topic Re: help....advice.... in Rebuilding Your Credit

help....advice....

Anonymous — Sat, 07 Aug 2010 19:00:37 GMT

Hi...My current FICO scores are trans 641...equ 654...just pulled 8/7/2010

I am interested in purchasing a home for 135,00...my salary $110,000...i have 2 small CC both paid on time every month!! i have recently been rejected for walmart cc...and another cc (after much consideration lol!!!

my thoughts were to get more cc to boost my score some...is this good idea? any idea who would approve me? i have orchard bank and hsbc (hooters) currently

will i get approved for mortgage with these scores?

thank you in advance for all your help....

Re: help....advice....

fused — Sat, 07 Aug 2010 20:02:49 GMT

Howzit!!!!!!

Any bad stuff on your reports? What are they? How old?

What are the "reporting" credit limits and balances of your CCs?

Re: help....advice....

Anonymous — Sat, 07 Aug 2010 20:54:31 GMT

Thank you for the reply....I hope this helps ...let me know if you need anything else

Bad: 6 accounts with payment after charge off collections all from 2003-2004

vol. repo-charge off bad debt (7,300) 2004

river bank- charge off bad debt 2005

CC: hooters current bal 609...limit 950...perfect pay history...opened june 2008

hsbc current bal 0...limit 200 opened april 2008 ...perfect pay history

Re: help....advice....

fused — Sat, 07 Aug 2010 21:18:36 GMT

Your FICO scores aren't that bad. That said, I would fix your credit before applying for anything else.

I would send GW letters for any baddie that is paid, sometimes it works and sometimes it doesn't.

GW Letter

If you can, I would pay down your Hooters card to about 1% of its credit limit, and keep your HSBC card reporting a $0 balance.

As for the vol. repo, I'm sure its having some impact on your scores, but nothing major because its 6 years old. Has there been any collection activity on this CO? Have you been threatened with a lawsuit?

Re: help....advice....

Anonymous — Sat, 07 Aug 2010 23:25:42 GMT

Hi perryshe,

Include in your info the BK you mention in your other thread. It will help folks give you the most helpful advice, here, as well.

Quote from perryshe:

______________________________

Brief history - prior to my BK, I had good credit history. My BK discharged 8-2-10. I currently keep good standing with my car note, 2 cc, and student loans.

Score - equifax 600

My thoughts on improving the score, get credit cards with the idea of using and paying...is this the best way to improve my scores?

Any ideas on what credit card companies I should apply to? or any other ideas on boosting the score?

thank you

_____________________________

There's lots of folks who have rebuilt after BK. Fused has some great advice for you, and others will follow suit.

And keep reading posts in the BK and mortgage forums - lots of us have been in your shoes!

Re: help....advice....

Anonymous — Sat, 07 Aug 2010 23:39:13 GMT

Great!!!!!!!!!!! i will send those letters fingers are crossed!!!

no one has contacted me in the last 1-2 yrs for the repo and no lawsuits that i can remember!!!

will pay down balance as well....can that be in one lump sum or better with multiple payments?

thanx again....looking forward to being on the good side of the credit world

Re: help....advice....

Anonymous — Sat, 07 Aug 2010 23:40:17 GMT

ok thank you...my spouse and i used same email for these posts....

Re: help....advice....

fused — Sat, 07 Aug 2010 23:41:27 GMT

@Anonymous wrote:

Great!!!!!!!!!!! i will send those letters fingers are crossed!!!

no one has contacted me in the last 1-2 yrs for the repo and no lawsuits that i can remember!!!

will pay down balance as well....can that be in one lump sum or better with multiple payments?

thanx again....looking forward to being on the good side of the credit world

Hold on now!!!!!

You have a BK?? Are all of these baddies marked IIBK (included in BK)?

Re: help....advice....

Anonymous — Sat, 07 Aug 2010 23:50:32 GMT

noooooooooooooooooooo!!! sorry for confusion...2 people posting from same email...my spouse has BK (solo)

Re: help....advice....

fused — Sat, 07 Aug 2010 23:56:31 GMT

@Anonymous wrote:

noooooooooooooooooooo!!! sorry for confusion...2 people posting from same email...my spouse has BK (solo)

Ok! The advice I gave would only apply to the spouse without the BK. I have virtually no experience with BKs. My experience involves the following:

lates (GWs)

COs (GWs and PFDs)

collections (GWs and PFDs)

med collections (using HIPAA, and VERY rarely PFDs and GWs)

paying down debt (especially revolving debt)

fine tuning FICO scores (self explanatory)

not being a slave to banks and other creditor (changing my way of living and never expecting the banks and creditors to do the same)

Re: help....advice....

Anonymous — Sun, 08 Aug 2010 00:00:58 GMT

yes i understand...that is why we posted them in separate threads and someone was just being helpful with bringing it to this one

no worries on the same page with you!!!!!!!!!!!!!!!!!

Re: help....advice....

fused — Sun, 08 Aug 2010 00:54:36 GMT

@Anonymous wrote:

yes i understand...that is why we posted them in separate threads and someone was just being helpful with bringing it to this one

no worries on the same page with you!!!!!!!!!!!!!!!!!

I think it would be a good idea if your spouse has his/her own account and username in these forums.

Re: help....advice....

Anonymous — Sun, 08 Aug 2010 01:06:06 GMT

@Anonymous wrote:
Hi...My current FICO scores are trans 641...equ 654...just pulled 8/7/2010

I am interested in purchasing a home for 135,00...my salary $110,000...i have 2 small CC both paid on time every month!! i have recently been rejected for walmart cc...and another cc (after much consideration lol!!!

my thoughts were to get more cc to boost my score some...is this good idea? any idea who would approve me? i have orchard bank and hsbc (hooters) currently

will i get approved for mortgage with these scores?

thank you in advance for all your help....

No matter what your FICO score is, with outstanding collections / charge-offs, a mortgage underwriter will probably not approve a mortgage application unless the accounts are shown as paid.

Re: help....advice....

Carbusys — Sun, 08 Aug 2010 19:27:03 GMT

FYI:

Mortgage Companies require a minimum of 620 on all three CRs to get approval on a mortgage. Of course, everything else must be in order as well.