cancel
Showing results for 
Search instead for 
Did you mean: 

Where I stand...

tag
Anonymous
Not applicable

Where I stand...

After working all year, I successfully raised my score on my own from the low 400s to the mid 500s. I've seem to hit a stalemate and cant seem to get that last 80 points I need to qualify for a first time home buyers mortgage program with downpayment assistance. Help! I'd like to get out of the rent game and start paying towards something I'll own and not paying someone elses mortgage!

 

Here's where I stand...

 

4 Secured Credit Cards
•US Bank ($300)
•First Progress ($1000)
•First Progress ($300)
•Wells Fargo ($300)

 

4 Unsecured Credit Cards
•Verve ($500)
•Fingerhut ($250)
•Credit One ($300)
•Firestone-Bridgestone ($900)

 

Utilization is high at the moment (average of 80%) due to my father's recent heart attack. I charged them up to help with his bills while he was in the hospital (With the exception of Fingerhut and Firestone cards). That has passed and I am working to pay them down ASAP to the recommended 30%. I expect to complete this by February 2016.

 

Now for the baddies. I have 9 collections on my credit report that are 5-7 years old but keep re-reporting as fresh debts annoyingly. Some I could do the traditional "wait for them to fall off", but we know there is no gaurantee there.

 

1.  AMCA - Collection/Chargeoff -  $75.00 - Reported Oct. 14th, 2015 (MEDICAL DEBT)
2.  PORTFOLIO RC - Collection/Chargeoff - $254.00 - Reported Oct. 8th, 2015 (APARTMENT DEBT)
3.  AD ASTRA REC - Collection/Chargeoff - $1,225.00  - Reported Oct. 1st, 2015 (PAYDAY LOAN)
4.  TSI/940 - Collection/Chargeoff - $540.00  - Reported July. 19th, 2015 (MEDICAL DEBT)
5.  FSTPROGRESS - Credit Card - Late 30 Days - Reported Mar. 23th, 2015 (LATE PAYMENT)
6.  RS CLARK ASC -  Collection/Chargeoff - $223.00 - Reported June. 30th, 2014 (APARTMENT DEBT)

7. CREDIT SYS - Collection/Chargeoff - $492 - Reported Feb 12, 2014 (MEDICAL DEBT)

8. DYNAMIC RS - Collection/Chargeoff - $171 - Reported Jun 18, 2015 (MEDICAL DEBT)

9. IQ DATA - Collection/Chargeoff - $1051 - Reported Mar 05, 2015 (APARTMENT DEBT)

 

Here was my financial plan thus far...

 

1. Pay off First Progress $300 secured card and close it out. I've graduated to Unsecured cards and feel I no longer need these Secured cards.
2. Use the refunded deposit from the First Progress $300 card to pay down/off the First Progress $1000 secured card. The only reason I am not paying off the US bank Secured card is I recently qualified to turn it into a Unsecured line so I'm waiting for results of that. If denied, this will stay as it is my oldest open tradeline. I'll just leave the balance low going forward until it can graduate.
3. When the First Progress $1000 card is paid off and the deposit refunded, use that $1,000 to pay the remaining Unsecured cards down to 30% balances.

4. Send a good faith dispute letter to FSTPROGRESS requesting they remove the late 30 days and Ive never been late before in the 3+ years ive had the card.

5. Send settlement offers for removal to the low hanging fruits ($75/$223/$171/$254)

 

Help me with the fast way to get that 80 points I need! Any suggestions would be greatly appreciated!

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Where I stand...

For the medical debts contact the providers and see if you qualify for any Charity Care

then google HIPAA process and follow the instructions from it's creator.  This should help you with the medical stuff.

 

Try to get your Util to one card reporing under 10% - that will get you your biggest boost on util scores.   

 

Good Luck!!!   


@Anonymous wrote:

After working all year, I successfully raised my score on my own from the low 400s to the mid 500s. I've seem to hit a stalemate and cant seem to get that last 80 points I need to qualify for a first time home buyers mortgage program with downpayment assistance. Help! I'd like to get out of the rent game and start paying towards something I'll own and not paying someone elses mortgage!

 

Here's where I stand...

 

4 Secured Credit Cards
•US Bank ($300)
•First Progress ($1000)
•First Progress ($300)
•Wells Fargo ($300)

 

4 Unsecured Credit Cards
•Verve ($500)
•Fingerhut ($250)
•Credit One ($300)
•Firestone-Bridgestone ($900)

 

Utilization is high at the moment (average of 80%) due to my father's recent heart attack. I charged them up to help with his bills while he was in the hospital (With the exception of Fingerhut and Firestone cards). That has passed and I am working to pay them down ASAP to the recommended 30%. I expect to complete this by February 2016.

 

Now for the baddies. I have 9 collections on my credit report that are 5-7 years old but keep re-reporting as fresh debts annoyingly. Some I could do the traditional "wait for them to fall off", but we know there is no gaurantee there.

 

1.  AMCA - Collection/Chargeoff -  $75.00 - Reported Oct. 14th, 2015 (MEDICAL DEBT)
2.  PORTFOLIO RC - Collection/Chargeoff - $254.00 - Reported Oct. 8th, 2015 (APARTMENT DEBT)
3.  AD ASTRA REC - Collection/Chargeoff - $1,225.00  - Reported Oct. 1st, 2015 (PAYDAY LOAN)
4.  TSI/940 - Collection/Chargeoff - $540.00  - Reported July. 19th, 2015 (MEDICAL DEBT)
5.  FSTPROGRESS - Credit Card - Late 30 Days - Reported Mar. 23th, 2015 (LATE PAYMENT)
6.  RS CLARK ASC -  Collection/Chargeoff - $223.00 - Reported June. 30th, 2014 (APARTMENT DEBT)

7. CREDIT SYS - Collection/Chargeoff - $492 - Reported Feb 12, 2014 (MEDICAL DEBT)

8. DYNAMIC RS - Collection/Chargeoff - $171 - Reported Jun 18, 2015 (MEDICAL DEBT)

9. IQ DATA - Collection/Chargeoff - $1051 - Reported Mar 05, 2015 (APARTMENT DEBT)

 

Here was my financial plan thus far...

