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I'm in the process of getting a mortgage - already have a signed purchase agreement on new construction with closing set for August 31.
My scores from the lender are 523/547/563. Lender says I need a 580 for guaranteed approval through automated underwriting on FHA mortgage. Husbands scores are clean in the low 700's and has NO debt. I have to go on the loan as my income will lower the DTI.
Current scores on MyFico 3B reports pulled on March 13: 548EQ/558/TU/568EX. My mortgage scores are reporting at 541EQ/609TU/555/EX
I have the following collections on my report:
Comenity(TU/EX/EQ) - $751 Charge-off from Jan 2017 - settled for $469; account now reporting as paid and closed
BB&T(TU/EX/EQ) - $1,411 Charge off from 2011 - called and can settle for $705
Fair Collections & Outsourcing(EX/TU/EQ) - $1,668 Collection from 2011 - settled for $166.80; account now reporting with $0 and open
National Credit Systems(EX) - $4,161 collection from 2011; reporting on Experian only and can get early exclusion on May 29, 2017
DeVry(EX) - $1,300 Defaulted loan - applied for consolidation and amount will absolve into this and be deleted from Experian
Berks Credit (EX) - $545/$683/$724 - reporting on Experian only and can get early exclusion on July 29, 2017
Good Accounts:
Capital One - $500 secured platinum card since Apr 2016 - reporting balance of no more than $30 and this month will report at $0 balance
NFCU - $1,000 secured Visa since March 2017 - has not reported on credit report yet
Capital One - Authorized User on husbands account - he's had the card since June 2013 with $2,500 limit and current 18% utilization - not reporting on credit report yet
Westlake Financial - auto loan - reported as paid and closed since December 2016 - paid through vehicle trade-in
Is there anything that I can do to boost my scores? Any suggestions?
@Anonymous wrote:I'm in the process of getting a mortgage - already have a signed purchase agreement on new construction with closing set for August 31.
My scores from the lender are 523/547/563. Lender says I need a 580 for guaranteed approval through automated underwriting on FHA mortgage. Husbands scores are clean in the low 700's and has NO debt. I have to go on the loan as my income will lower the DTI.
Current scores on MyFico 3B reports pulled on March 13: 548EQ/558/TU/568EX. My mortgage scores are reporting at 541EQ/609TU/555/EX
I have the following collections on my report:
Comenity(TU/EX/EQ) - $751 Charge-off from Jan 2017 - settled for $469; account now reporting as paid and closed
BB&T(TU/EX/EQ) - $1,411 Charge off from 2011 - called and can settle for $705
Fair Collections & Outsourcing(EX/TU/EQ) - $1,668 Collection from 2011 - settled for $166.80; account now reporting with $0 and open
National Credit Systems(EX) - $4,161 collection from 2011; reporting on Experian only and can get early exclusion on May 29, 2017
DeVry(EX) - $1,300 Defaulted loan - applied for consolidation and amount will absolve into this and be deleted from Experian
Berks Credit (EX) - $545/$683/$724 - reporting on Experian only and can get early exclusion on July 29, 2017
Good Accounts:
Capital One - $500 secured platinum card since Apr 2016 - reporting balance of no more than $30 and this month will report at $0 balance
NFCU - $1,000 secured Visa since March 2017 - has not reported on credit report yet
Capital One - Authorized User on husbands account - he's had the card since June 2013 with $2,500 limit and current 18% utilization - not reporting on credit report yet
Westlake Financial - auto loan - reported as paid and closed since December 2016 - paid through vehicle trade-in
Is there anything that I can do to boost my scores? Any suggestions?
1. Do everything you can to get rid of the negatives. Send verification letters to the bureaus. Might accelerate some of them dropping off. Lexington Law provides this service for a fee.
2. Maintain the credit cards with all but one reporting a zero balance, and the one card reporting a balance of 29% or less of the credit limit.
3. No more late payments or chargeoffs. Every time you "settle" a debt you wind up with a huge credit negative.
4. Don't apply for anything new. Applying for the NFCU card was a mistake.
Personally, if I were you, I'd look into cancelling this deal.
@Anonymous wrote:
Since the Comenity & FCO collections have updated on TU, my score jumped 24 points. With the exception of Comenity, all other debts are scheduled to fall off my report between August 2017-January 2018. And I'm able to do the early exclusion on Experian with most of them.
My lender advised me to get the NFCU card and to become an AU on my husbands CapOne card.
I haven't made late payments on any of my other accounts and don't intend to. I'm MUCH better about my credit than I used to be. When those collections/charge offs came on my report, I could care less about paying them back then.
We aren't cancelling the contract. I think my lender is being realistic in their requests, and if it couldn't be done I'm sure we wouldn't have received a pre-approval in order to put the contract on the house.
It is a common mistake to assume that because the lender will give you the loan, therefore you can afford what you're getting yourself into.
@Anonymous wrote:Husbands scores are clean in the low 700's and has NO debt.
Good Accounts:
Capital One - Authorized User on husbands account- he's had the card since June 2013 with $2,500 limit and current 18% utilization - not reporting on credit report yet
Westlake Financial - auto loan - reported as paid and closed since December 2016 - paid through vehicle trade-in
Is there anything that I can do to boost my scores? Any suggestions?
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Westlake that was paid off with a trade in and no new auto loan?
Don't quite understand the zero debt and 18 percent current utilization on Cap One. Please clarify.
I'm in the same boat as you with same scores but haven't tried for a loan yet. I settled on a collection account and the next thing I knew it was off my credit report, so now I have settled with portfolio recovery and paid a repo charge off (settled). You never know if they will come off but it will help by those not reporting every month as unpaid. I'm following this thread . I also thought it was so weird that people were lecturing you on whether you can afford a house.
My financial situation has improved a lot as well, and we are looking to buy a house for about the same payment as our rental.
Good luck!