topic Re: Help with plan of attack to get approved in Mortgage Loans

Help with plan of attack to get approved

Anonymous — Sun, 03 Feb 2019 23:20:39 GMT

I would like to get a mortgage. I’m not sure what to do first to get my scores up?

Everything is from 2015

Collections
414 medical
905 Eos
3667 NCA

Charge offs
Chase #1 5500
Chase #2 5500
Apple Federal 1500
Acceptance now 3300
Acima 630
First Premier 415
First Premier 481

Current

Car loan never late, only two years. I had a high rate, not much off the original balance. Looking at refinancing
Cap 1 credit cards never late, oldest one is from 18 yes ago
Cap balance #1 125 paying off this month
Cap balance 800 should be paid off by March
Two other capital one paid this month
Total credit card balance 925 balance out of 2500 limit
Student loans current - 270 a month IBR

Current scores

T - 559
Eq- 554
Exp - 602

I’m trying to get to at least 640

Re: Help with plan of attack to get approved

Princesssandra — Mon, 04 Feb 2019 01:14:58 GMT

Hire a credit repair company to help with removal of your debt and late payments. In the meantime try to settle your charge offs before they go to collections because once those go to collections your scores will drop even more! Also, try to settle the collection accounts. You can settle for about 25% of the balance on each card. It’s not a fast fix because it’s going to take awhile for your score to come back up. A mortgage company won’t give you a loan until all your charge offs or collections are settled or paid in full is my understanding. Lastly, all the credit cards and loans that you have in good standing make sure you are paying those on time. Good luck!

Re: Help with plan of attack to get approved

Jnbmom — Mon, 04 Feb 2019 01:09:48 GMT

Do not go to a credit repair company they can't wave their magic wand and get your lates or accounts removed.

Are these all legitimate debts? Are they still with orginal creditors to have they been sold? You can try to settle with them and offer to pay for delete, some may some may not. But you should be able to work out a settlement offer. These will really hinder yiur scores until they are taken care of.

Re: Help with plan of attack to get approved

Sbrooks1 — Mon, 04 Feb 2019 01:16:58 GMT

No to the credit repair! Research and do it yourself with time .

Re: Help with plan of attack to get approved

Anonymous — Mon, 04 Feb 2019 01:21:39 GMT

I did validate all these debts, and they came back valid. I tried the pay for delete but these companies weren’t trying to do anything more than 10% off. I have to work on being more stern, and aiming for a higher percentage. I did write letters and I haven’t gotten any responses. I mailed them before Christmas.

I’ll start to tackle them one at a time.

Re: Help with plan of attack to get approved

Princesssandra — Mon, 04 Feb 2019 01:27:46 GMT

I’ve been working on my credit for about 10 months. My transunion score went up 100 points. My Equifax & Experian climbing slowly but getting there. You just have to be consistent with repairing your credit and you will get to where you want.

Re: Help with plan of attack to get approved

Princesssandra — Mon, 04 Feb 2019 01:29:33 GMT

Maybe you can tell the creditors you are not working and all you can pay is x amount to settle the debt. It doesn’t hurt to try.

Re: Help with plan of attack to get approved

Anonymous — Mon, 04 Feb 2019 01:47:55 GMT

It definitely takes time but it’s a consequence of bad actions. I can be patient. I’ve read so many different things, I’m trying to create plan.