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Super long 1st post , unsure what I need to do next ...

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Anonymous
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Super long 1st post , unsure what I need to do next ...

Hello all,

 

Warning super long 1st post .......

 

I started on my credit building journey exactly a month from today. My ultimate journey is to improve on my credit and purchase my first home within a year.  Most of all my debt was acquired in my 20's from me not caring or understanding how your credit is important in your adult years. Most of the issues with my credit are deferred student loans (still attending ), collection accounts, charge-offs, repo and etc. I do have one installment loan that I've had for over 2 years that is showing great payment history with a balance left of $330. For the last month, I've been putting in major work to fix my credit and so far my score has increased dramatically. I was finally approved for a Secured Discover card and it's already on the way.

 

Now fast forward to the last few weeks. Since hurricane Harvey decided to come and rain everybody parade I have basically been living in hotels. Big as Houston is the rental market is very slim to none and it's hard to find any apartments or rental properties. So a few people suggested I take advantage of the Harvey down payment grant program and look into buying a home. The Harvey grant is offering 100% financing and down payment assistance for proven displaced families with an FHA loan. Which I have proof and all the necessary documents saying I was displaced. My original plan was to secure a rental for another year and keep saving to get a home next year. This week I'm been going back and fourth on the idea and thought to just use the little money I already have saved plus the assistance money I have received.

 

Now fast forward to yesterday, I have a friend that works as a loan processor for a mortgage company. And yesterday she talked me into letting her run my credit for a pre-approval with her company using both down payment assistance programs ( Harvey and Regular State ). Once she does the hard inquiry she pulled completely different scores than what shows on my credit reports. How is that even possible?  She then comes back to me with a pre-approval for $169k with no money out of pocket. But she also stated I needed to email her all my documents to send for a manual approval. Now my nerves are shot and it feels like all my hard work so far has gone to waste. She keeps assuring me that it will get approved with conditions. But after her inquiry, I immediately felt bad about having my credit ran and my little score decreasing 2 points.

 

Until I get my Discover card,  what are some other steps that I can make to repair my credit? I do plan to continue to dig deep on my credit and continue getting it higher.   Sorry, I don't mean to rabble I'm just really frustrated dealing with all of this.

 

8/19/17 TU: 599 EQ: 601 EX: 583

 

9/21/17 TU: 618 EQ: 613 EX: 594

 

 

 

 

Message 1 of 2
1 REPLY 1
Anonymous
Not applicable

Re: Super long 1st post , unsure what I need to do next ...


@Anonymous wrote:

Hello all,

 

Warning super long 1st post .......

 

I started on my credit building journey exactly a month from today. My ultimate journey is to improve on my credit and purchase my first home within a year.  Most of all my debt was acquired in my 20's from me not caring or understanding how your credit is important in your adult years. Most of the issues with my credit are deferred student loans (still attending ), collection accounts, charge-offs, repo and etc. I do have one installment loan that I've had for over 2 years that is showing great payment history with a balance left of $330. For the last month, I've been putting in major work to fix my credit and so far my score has increased dramatically. I was finally approved for a Secured Discover card and it's already on the way.

 

Now fast forward to the last few weeks. Since hurricane Harvey decided to come and rain everybody parade I have basically been living in hotels. Big as Houston is the rental market is very slim to none and it's hard to find any apartments or rental properties. So a few people suggested I take advantage of the Harvey down payment grant program and look into buying a home. The Harvey grant is offering 100% financing and down payment assistance for proven displaced families with an FHA loan. Which I have proof and all the necessary documents saying I was displaced. My original plan was to secure a rental for another year and keep saving to get a home next year. This week I'm been going back and fourth on the idea and thought to just use the little money I already have saved plus the assistance money I have received.

 

Now fast forward to yesterday, I have a friend that works as a loan processor for a mortgage company. And yesterday she talked me into letting her run my credit for a pre-approval with her company using both down payment assistance programs ( Harvey and Regular State ). Once she does the hard inquiry she pulled completely different scores than what shows on my credit reports. How is that even possible?  She then comes back to me with a pre-approval for $169k with no money out of pocket. But she also stated I needed to email her all my documents to send for a manual approval. Now my nerves are shot and it feels like all my hard work so far has gone to waste. She keeps assuring me that it will get approved with conditions. But after her inquiry, I immediately felt bad about having my credit ran and my little score decreasing 2 points.

 

Until I get my Discover card,  what are some other steps that I can make to repair my credit? I do plan to continue to dig deep on my credit and continue getting it higher.   Sorry, I don't mean to rabble I'm just really frustrated dealing with all of this.

 

8/19/17 TU: 599 EQ: 601 EX: 583

 

9/21/17 TU: 618 EQ: 613 EX: 594

 

 


Welcome to the forums! I'm sorry to hear about your situation from Harvey. There's a good article about mortgages and scores here http://www.myfico.com/loancenter/mortgage/step1/getthescores.aspx. They probably didn't pull your FICO 08's. There are several different scores for different LOB's. With your scores however, your rates are going to be very high.

 

How long are your collections going to be on your reports? Can any of them be disputed either with the CRA's or by asking the lenders to remove them? The Disco secured is on the right track, that's how I started. Smiley Happy

Message 2 of 2
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