topic Re: What are my chances? in Mortgage Loans

What are my chances?

Msflores408 — Mon, 23 May 2016 00:16:07 GMT

Putting it all out there and looking for advice.

All true FICO scores:
EQ 586
TU 592
EX 589

Mortgage scores:
EQ 581
TU 662
EX 604

Baddies:
Cavalry collection $768 DOFD 4/2012
Portfolio collection $1116 DOFD 1/2012
2 student loans total $6k. Defaulted on rehab.
(Planning on paying all this debt off in the next year)

CC's and CL's: (utilization under 10%)
VS $150
Overstock $700
HSN $1750
CreditOne $500
Cap1 QS1 $300
Citibank secured $500
All opened since 2/2016. Currently in garden since May 1st.

Other:
$87,500 yearly income
Paid car off 2/2016
Personal loan $2600. Will start monthly payments in June of $520 p/month until paid off. Loan made by a friend when I went on maternity leave in 11/2015 and returning to work 6/2016.
Monthly expenses avg $2600.

I have been very irresponsible with money the last few years and now hat I want to buy a house it's way overdue that I get this on track. Since 2/2016 I've managed to remove 4 accounts from my credit report by disputing by requesting dv and a PFD.

What do I need to do to make sure I am prequalified for a loan next year. I'm looking to get approved by the spring/summer 2017 so I can hopefully be in a house by 7/2017.

Tips? Suggestions? How good/bad does my file look?

Re: What are my chances?

Anonymous — Tue, 24 May 2016 02:21:16 GMT

I would meet with a loan officer ASAP. You have a lot of moving parts, but a lender can help you come up with a game plan.

Re: What are my chances?

Msflores408 — Tue, 24 May 2016 04:33:17 GMT

I know I have lots going on lol
I haven't contacted a loan officer yet because I felt I wasn't ready but I'm going to take your suggestion. Thanks

Re: What are my chances?

Anonymous — Tue, 24 May 2016 09:26:02 GMT

@Msflores408 wrote:
Putting it all out there and looking for advice.

All true FICO scores:
EQ 586
TU 592
EX 589

Mortgage scores:
EQ 581
TU 662
EX 604

Baddies:
Cavalry collection $768 DOFD 4/2012
Portfolio collection $1116 DOFD 1/2012
2 student loans total $6k. Defaulted on rehab.
(Planning on paying all this debt off in the next year)

CC's and CL's: (utilization under 10%)
VS $150
Overstock $700
HSN $1750
CreditOne $500
Cap1 QS1 $300
Citibank secured $500
All opened since 2/2016. Currently in garden since May 1st.

Other:
$87,500 yearly income
Paid car off 2/2016
Personal loan $2600. Will start monthly payments in June of $520 p/month until paid off. Loan made by a friend when I went on maternity leave in 11/2015 and returning to work 6/2016.
Monthly expenses avg $2600.

I have been very irresponsible with money the last few years and now hat I want to buy a house it's way overdue that I get this on track. Since 2/2016 I've managed to remove 4 accounts from my credit report by disputing by requesting dv and a PFD.

What do I need to do to make sure I am prequalified for a loan next year. I'm looking to get approved by the spring/summer 2017 so I can hopefully be in a house by 7/2017.

Tips? Suggestions? How good/bad does my file look?

Are your collections paid off or is that the current balances?

Re: What are my chances?

RonM21 — Tue, 24 May 2016 09:53:05 GMT

Seems a bit hairy, so meeting with a loan officer would be the right move.

Re: What are my chances?

Msflores408 — Tue, 24 May 2016 13:03:25 GMT

Cavalry, Portfolio and the student loans are currently unpaid and showing as collections on my credit report.

I filed a dispute on Cavalry as they have transferred the debt to another CA but are still reporting on my credit report. I'm hoping the entry is deleted and I can pay it to the new CA when I get a dunning notice from them before it just my credit report again.

Portfolio I will just pay since they keep deleting and reinserting the account just to drop my credit score. They are doing this monthly.

