Relocating and need to rebuild 30 points within 60 days - Doable??

[WontHeDoIt]

Hello . . .New here. Needing to rebuild since I'm being transferred to new work location and need to buy a house. SOON!

Scores are 571 581 608. I need at least a 620 middle to purchase new home in new location.

Tried a GW letter with OCWEN (I have only ONE 30 day late in my history with them) was denied. Got the "We must accurately report  . . blah blah". Tried ombudsman office - no luck. Any advice here? 

Also have one 30 day with Propser - haven't tried the Goodwill letter with them. Anyone have any luck with 30 day late removals from them?

Last question isd the biggie - My spouse badly managed a car loan with our local CU. Ended up being repoed, which I promptly paid off completely and recovered. Any suggestions on how to go about getting the CU to remove some of the 30 day lates and 60 day ( 5 30 day and 2 60 day lates)?

This seems like a smart group - hoping someone smarter than I will chime in.

[RobertEG]

Did the credit union also report the fact that they did the repo?

The 30 and 60 lates are not major derogs, but a repo is.  I thus suspect they also reported the repo, and that is having the greatest negative scoring effect.

I would call the CU and, using a few crocodile tears that you cannot put into a letter, make a personal plea that, since you paid the loan, that good-will removal of the repo would more accurately reflect your immediate discharge of the debt.

If you have no other remaining major derogs, that might kick you into a new scoring bucket and provide the needed points.

[WontHeDoIt]

Robert - Thanks for your response. I've got my crocodile tears on deck. I am still going to start with a GW letter with my story. I truly was not watching that half of our household bills and its now biting me since I was a joint borrower.

Anyone have any advice for me with Ocwen? They are a PAIN. Ive gotten 3 NO response so far, but I refuse to give up. I need that one 30 day late removed.

I'd like some advice on credit utilization? Anything I can do immediately that might help my scores by 10 points or so? I need that 620 badly, within 90 days or less.

I know I sound like I want instant gratification, but my credit used to be very good. But then we had internal family issues involving a child with disabilities and costs associated with this. Its been a long hard road. I appreciate the help here.

[Anonymous]

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@WontHeDoIt wrote:

Robert - Thanks for your response. I've got my crocodile tears on deck. I am still going to start with a GW letter with my story. I truly was not watching that half of our household bills and its now biting me since I was a joint borrower.

Anyone have any advice for me with Ocwen? They are a PAIN. Ive gotten 3 NO response so far, but I refuse to give up. I need that one 30 day late removed.

I'd like some advice on credit utilization? Anything I can do immediately that might help my scores by 10 points or so? I need that 620 badly, within 90 days or less.

I know I sound like I want instant gratification, but my credit used to be very good. But then we had internal family issues involving a child with disabilities and costs associated with this. Its been a long hard road. I appreciate the help here.

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Having the 1 30 day late removed is going to do nothing to increase your scores with other delinquent and/or derogatory accounts present on your credit files.

Not to sound harsh and no disrespect, but you are looking for instant gratification. It's not going to happen.

[WontHeDoIt]

Donny - I thnk I covered the instant gratification tone in my original post. I'm used to good credit but have now found myself in a struggle. There is more to my purpose here than instant gratification. I would think removal of the ONLY 30 day late on my mortgage would help. I am working on the other derogatories as well. 

Thanks for your reply.

[Anonymous]

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@WontHeDoIt wrote:

Donny - I thnk I covered the instant gratification tone in my original post. I'm used to good credit but have now found myself in a struggle. There is more to my purpose here than instant gratification. I would think removal of the ONLY 30 day late on my mortgage would help. I am working on the other derogatories as well. 

Thanks for your reply.

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It won't help your score having one 30 day late removed with other baddies present. 

I understand struggles. I have been there...

[Anonymous]

@WontHeDoIt.

UTI makes up 30% of your FICO score while payment history makes up 35%.  You didn't say how old all of the 30 and 60 day lates are.  What other accounts do you have to work with?  While you cannot change past payment history, you can control that going forward and also you can control UTI by having one account report a balance of less than 10% and the others reporting at zero. 

[Anonymous]

What other accounts do you have? Will paying down a credit card balance help? Have you tried running the simulator to see what will give you the biggest jump? Even though those are running the FICO 8, it may give you an idea of what will also bring up mortgage scores.

[Anonymous]

The fastest path to 30+ points is through utilization, both total and on individual accounts. Can you get all of your revolving accounts under 9% and hold them there while the last statement cuts prior to applying? If you can get most of them to zero and have one or two under 9%, that should help. I have no idea what you're working with currently, but my wife jumped nearly 100 points in less than two months by taking her total and individual line utilizations down to single digits. She had 3 of 8 accounts over 60% including 1 at 90%. Now, her biggest is a store card at 8%.

They say the "magic number" is keeping under 30% but there's actually a pretty big score bump by getting everything under 9%. As others have stated, killing off one or two negatives won't do much for your score. It's the first negative that gives the big hit.. Unless you can magically remove all negatives, removing some simply doesn't do much.

[Anonymous]

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@Anonymous wrote:

The fastest path to 30+ points is through utilization, both total and on individual accounts. Can you get all of your revolving accounts under 9% and hold them there while the last statement cuts prior to applying? If you can get most of them to zero and have one or two under 9%, that should help. I have no idea what you're working with currently, but my wife jumped nearly 100 points in less than two months by taking her total and individual line utilizations down to single digits. She had 3 of 8 accounts over 60% including 1 at 90%. Now, her biggest is a store card at 8%.

They say the "magic number" is keeping under 30% but there's actually a pretty big score bump by getting everything under 9%. As others have stated, killing off one or two negatives won't do much for your score. It's the first negative that gives the big hit.. Unless you can magically remove all negatives, removing some simply doesn't do much.

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Your wife's scores increases nearly 100 points due to paying down debt thus reducing utilization.

Does she have completely clean files?