What to do to get a mortgage

[Anonymous]

Hoping to build a home in the next 2 or 3 months, we have been cleaning up our credit but we are still about 30 points away what can we do.

Paid off all collections, our foreclosed home and repoed car fell off (both were on our BK) 1  cc at 5% utilization, we have bought and bayed off 2 cars they had no late payments, now we have a car loan  for 1 year no late payments and bought a new car 6 months ago no latest we have 3 paid judgments from 4/6 years ago, anyway we can get the points to go up, any help would be awesome

[llecs]

Since this is more about credit repair, I decided to move it over here to get more feedback.

I'd continue to focus on repair.

Paying off collections won't help your score. Continue sending GWs.

The new car could be hurting some due to the impact to new credit. Give it a little more time and you might see a continued gradual increase. At the 1-yr mark, you might see a small additional boost, provided nothing else is added between now and then.

The judgments hurt. Some had success in getting them off via contacting the plaintiff's attorney and requesting they petition the court to get them to remove it. I'll reserve that process for others. But paid or unpaid, the damage is equal.

Do you have anyone that can add you as an AU to another CC (given that it isn't new, is absent baddies, low util, etc.)? That would greatly benefit.

[Anonymous]

The only problem is we have nothing else to repair we, pay all our bills on time we are only 30 so credit history is very short  we were young and stupid about credit now we are older  and wiser just trying to get my kids in a home of our own.

[rckstrscott]

My personal experience would say:

You would want middle credit score of 640..

You would want all your negative items (if they still exist) to be more than a year old..

You would want your most recent account to be more than a year old..

You would want 3 or more active trade lines..

You would want any negative items to be paid or showing a 0 balance, including medical (unless i t is under 1000 dollars)this just changed for FHA financing, starting april 1st)

You would want no late payments in the last 2 years

You would want no negative balances on your bank statements three months prior to applying..

You would want stable income

You would want all judgments to be paid if any..

You woudl want to make sure any liens be paid..

ect ect..

I had to basically do all of that to get to this point, and I am close.. I prapproved and was good to go on scores, but then LVNV hit me with a junk debt collection and now im scrambling to save my mortgage... closing soon.. stupid lvnv..

best of luck!

[llecs]

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@Anonymous wrote:

The only problem is we have nothing else to repair we, pay all our bills on time we are only 30 so credit history is very short  we were young and stupid about credit now we are older  and wiser just trying to get my kids in a home of our own.

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Are those baddies still reporting? If so, you have quite a bit of repair to do. The alternative is to wait until they fall off, but that'll take years.

Doing what I suggested will net you the points you are looking for, and then some.

[FrugalRican]

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@Anonymous wrote:

Paid off all collections,

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Try to get these taken off.

What collections are they?

How many are there?

How recent?

What are your current scores?

Seems like you still have some more to do.

[Anonymous]

we only had 5 collections , 2 were doubles last reported 2007,2009  1 of our judments happened after we lost our home the people who bought it racked up a 700 sewer bill and we got sued for it tried to explain it was not our but we still got stuck with it and the other people paid it off not us , all judements will be falling off 2013/2014 collections same. scores were checked last in sep 2010 .  

experian 594,

TU 578

Equifax 560

[Anonymous]

credit was checked 2011 not 2010

[courtney091082]

I don't think you'll see a good boost until the judgement and collections start to fall off. GW's would be the best way to get them off sooner than waiting for them to fall off. They will fall off 7-7.5 yrs from your DOFD. I'm looking to purchase a home too soon so I know how you feel. I'm myself waiting for a few to fall off end of this year and beginning of 2013. Good luck with everything 

[FrugalRican]

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@Anonymous wrote:

we only had 5 collections , 2 were doubles last reported 2007,2009  1 of our judments happened after we lost our home the people who bought it racked up a 700 sewer bill and we got sued for it tried to explain it was not our but we still got stuck with it and the other people paid it off not us , all judements will be falling off 2013/2014 collections same. scores were checked last in sep 2010 .  

experian 594,

TU 578

Equifax 560

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First thing you need to do is check your scores NOW, even if it's just your TU and your EQ. You can't have a clear picture of where you stand with numbers from over 18 months ago.

Have you tried GW letters to see if those paid collections can be taken off?

Because unless you get some of those taken off, you probably won't be seeing much of an increase.