Soon as those are done then I will start making payments on my student loans. I'm planning on having it all paid by next June.

Re: What are my chances?

shols44 — Tue, 24 May 2016 14:15:29 GMT

@Msflores408 wrote:
Cavalry, Portfolio and the student loans are currently unpaid and showing as collections on my credit report.

I filed a dispute on Cavalry as they have transferred the debt to another CA but are still reporting on my credit report. I'm hoping the entry is deleted and I can pay it to the new CA when I get a dunning notice from them before it just my credit report again.

Portfolio I will just pay since they keep deleting and reinserting the account just to drop my credit score. They are doing this monthly.

Soon as those are done then I will start making payments on my student loans. I'm planning on having it all paid by next June.

RE: Portfolio, was the deletion in response to a dispute? If so, the CRA must notify you within 5 days of a re-insertion. If they haven't you have grounds for a deletion. Since calvary has sold the debt, DV them. Since they have no plan on servicing/collecting on the debt, this might be enough to make them delete. Tackcle the new CA before they ever report.

I'd wait to meet a lender. Your scores could improve dramatically if the two collections drop off and that should be your focus for now. Don't app anymore since you have enough accounts. Honestly you are much closer than you think.

Re: What are my chances?

Anonymous — Tue, 24 May 2016 14:41:41 GMT

@Msflores408 wrote:
Cavalry, Portfolio and the student loans are currently unpaid and showing as collections on my credit report.

I filed a dispute on Cavalry as they have transferred the debt to another CA but are still reporting on my credit report. I'm hoping the entry is deleted and I can pay it to the new CA when I get a dunning notice from them before it just my credit report again.

Portfolio I will just pay since they keep deleting and reinserting the account just to drop my credit score. They are doing this monthly.

Soon as those are done then I will start making payments on my student loans. I'm planning on having it all paid by next June.

How long does the Portfolio account stay on your report each month? I paid them off last June and they agreed to delete finally. Now for the past few months every month on the 19th they add the account back to my TransUnion report only and then it's gone the next day on the 20th.

Re: What are my chances?

Msflores408 — Wed, 25 May 2016 01:23:44 GMT

Portfolio responded to the dv by sending me the last cc billing statement and the CRA's updated my reports that the debt was valid/verified. Since then Portfolio deleted their entry and the same day or the next day reinserts it. The dofd is the same but the other dates are updated to whatever date they update my file. Each time I get hit with about a 40 pt loss on EQ. TU and EX haven't been affected by this tactic from what I can tell.

Waiting on my dispute with the CA's regarding Cavalry. Fingers crossed it gets deleted and I can take care of it with OC or with whoever it gets sold to before they rereport the debt.

I feel like those are the only things holding me back. I'd love to get a new van but I've read that making a big purchase before applying for a loan is not a good idea so far now I'll keep squeezing my 4 kids into my sedan lol

Re: What are my chances?

shols44 — Wed, 25 May 2016 11:57:49 GMT

@Msflores408 wrote:
Portfolio responded to the dv by sending me the last cc billing statement and the CRA's updated my reports that the debt was valid/verified. Since then Portfolio deleted their entry and the same day or the next day reinserts it. The dofd is the same but the other dates are updated to whatever date they update my file. Each time I get hit with about a 40 pt loss on EQ. TU and EX haven't been affected by this tactic from what I can tell.

Waiting on my dispute with the CA's regarding Cavalry. Fingers crossed it gets deleted and I can take care of it with OC or with whoever it gets sold to before they rereport the debt.

I feel like those are the only things holding me back. I'd love to get a new van but I've read that making a big purchase before applying for a loan is not a good idea so far now I'll keep squeezing my 4 kids into my sedan lol

I'd say no new accounts or inquiries at least 6 months prior to applying for mortgage. Depending on your time line and family needs you could make it work. Try the failure to notify of the re-insertion route with PRA.

Keep pressing on. It will work out.