Reply
New Member
bk005
Posts: 2
Registered: ‎08-27-2007

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
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Credit Score and Mortgage Woes

Ouch- 26K

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

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
Timothy
Posts: 9,252
Registered: ‎03-19-2007

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
bk005
Posts: 2
Registered: ‎08-27-2007

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,

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+