02-11-2013 07:18 PM
Hello - Brand new to the forum after I applied for a mortgage and was denied. I figured this would happen based on prior creidt issues. Here is my situation and any help is greatly appreciated:
Ch 7 BK 2005
Redeemed car reposession 10/2011 - Current every month since
Captial One Credit Card - 30 day late 10/2012 - dv with all three bureaus
Walmart Credit Card - 30 day late 10/2012 - dv with all three bureaus
Auto loan - Current since 10/2011
New Auto loan 11/2012 - Never late
Student Loan with Great Lakes - 150 day late is reporting as of January 2013. In February 2013, I requested a forbearance. After reading on these boards it sounds like I should have let it go into default and then rehab.
What are my options now as it stands with Great Lakes? Goodwill letter? I did request DV with all bureaus.
My credit score right now is 490. I need to be at 530 with 10% down for a mortgage or 580 with 3.5% down. With your crystal balls...if all payments are current and studen loan is paid on time in next 12 months - will I be at a 580 in one year? If not, what can I do to increase the score? TIA -
02-11-2013 10:55 PM
Welcome to the forums!
I'd suggest reading the following:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
Be careful what you send. A DV is a debt validation letter and that's allowable due to the FDCPA. In that law, DV letters only go to CAs (not CRAs). The only thing that goes to CRAs is a dispute.
Wait 30-45 days and let things clear up before starting over. Send GWs to the repo, CapOne, and WalMart. You can also send a GW to the foreclosure, but I wouldn't do so if the account was my oldest or among my oldest accounts, just in case they delete.
Try sending GWs to the SL.
Unless there are major changes, I wouldn't predict a 580 for over a year. But hitting 600s is attainable inside a year with hard work and effort.
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