Wanting to buy a house next year, but have ALOT of work to do first!

[Anonymous]

What do you think my chances are to be able to get my scores up high enough to qualify for a mortgage in 9 months?

Per USAA, my FAKO scores are 582EX, 526EQ, 597TU. (I completely understand these are not real numbers)

Positives:
Cap One - 81%
Credit One - 26%
First Premier - 70%
Auto loan - Just got 2 months ago, 14K balance
Personal loan - $1100 balance - no lates
(2) Paid off car loans (no lates)
Several paid off personal loans (no lates)

Baddies:
Medical $165 5-09 (eq, ex, tu)
CA for AT&T $271 3-08 (eq, ex, tu)
Medical $552 3-09 (eq, ex, tu)
Auto Repo $9300 11-08 (eq, ex, tu)
HSBC chargeoff $590 4-09 (eq, ex, tu)
Target chargeoff $800 4-09 (eq, ex, tu)
Credit union (overdraft) $30 2-11 (eq, ex, tu)
Medical $32 4-08 (ex)
Medical (paid) 2-08 (eq)
Medical $200 8-05 (eq)
Old loan $900 9-08 (eq)

I know paying down the credit cards should help. No idea how much though. I am currently working on the CA account for AT&T. All of the medicals have been through the Whychat's process, I just need to pay those. But the (2) credit card charge offs and the auto repo.....I have no clue what to do on those.

I am kind of in a situation where I am going to have to move at the beginning of the year.

What do you think? Do you think they would raise enough for a mortgage? I would REALLY hope for a 100% USDA loan.

[llecs]

You may want to pull your two FICO scores first, to at least see where you stand. Your FICOs might be in the low 500s. Who knows, they might be in the low 600s.

Before the mortgage, you may need to pay off all of the bad debt; YMMV based on your lender. I'd also pay off your current loan. It won't help your FICO score to do so, but would help your DTI. For max points, get two of your CCs to report $0 and get the other to report a balance of under 9% of the CL, for max points anyway. Your CC COs are likely factored into utilization as well if they report a CL and still update on occassion.

For any non-medical CAs, send a DV. If they verify and you agree, then send a PFD.

For any medical CAs, follow through with the HIPAA process (which would involve paying the OCs) or don't follow the HIPAA process and DV the CAs and send a PFD if you agree.

For the OC COs, send a PFD. If after a few attempts, I'd just pay it and agressively send GWs.

Keep an eye on SOL. If SOL had not expired AND if you don't have the $$$ to PIF if you had to (to head off a judgment if they got sue happy), then wait it out.