Re: Dawgamus and the deep dark hole of sub 600
10-05-2012 09:29 PM
If you want pure financial/credit advice here it is. Please take this as like SPOCK talking to you, this is only logical, no emotions here. First thing is cancel the 5k for the grandkids car.
Account Name: FREEDOM STORES
Account Status: Open
Date Opened: 6/1/2012
High Balance: $2,607.00
Past Due: $0.00
Payment Status: Pays account as agreed
Reported by Equifax
This is hurting you alot in a few ways. First, its new credit. Not even sure what it is. Second, the balance to high balance and the comment that its secured, leads me to think that you are almost maxed out on the credit. If so, the balance that high, is going to have negative impacts on your credit, and keep you from even getting a subprime credit card.
The PFDs are definetely the right track. I think you are underestimating how much its going to cost you to buy a new home. 5k for a down payment plus closing costs seems unreasonably, low, in addition, any place that is going to possibly give you a mortgage is going to want to see that you have some money in "reserves". Telling them that you are giving them your last 5k, and you will have nothing after that, is not going to go well for you. Asset acceptance is definetely going to need to be deleted, or you will most likely not be approved, its too recent. DELTED, not updated to paid in full. How to long to 640 is going to depend on how many of your PFD are accepted. With your limited history you posted (of positive open credit) I do not feel it is realistic you will be approved for a mortgage by december. I would apply for a capital one secured now, they are VERY forgiving. That will start the positive credit now. And start working on what you have said. I think you are looking at six months depending on how many of your PFDS are accepted.