to 700+ ASAP. Any advice to do this quickly? Time is an issue for me.
If I were to apply for a credit card, I think I may get accepted, but I doubt I would be given a decent limit to help boost my score. So, here's what I was thinking about doing: Apply for a Bank of America Secure Credit Card and put down $10k cash for the $10k limit, but only charge around $100 bucks a month and PIF each month. I'm hoping to see some really big gains in 6 months. Do anyone have a better idea or has anyone done this? I am open to all advice and criticism (as long as it is constructive).
Please help me!
How old are your bad marks? What's your drop off dates?
Did you have those bad marks when you got your 1st mtg? Were they there when you got the car loan?
Do you still have the car loan??
Just trying to get a bigger picture of your situation.
As far as FICO's go...you're sitting in a nicer place than I & I'm trying to re-fi.
First thing I would do is pull your free annual reports, if you haven't already. See link below.
You sent dispute letters asking that they be dropped to who?
Who did you dispute the collection with? What is the DOFD on that? Is it medical? Is it paid? Is it beyond SOL or can you PIF?
Are the COs paid? Who is reporting them? What is the DOFD?
I thought I read that BoA stopped offering the secured card, maybe not.
I would first see what you could do to make your report cleaner.
@ralbusta wrote:
As far as opening a card goes higher limit doesn't mean higher score.
I "slightly" disagree here. If you had a new card with, for instance, an $8k limit & you only put $200. on it, it would show you are using the card responsibly. Good thing. But it would also add another $7800. to your available, but unused credit, therefore lowering your overall % of util.
This likely would raise your score. How much?? I don't know.
You would probably be better off using the 10k to cover downpayment.and costs for your home loan.
I cannot argue the point made above! Loan officers like to see you can SAVE$$!!
I would try for a cap 1 card, some people don't like them but I've had good experiences.
BungalowMo wrote:
@ralbusta wrote:
As far as opening a card goes higher limit doesn't mean higher score.I "slightly" disagree here. If you had a new card with, for instance, an $8k limit & you only put $200. on it, it would show you are using the card responsibly. Good thing. But it would also add another $7800. to your available, but unused credit, therefore lowering your overall % of util.This likely would raise your score. How much?? I don't know.
What you have said is true, but only because of the lower utilization %. The higher CL doesn't really affect score, the lower % does. So, you could accomplish the same thing by lowering balances.
For example, someone who has no CC would get the same boost to score in both of the following scenarios.
1- CC with CL of $500, balance of $5
2- CC with CL of $5000, balance of $50
Utilization is 1% for both scenarios.
@Anonymous wrote:First thing I would do is pull your free annual reports, if you haven't already. See link below. Already done this.
You sent dispute letters asking that they be dropped to who? Dispute letters were sent to the CA
Who did you dispute the collection with? My understanding is that per the FTC, delinquent charges past 7 years are to be dropped. So I made reference to this within my dispute letter to the CA. What is the DOFD on that? What is DOFD Is it medical? NO Is it paid? One of the two was Settled. The other was not paid but listed with status of Closed Canceled by grantor. Is it beyond SOL or can you PIF? What is SOL
Are the COs paid? Who is reporting them? What is the DOFD?
I thought I read that BoA stopped offering the secured card, maybe not.
I would first see what you could do to make your report cleaner.
Per FCRA, negative accounts remain 7 - 7 1/2 years from DOFD.
DOFD = Date the account went delinquent prior to charge off/collection/other similar activity
The one listed as "closed/canceled by grantor" who is reporting that?
SOL is statutes of limitations-- the period prescribed by your state for the creditor to recover damages aka sue you.