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New Member
Posts: 2
Registered: ‎08-27-2007
0

Credit Score and Mortgage Woes

Well I found out I have my first kid on the way, and I decided I needed to do some maturing in all areas, especially financially.   I am fixing to buy another house after renting for the past 2 years, and decided to check the old credit score.  My jaw dropped.  EQ - 666, and TC was around a 630 avg.  How could this be last time I checked it was a 720.  I had bought to many toys and I knew my DTI was going to be off, and I also found 2 30 day lates in the past 2 years. 
 
Started reading and this what I have done so far.
 
30 day on loan - Was my Credit Unions fault, they said they would take it off, but go ahead and dispute it with all 3 also. - DONE.
 
30 day on CC - My screw up sent GW to Credit Union, and to Cardmember service. - Fingers crossed
 
 
Recreational Loan with 18K outstanding - Sold boat, and paid off.
 
Bank Loan - $500 balance - Paid Off.
 
 
 
 
Now my CC situation makes me cringe, and it takes a lot to admit what I have done.
 
Here are my Stats, and what I am fixing to make payments on this week.  I have already payed of the HSBC, and BestBuy, but did not cancel the accts.
 
Does the Following look like a good payment plan, anything I should tweak?  I will continue to work balances down, but this is what I have to work with for now. 
 
                Balance      CL       To Pay   Balance    UTIL %
HSBC          700         1500        700             0               0%
B Buy          2700        3000       2700            0              0%
Discover     4240        5000       3550          690         14%
AMEX        3024        4000       2800          224          6%
HEFCU        3617        5000       2900          717           14%
BOA            7712        9000       7000          712           8%
Wells F      4777        5000       4100           677            14%
Total    $26,770     $32,500    $23,750   $3,020        9%
 
 
With all this done, do you have any guess as to what I may get my CS back up to?
 
I know it will take a while, and with all I paid off, i need time to build a new down payment anyways.  I cant see how paying down the debt, vs. throwing more down on a house just to get approved could be a bad Idea. 
 
 
I cant believe how much I have learned reading posts here,  Thanks for any help.
 
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Credit Score and Mortgage Woes

Ouch- 26K

Get this down to 3 accounts as soon as you can ...
Established Member
Posts: 28
Registered: ‎05-07-2007
0

Re: Credit Score and Mortgage Woes

get it to 3 accts?!?!?!!?!
 
i thought it was best to keep accounts open that have been open the longest.
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Credit Score and Mortgage Woes



rrm wrote:
get it to 3 accts?!?!?!!?!
i thought it was best to keep accounts open that have been open the longest.



3 accts with Balances.
New Member
Posts: 2
Registered: ‎08-27-2007
0

Re: Credit Score and Mortgage Woes

Well I got one of the 30 days dropped, didnt really jump my score up a whole lot.
 
The 18K loan finally showed pay off on TU, and that brought that score to 650.
 
I ended up paying  a bit more on my CC's than I first planned.  Payed off all but 4, and got there balances under 10%. 
 
I am really hoping to see a good jump in my score.
 
 
Thanks,
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