 

1. Pay off First Progress $300 secured card and close it out. I've graduated to Unsecured cards and feel I no longer need these Secured cards.
2. Use the refunded deposit from the First Progress $300 card to pay down/off the First Progress $1000 secured card. The only reason I am not paying off the US bank Secured card is I recently qualified to turn it into a Unsecured line so I'm waiting for results of that. If denied, this will stay as it is my oldest open tradeline. I'll just leave the balance low going forward until it can graduate.
3. When the First Progress $1000 card is paid off and the deposit refunded, use that $1,000 to pay the remaining Unsecured cards down to 30% balances.

4. Send a good faith dispute letter to FSTPROGRESS requesting they remove the late 30 days and Ive never been late before in the 3+ years ive had the card.

5. Send settlement offers for removal to the low hanging fruits ($75/$223/$171/$254)

 

Help me with the fast way to get that 80 points I need! Any suggestions would be greatly appreciated!


 

Message 2 of 4
Anonymous
Not applicable

Re: Where I stand...


@Anonymous wrote:

After working all year, I successfully raised my score on my own from the low 400s to the mid 500s. I've seem to hit a stalemate and cant seem to get that last 80 points I need to qualify for a first time home buyers mortgage program with downpayment assistance. Help! I'd like to get out of the rent game and start paying towards something I'll own and not paying someone elses mortgage!

 

Here's where I stand...

 

4 Secured Credit Cards
•US Bank ($300)
•First Progress ($1000)
•First Progress ($300)
•Wells Fargo ($300)

 

4 Unsecured Credit Cards
•Verve ($500)
•Fingerhut ($250)
•Credit One ($300)
•Firestone-Bridgestone ($900)

 

Utilization is high at the moment (average of 80%) due to my father's recent heart attack. I charged them up to help with his bills while he was in the hospital (With the exception of Fingerhut and Firestone cards). That has passed and I am working to pay them down ASAP to the recommended 30%. I expect to complete this by February 2016. Getting your UTI down will help. Pay ALL accounts except one to $0. Let ONE of your revolving accounts report less than 10% of its limit. That will get you the maximum points for UTI%. But its not going to get you 80 points.

 

Now for the baddies. I have 9 collections on my credit report that are 5-7 years old but keep re-reporting as fresh debts annoyingly. Some I could do the traditional "wait for them to fall off", but we know there is no gaurantee there.

 

1.  AMCA - Collection/Chargeoff -  $75.00 - Reported Oct. 14th, 2015 (MEDICAL DEBT)
2.  PORTFOLIO RC - Collection/Chargeoff - $254.00 - Reported Oct. 8th, 2015 (APARTMENT DEBT)
3.  AD ASTRA REC - Collection/Chargeoff - $1,225.00  - Reported Oct. 1st, 2015 (PAYDAY LOAN)
4.  TSI/940 - Collection/Chargeoff - $540.00  - Reported July. 19th, 2015 (MEDICAL DEBT)
5.  FSTPROGRESS - Credit Card - Late 30 Days - Reported Mar. 23th, 2015 (LATE PAYMENT) <----- THIS.  A late payment within 12 months is a score killer.
6.  RS CLARK ASC -  Collection/Chargeoff - $223.00 - Reported June. 30th, 2014 (APARTMENT DEBT)

7. CREDIT SYS - Collection/Chargeoff - $492 - Reported Feb 12, 2014 (MEDICAL DEBT)

8. DYNAMIC RS - Collection/Chargeoff - $171 - Reported Jun 18, 2015 (MEDICAL DEBT)

9. IQ DATA - Collection/Chargeoff - $1051 - Reported Mar 05, 2015 (APARTMENT DEBT)

 

Here was my financial plan thus far...

 

1. Pay off First Progress $300 secured card and close it out. I've graduated to Unsecured cards and feel I no longer need these Secured cards.
2. Use the refunded deposit from the First Progress $300 card to pay down/off the First Progress $1000 secured card. The only reason I am not paying off the US bank Secured card is I recently qualified to turn it into a Unsecured line so I'm waiting for results of that. If denied, this will stay as it is my oldest open tradeline. I'll just leave the balance low going forward until it can graduate.
3. When the First Progress $1000 card is paid off and the deposit refunded, use that $1,000 to pay the remaining Unsecured cards down to 30% balances.

4. Send a good faith dispute letter to FSTPROGRESS requesting they remove the late 30 days and Ive never been late before in the 3+ years ive had the card.

5. Send settlement offers for removal to the low hanging fruits ($75/$223/$171/$254)

 

Help me with the fast way to get that 80 points I need! Any suggestions would be greatly appreciated!


The recent late payment is not only a score killer, its a mortgage killer as well. Lenders want to see at LEAST 12 months of perfect payment history. Some will want to see 24 months. Lenders are also going to frown on the property related debts - the apartments. They will most likely want to see those paid. The medical debt - not so much.

 

What are the fall-off dates on the derogs?

Message 3 of 4
OMW2_HighAcheiver
Established Contributor

Re: Where I stand...

Am I allowed to ask what home ownership program will you qualify for? Is it state specific? I would've never imagined with this profile it's possible.




Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.