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A good will letter campaign is writing to each creditor asking for their good will in eliminating the account from your report......or removing the negative marks. I haven't done it, but there is a lot of information here to help you. You can search good will GW letters to get a better idea.
As far as the Util on your accounts, you have to start getting that down as soon as you can.
@Anonymous wrote:I currently don't have any savings. I just won 10k gambling and used that to pay off judgments and other debt and I'm also paying for my college tuition out of pocket to avoid more student loans. I'm hoping to get about 5k saved for down payment by working tons of OT this summer. I am an avid gambler so I use my winnings to pay off extra debt. my income is about 40k
Get your balances paid down before saving for a down payment. You have over 10K in debt that needs to be paid first.
I second everyone else here. Way too much debt for the income to be able to purchase a home. Pay down as much as possible and that will help your scores and possibility of getting a home loan. On a personal note, be very careful with gambling. It is such an easy addiction to find yourself in (and there is a reason why casinos are monster size.) They have a huge advantage. I would hold off on any gambling until your debt is paid down before you find yourself in a huge mess and unable to crawl out.
ms_cora, thanks. I have submitted emails for late payments and collections and have to mail some of the letters out. hopefully I can have them deleted.
Yea, you are right, I spoke with another rep from Quicken today and he confirmed that I need to pay down my cards balances to 10% or less but not $0
@Anonymous wrote:Yea, you are right, I spoke with another rep from Quicken today and he confirmed that I need to pay down my cards balances to 10% or less but not $0
For ideal scoring let only ONE card report a balance of less than 10% of its limit.
will do. thanks guys!
Although op has many accounts with -0 balance. the ones that do have a balance are outrageous. there is not way to get that down in 6 months. with the kind of balances you have. and until it happens. your scores can't go. up. im gonna try and figure out your total utilization for you and come up with a plan. give me a few minutes to get this done.
So im counting a total of 35 acconts. 5 of those being collections rated as closed. even if you bring your utilization down. the fact that those collections on your accont still are there will make it next to impossible to get a mortgage in 6 months. first its time to start goodwilling them to get them to remove them. its too bad that fico 8 counts paid collections. just the fact they happened. but your other accounts. hmm.
about 25k in revolving accounts. usage is . approx. 12200. about 50% so thats not so hard. but all the installment and education loans. geez. about 78k. including your auto loan of 30k. so now we will be talking about the DTI. as you stated your income is 40k.
i just don't see how it can be done. im sorry op. i just can't go any further. even if you pay your credit cards down which is just under 50 percent. to under 30 percent. which is only about 5k. is what you need to pay to be under 30%. on revolving. this will give you somewhat of a boost. if you can pay it under 10 percent meaning you will need to pay about 10k of that down. just to get a nice boost to your score. it will not be enough to get your score to median 640. from where you stand now. maybe if you can get a coulple of those other collections removed that should do it. i would not worry about the ed loans and auto loan. just keep doing what you are doing on those. this is too tough even for my mathimatical brain to work with. sorry. good luck.