Re: In need of a lot of help!
10-04-2012 12:21 PM
Everyone is always in such a rush to buy a house. It strikes me as funny that people spend a lifetime wrecking their credit and expect it to be pristine in just a year. Is it possible? Sure anything is possible. But don't set yourself up for failure and disappointment by having unrealistic expectations. Your credit will only improve if you improve your payment history.
Those lates are definitely going to hurt you. The biggest thing to focus on right now is changing your ways and not having any more lates on anything going forward. People have problem getting a credit card with just a few lates on their report. But a home loan is a different story because a few bad items could mean the difference between a good loan and a very bad one for you.
Sorry if I sound preachy, but people expect instant solutions and it's the wrong approach in my opinion. I'd knock your time frame back to 2 to 3 years, make timely payments on everything, rehabilitate that student loan and pay on time with your secured cards. I wish you luck on your journey. Just relax and don't get so wrapped up in your "I need a home in a year" and you will be fine.