wow, it's worse than I thought

[dddewdrop]

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@Crossdivided wrote:

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@Shogun wrote:

My first Equifax pull was about 2 years ago and was 504.

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pffft...EQ FICO first pull 437 -FLEX-

JK...

    I

Darn my first fico pull was 520 you guys all beat me. darn. I was thinking back to 2000 when I cashed in a 45k 401(k) plan and paid the penalty because I was in love and wanted to pay this woman's debts for her. Those are painful memories ugh.

[rckstrscott]

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@remethy wrote:

Here is what I have and my plan:

1) Mortgage (Wells Fargo) - currently 60 days late.  Bring this current by the end of March.  Request GW removal of the 90 day late from November where they processedmy payment wrong.  Pray.  GW some more.  Pray some more.

2) Car loan with Nissan Motor Acceptance - 30 day late in November 2012.  GW request sent, will keep trying on that.  Have a perfect payment record on this for 3 years,  except that one month, so maybe they will take pity on me.

3) BoA card, 2500 CL, maxed out.  Pay this off in June and keep it paid off.

4) MC from credit union, 10,000 CL, balance 8900.  Pay down to < 10% of CL by end of summer and keep it below that level.

5) will try to get another card around October if all is going well - maybe Walmart card for the FICO score.  Will use it minimally and pay off monthly.

6) keep paying things on time and hope to be to a decent score by June 2014 to try to buy a new house then.

I have no collections, chargeoffs, or judgements.  I have 22 positive accounts.  My only other lates are old student loan lates, dating back to 2010 and 2008.  These are due to me not turning in paperwork to renew my forbearance on time.  Stupid me.  I thought about GW for these.  But in looking over the history, I suspect that if they combed their files they might find a couple of other months they could change to late that are currently showing as ok.  So I think trying to GW these might just be poking a sleeping bear.  I think I will leave them alone for now.

Does this sound like a reasonable plan?  Is there something I should do differently?

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Paying down your cards will do alot for your score.

Your plan is solid. Minus the apping for a new card in october. With that many recent late payments, I don't see you getting approved for anything unless you get them removed. That many 60 day lates and a 90 day late? I would wait. Esp given the fact you already have two credit cards and one that is a nice limit card. After a year or so those 60 days will impact less, but the 90 will impact for a solid 4 years, plus shows as a major derog to future creditors.

-scott

[remethy]

Ok, thanks.  Will scratch the plan to try to get another CC card in the fall.  I really hope my CCs don't drop my limits as I pay them down.  That worries me a little. Hopefully it will help that I've had one for about 20 years and the other for 8, and never had a single late with either of them.  At least I have a long age of accounts going for me.

I checked and the mortgage shows a total of 60 day late x 3 months in a row, then a 90 in December (thought it was November), then 2 more 60s.  I know the 60s will hurt for a long time too.  I'm just hoping I can at least get rid of the 90.  If they do that I can always try for more goodwill on the 60s.

Other than that all I can do is keep doing the right thing, and try to be patient.

[dddewdrop]

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@remethy wrote:

Ok, thanks.  Will scratch the plan to try to get another CC card in the fall.  I really hope my CCs don't drop my limits as I pay them down.  That worries me a little. Hopefully it will help that I've had one for about 20 years and the other for 8, and never had a single late with either of them.  At least I have a long age of accounts going for me.

I checked and the mortgage shows a total of 60 day late x 3 months in a row, then a 90 in December (thought it was November), then 2 more 60s.  I know the 60s will hurt for a long time too.  I'm just hoping I can at least get rid of the 90.  If they do that I can always try for more goodwill on the 60s.

Other than that all I can do is keep doing the right thing, and try to be patient.

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    It really depends more on the banks' balance sheets and what they are trying to do with them more than your history of payments. If they get squeezed and need to reduce their exposure then they will squeeze everyones CLs possible regardless. At least there is some empirical evidence of this if you read this board.