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Tips? yep. Find a good Realtor in the area that is knowledgeable in financing. We keep a list of 'special' lenders. A list of excellent lenders and a list of awful lenders. And if the special and excellent lenders don't work for your situation, we get on the phone and find one that does. I do this all the time for my customers. This way when you go for a loan you know it can be done - before you make application.
@Anonymous wrote:
Now, I sit at a 596 middle with 2 open secured cards, and 5 baddies that will start to fall off in Nov 2015, and then Jan 2016, then the rest in late 2016 and mid 2017.
I try for a mortgage, need a 620, I try for a VA need a 620, then I see a 580 required VA Loan, I try for that, they are clueless, and as useful as a wart on a boars a$$, why in the hell do they even advertise something that dosnt exsist.
I want to buy a home now !!!!
On a side note OP... waiting isn't all that bad.
All my derogs are falling off in the coming months... Sure, I could buy a place now... with my my 650-670ish scores... or I can wait till everything falls off and I can buy with my 750ish scores.
Best of luck to ya...
@StartingOver10 wrote:Tips? yep. Find a good Realtor in the area that is knowledgeable in financing. We keep a list of 'special' lenders. A list of excellent lenders and a list of awful lenders. And if the special and excellent lenders don't work for your situation, we get on the phone and find one that does. I do this all the time for my customers. This way when you go for a loan you know it can be done - before you make application.
You wouldn't happen to be in the Portland area would you? LOL Or know a good realtor here?
I know how you feel OP
I had one really bad year, and sometimes I just want to call up the three cards I messed up with and explain everything, because surely they'd understand that no one who had been in my situation could have properly handled all of it. I want to point out to them that I was never irresponsible with credit before, and I haven't been since, that it was just that one isolated time in my life and can't you understand that?!?
I get it, our credit reports often don't reflect what we are doing right, and only focus on the few things we did wrong.
It's a frustrating process but with time those right actions do eventually outweigh the bad. I don't see why negatives should *have* to stay on a report, there a lot of reasons a person might end up with one or two bad accounts and it's not nessecarilly because they are irresponsible and careless etc., but I think we all understand why they often do stay on for so long, because business is busniness and lenders have to draw the line somewhere. It's not fair, it's just life.
@Anonymous wrote:
@StartingOver10 wrote:Tips? yep. Find a good Realtor in the area that is knowledgeable in financing. We keep a list of 'special' lenders. A list of excellent lenders and a list of awful lenders. And if the special and excellent lenders don't work for your situation, we get on the phone and find one that does. I do this all the time for my customers. This way when you go for a loan you know it can be done - before you make application.
You wouldn't happen to be in the Portland area would you? LOL Or know a good realtor here?
lol...I sent you a pm with a couple of good ones.
@Anonymous wrote:I know how you feel OP
I had one really bad year, and sometimes I just want to call up the three cards I messed up with and explain everything, because surely they'd understand that no one who had been in my situation could have properly handled all of it. I want to point out to them that I was never irresponsible with credit before, and I haven't been since, that it was just that one isolated time in my life and can't you understand that?!?
I get it, our credit reports often don't reflect what we are doing right, and only focus on the few things we did wrong.
It's a frustrating process but with time those right actions do eventually outweigh the bad. I don't see why negatives should *have* to stay on a report, there a lot of reasons a person might end up with one or two bad accounts and it's not nessecarilly because they are irresponsible and careless etc., but I think we all understand why they often do stay on for so long, because business is busniness and lenders have to draw the line somewhere. It's not fair, it's just life.
This is a good point. But you should know that mortgage lenders don't need to see many years of rebuilding. They just want to see 12 months of ontime payments and an letter of explanation for the problem year. They are much more forgiving than either cc's or auto loans IME.
For what ever it's worth, I received some really great advice over in this thread in the mortgage forum. All I'm waiting for is to find a nice place with a reasonable price and also for my scores to rise a little. I'm holding out for a better interest rate. Maybe in time for Christmas though..
@StartingOver10 wrote:
@Anonymous wrote:I know how you feel OP
I had one really bad year, and sometimes I just want to call up the three cards I messed up with and explain everything, because surely they'd understand that no one who had been in my situation could have properly handled all of it. I want to point out to them that I was never irresponsible with credit before, and I haven't been since, that it was just that one isolated time in my life and can't you understand that?!?
I get it, our credit reports often don't reflect what we are doing right, and only focus on the few things we did wrong.
It's a frustrating process but with time those right actions do eventually outweigh the bad. I don't see why negatives should *have* to stay on a report, there a lot of reasons a person might end up with one or two bad accounts and it's not nessecarilly because they are irresponsible and careless etc., but I think we all understand why they often do stay on for so long, because business is busniness and lenders have to draw the line somewhere. It's not fair, it's just life.
This is a good point. But you should know that mortgage lenders don't need to see many years of rebuilding. They just want to see 12 months of ontime payments and an letter of explanation for the problem year. They are much more forgiving than either cc's or auto loans IME.
(only quoting your comment because it contains both comments)
I don't mean to sound like a wet blanket because lord knows I've had my share of negatives in the past, and still have a few lates that will be haunting me until Spring, but when I stop and think about it, credit reports really are more lenient with negatives than we think about. As I mentioned before, even though the FCPB allows for judgements to continue reporting until they expire, yet all 3 of the CRAs remove them after 7 years like any other negative.
Also, good tradelines continue to report for 10 years. That's 3 years longer than negatives do. (and by that I mean, we get an extra 3 years of good tradelines reporting after the negatives have fallen off)
Thank you 2b, very helpful thread.
Vet, have you tried contacting the CRA's to see if those derogs that are coming off in 6 or so months can qualify for an early exclusion? Might help your score some, just a thought )