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First of all, welcome to the forum!
Good job on the credit card, you're pretty much did everything correct. Regarding your auto loan, I wouldn't double the loan amount each month. The reason is banks would like to see a longer loan that is paid on time. Others, please correct me if I'm wrong. For your student loans, you could call/email them and ask for a goodwill update on those late payments as good standing. Some loan company would do that. Just tell them you appreciate their help during college and since you're in good standing for this amount of months, if they could help you out.
Collection wise, congrats on getting a deletion of one. You could keep trying once a month on the others and hope they would remove it. Doesn't hurt to keep trying. Send them a letter. I was in your shoes but most of my accounts were 6-7 years old, so it was easier for me to get them deleted. I didn't go through a credit repair company and mostly just read on this forum on steps people used.
@Anonymous wrote:
Looking for any tips or suggestions on making this dream of home ownership become a reality! Quick overview of my credit profile:
Current scores: all from myfico
Eq/599
Tu/616
Ex/612
I am just now researching and learning somewhat of how credit works. I've always been a cash consumer up until last year. 7 months ago I applied for and was approved for a CC with a $300 limit. I use my card wisely and make multiple monthly payments and make sure my balance is close to $0 by the 24th of each month when reported. After 6 months my limit was increased to $2300 and i still keep balance under $100 when reported and make a payment every Friday to pay off balance while keeping it close to $0 on each reporting cycle.
I applied for and was approved of my first auto loan last month. I have all of the money needed for payments in my savings account and I have it set up to autopay double my monthly payment so it will be paid in 12 months rather than 24.
I applied for and am awaiting an almost certain approval of another cc.
I have a few late payments with Great Lakes (student loans) which are now current and monthly payment is being satisfied each month. My last late payment was 7 months ago.
I also have a 3 accounts that are paid collections. My most recent collection is from 2015 and creditor agreed to delete after payment (was told they will report to all 3 bureaus on 03/15/16). The other 2 debtors refuse to delete collections that are 3 years old and paid in full.
Anyone who may be able to offer some guidance on what direction I need to go will be greatly appreciated. I put myself in a bad position and am trying to repair the damage I have done from years ago. I hired A credit repair company to assist me as I don't know how to go about removing paid collections other than asking for a goodwill or to just bide my time. I am going to give them a 90 day trial run to get the ball rolling and see what happens. If anyone knows some positive steps I can take to increase my score please help. I just joined myfico last week so bear with me. I'm a noobie
A few points I'd like to make:
1. Being able to get a mortgage doesn't mean you can afford a home. Banks are glad to give mortgages to people who can't really afford them.
2. Being a homeowner is not all roses; it means being responsible to fix everything that breaks down, insure everything, pay taxes on everything, etc.
3. You can send verification letters to the bureaus, or hire a firm like Lexington Law, to try and get negative things removed.
@SouthJamaica wrote:
@Anonymous wrote:
Looking for any tips or suggestions on making this dream of home ownership become a reality! Quick overview of my credit profile:
Current scores: all from myfico
Eq/599
Tu/616
Ex/612
I am just now researching and learning somewhat of how credit works. I've always been a cash consumer up until last year. 7 months ago I applied for and was approved for a CC with a $300 limit. I use my card wisely and make multiple monthly payments and make sure my balance is close to $0 by the 24th of each month when reported. After 6 months my limit was increased to $2300 and i still keep balance under $100 when reported and make a payment every Friday to pay off balance while keeping it close to $0 on each reporting cycle.
I applied for and was approved of my first auto loan last month. I have all of the money needed for payments in my savings account and I have it set up to autopay double my monthly payment so it will be paid in 12 months rather than 24.
I applied for and am awaiting an almost certain approval of another cc.
I have a few late payments with Great Lakes (student loans) which are now current and monthly payment is being satisfied each month. My last late payment was 7 months ago.
I also have a 3 accounts that are paid collections. My most recent collection is from 2015 and creditor agreed to delete after payment (was told they will report to all 3 bureaus on 03/15/16). The other 2 debtors refuse to delete collections that are 3 years old and paid in full.
Anyone who may be able to offer some guidance on what direction I need to go will be greatly appreciated. I put myself in a bad position and am trying to repair the damage I have done from years ago. I hired A credit repair company to assist me as I don't know how to go about removing paid collections other than asking for a goodwill or to just bide my time. I am going to give them a 90 day trial run to get the ball rolling and see what happens. If anyone knows some positive steps I can take to increase my score please help. I just joined myfico last week so bear with me. I'm a noobieA few points I'd like to make:
1. Being able to get a mortgage doesn't mean you can afford a home. Banks are glad to give mortgages to people who can't really afford them.
2. Being a homeowner is not all roses; it means being responsible to fix everything that breaks down, insure everything, pay taxes on everything, etc.
3. You can send verification letters to the bureaus, or hire a firm like Lexington Law, to try and get negative things removed.
+1 On this
I Was in process of getting my credit up to par for possibly my first home and i got cold feet when i realised the amount of responsibility that falls soley on you as a homeowner [especially being single]
1. You need to maximize your score: 3 revolving bankcards, 1 store card and an installment loan
2. If collections are paid, you should be good.
3. Wait six months after opening the cards on item 1 and you should be good for a home loan
This time last year (and I am four years post BNK), all my scores were mid-500's. I'm currently one month from owning my own home and thank GDALE for his advice on improving my credit.
This site really works. Just read every article on rebuilding and you're good to go!
Remember, mortgage lenders don't use FICO 8 scores. They use FICO mortgage scores. When you are getting close to applying, pull your 3 B reports so you know what your FICO mortgage scores are before you apply. Look at this thread by Revelate: http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...
The FICO scores used for mortgages
Equifax Beacon® 5.0
Experian®/Fair Isaac Risk Model V2SM
TransUnion FICO® Risk Score, Classic 04
These are sometimes listed on the tri-merge mortgage report as follows:
Note: they have been commonly referred to on the myFICO forums and elsewhere as: