topic Re: Family of 8 Needs Credit help for new home. in Rebuilding Your Credit

Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 15:28:07 GMT

We have 6 kids at home and 2 with his ex that would like to come with us. Problem is we cant qualify for any mortgage HIS credit is very bad TU 510 EXP 517 EQ 535 (not FICOs)and that is after some fixing! We dont have a down as of yet(I've just started saving, we had to use up savings after my husband and son got in an accident and he couldnt work in Dec/Jan)We can manage payments of maybe 300 month to clean up baddies.

I am really desperate and out of hope. We've got medical bills piled up from accident that havent went to collections. We can pay slowly but I need a strategy to keep them at bay.IDK

I have been trying so hard to apply what I have learned from the boards to increase my score and that of DH. I started out by practicing on mine for 3 months and got my scores to go from about 530's to about 600 on TU & EQ 515?!! on EX.

However on DH who is the one who will apply for FHA since he makes the $$.He was a marine and got using all his diposable income on whatever he wanted because he had housing and clothing paid for! He's the kind that brings the mail in and forgets about it. He has now realized what we are up against since he and I have started reading and applying what we've learned from here.He's got a decent salary. His credit is a nightmare with Collections,Medical,Late Pays from before I started 3 mos ago.

TU Delinq 3 Derog 13

EX Delinq 1 Derog 12

EQ 2 Delinq Derog 14

He has new accounts he is current on and a couple old currents literallly.

Is there anyone who can help and who might take a look at an edited version of his report and give me some direction. I am willing to work really hard but I just lose myself in where to go next. It's just depressing and I need some motivation. My oldest is 16 and he's always wanted a dog but leases always say not pet. He will be gone soon and I just really want to make it happen for all my kids.

Root for me and say some prayers

Thanks Guys-God Bless

Pris

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 15:34:34 GMT

I think we would have to see the reports..or at least part of it for now...as far as the home loan..there are some places that do loan as low as in the 500's...but it fair that you would find them...Are any of the collections or negative items in the last 12 months???...

Message Edited by slyhouse08 on 05-13-2008 08:34 AM

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 15:34:05 GMT

nozzzmom wrote:
We have 6 kids at home and 2 with his ex that would like to come with us. Problem is we cant qualify for any mortgage HIS credit is very bad TU 510 EXP 517 EQ 535 (not FICOs)and that is after some fixing! We dont have a down as of yet(I've just started saving, we had to use up savings after my husband and son got in an accident and he couldnt work in Dec/Jan)We can manage payments of maybe 300 month to clean up baddies.

I am really desperate and out of hope. We've got medical bills piled up from accident that havent went to collections. We can pay slowly but I need a strategy to keep them at bay.IDK

I have been trying so hard to apply what I have learned from the boards to increase my score and that of DH. I started out by practicing on mine for 3 months and got my scores to go from about 530's to about 600 on TU & EQ 515?!! on EX.

However on DH who is the one who will apply for FHA since he makes the $$.He was a marine and got using all his diposable income on whatever he wanted because he had housing and clothing paid for! He's the kind that brings the mail in and forgets about it. He has now realized what we are up against since he and I have started reading and applying what we've learned from here.He's got a decent salary. His credit is a nightmare with Collections,Medical,Late Pays from before I started 3 mos ago.
TU Delinq 3 Derog 13
EX Delinq 1 Derog 12
EQ 2 Delinq Derog 14
He has new accounts he is current on and a couple old currents literallly.

Is there anyone who can help and who might take a look at an edited version of his report and give me some direction. I am willing to work really hard but I just lose myself in where to go next. It's just depressing and I need some motivation. My oldest is 16 and he's always wanted a dog but leases always say not pet. He will be gone soon and I just really want to make it happen for all my kids.

Root for me and say some prayers
Thanks Guys-God Bless
Pris

You need to start by finding out DOFD, DOLA, and SOL for your state. Are any of these paid or are they unpaid?

You can find SOL here-

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 15:34:31 GMT

How do I go about getting that to you? All I have right now is a current truecredit 3 in 1. I was waiting for some bigger changes before getting others.

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:11:51 GMT

There are a few Parts to this. It was too large

All are Experian except where noted

Collection: Arrow Finanical for HSBC

$807 last late as 2/07 ( He went delinq in Nov)

Says Late 120 Days on Status

Sched to DEL 1/2013

CHARGE OFF: HSBC

$644 high balance charge off 12/06 150days late 9/2006

No Sched to Del Date Status is purchased by another lender

Showing lots of lates for 5/07-12/07 charge off

Collection: Bus & Prof Orig creditor is Emanon PA MEDI

$240 last late 6/04

Sched to DEL 12/10 Accnt meets require of FCRA after dispute based on not agreeing with owing this bill

Collection: Cavalry Portfolio for Sprint PCS

$200 last late Aug 2006

Sched to DEL 6/2010

Collection: CBE GROUP for Directv

$472 last late Dec 2007 I paid them the cancelling fee and returned equipment but they said I owe one month of service for the month we returned the equip.

Sched to DEL 8/2014

Late: Conns credit 30 days late 12/07 (accident) and 2/06

Collection: Financial Control Svc for Travis county Emerg room Physician

$224 as of 12/07 accident

Sched to DEL 1/2014

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:12:22 GMT

Late: First Premier 30days 12/07 accident and 6/06

Charge off: Ford Credit Shouldn’t this be on the collections list doesn’t say closed

$9723 written of ( this was a repo)last late 4/02

Sched to DEL 6/09 (12/09 on TU)

Charge off: Midland credit for FORD Shouldn’t this be on the collections list doesn’t say closed

It says “unknown-credit extension, review, or collection. Collection/Charge off”

Same as above but sched to del 1/09

LATES: Drive Financial

Last late12/07-3/08 they say!

Paid off car in FEB1 in full. They agreed to wave last ”payment fee”. When they didn’t send my title in April I called and they said I was Delinq by $18 for march and feb to the bureaus. I told them the arrangement and they gave me credit but only reported April as Pif.Tried to dispute but they said NO

PAST DUE 150 days: FAMSA furniture

It was a charge off of $300 last late Sept/07 . Hey have it reporting as Account closed due to transfer but still 150 days late

No Sched to DEL

Lates: National Furniture ( My notes:became FAMSA Furniture refinanced under new company name late 12/05)but just show up as a second account .

Reported as Installment contract as 30 days past due (doesn’t say closed)

Sched to DEL 10/2012

Collection: IC Systems for Seton Healthcare MEDI

$33 as of 2/08 ( I don’t know this one probably accident)

Sched to report until 5/2013

Collection: CMI for Time warner

$230 last lat 10/04

Sched to del 11/20010

Collection: Medical Data System Santa Rosa Hosp

$278 Collectio account past due as of 2/06

Sched to DEL 3/2011

Lates: Office of the Attorney Gen

Current was past due 180 days Its because they order employer to take out by paycheck not month so he was behind by those standards until we paid an extra payment so that we are actually a month ahead just to be “current”

Sched to go into positive staus 2012 ( when the kids are 21 and 20?)

Collection: SARMA San Antonio water

$62 6/2006 last late ( we moved and they didn’t get out to turn it off before the landlord used it to clean the house. we had paid off my last bill and didn’t even know

Sched to DEL 10/2012

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:12:47 GMT

Collection: West Asset management for Methodist Hospital

Notes say$269 Last late 3/2005 verified and updated 7/2005Meets requirements of FCRA

Sched to DEL 11/2011

Collection: SARMA Grey Forest Utilities

$238 last late 6/2006 (also part of the move. I had to call grey forest and ask why I got a Bill a month after I had moved even though I paid last month and they told me it was for usage after I know I was gone LANDLORD mustve shown a warm house)

Sched to DEL 12/2012

Equifax Only /Collection: No Name for Randway Global ( Is this Possible?)

Individual Derog

$432 Date Opened 8/03 Last reported 4/08

Consumer disputes this account information
Subject has not satisfied debt.

My Notes: DH was looking for a job and was speaking to someone who wanted him to go to Arizona for interview. Accepted another offer locally. The guy says I need to send them a certain number of people would you go as a “filler”. WE dint think it was honest so we said No. He kept calling because the client really wanted DH. He says already bought the ticket and non refundable. We say we didn’t ask or authorize. He was pleading for the interview again said No so he says can you pay half so I don’t lose money and we said we never asked for it and we gave him notice early in the process that we were not interested in the position. We only talked to this guy through email and

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:17:19 GMT

Open Accounts

HSBC- 1 months old never late SELF $500 limit

GEMONEY/CHEVRON- 2 months old never late Authorized User $400 Limit

First Premier 1month old and closed (didn’t want annual fee)

HSBC 3 mos old never late Authorized user $650 Limit

Target 4 mos old never late they increased Limit from 300 to $500 after 3 mos

First Premier Bank Late 9/06 and 12/07(car accident and death of nephew) $500 Limit

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:38:22 GMT

Before..I just wanted to give you some TOUGH LUV....there is NO WAY..you are going to get a home loan soon...you would have to wait AT LEAST until Jan. 2009...they will strictly look at the past 12 months..and you lates we only like 5 months ago...you can't have any lates, unpaid collections, or derogs in the last 12 months...my home loan is in underwriting right now..and I'm going FHA....NO LATES within 12 months..SORRY!!!

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:51:39 GMT

Oh I wasnt expected miracles. I wish I could use my credit scores but DH makes the $$ so I have to fix his. I just basically put him on an allowance for just gas,lunchmoney and pocket money. That's tough love! I took over making all bill payments 2 mos ago and dealing with his reports. We have to sign a new 1 year lease in June so June 2009 would be the earliest. If you think I can tackle all this stuff by then I would be pleased. I just need help with getting pointed in the right direction and a little motivation to know it can be done has anyone had something similar with similar scores? Please I need help I dont know where to begin. I could do good wills,verifications, PFDs all day long but I am not sure what to do to what if anything or just pay them, or argue that somethings are reported 3 different ways on the different bureaus. I just dont know.

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 17:56:10 GMT

Now I'm not an expert I can only offer you some advice...I think you should deal with the charge-off and lates first..then go on to the utilities...worry about the medical bills last...when I first started I disputed EVERYTHING on my credit report...NOT MINE, NEVER LATE, EC...then I saw what came back verified..then went ahead from there...

HSBC-in my experience they are not going to agree to delete...you should try to contact them and see if them will accept payments and pull out of collections...there is a letter on the forums..it's something like a PFD...if the account was sold it should show a $0 balance...dispute the balance as incorrect...is HSBC tells you to deal with the CA...DV the CA first...if they verify then send a PFD letter...

Same for the Ford account...and for the FAMSA account...

Are the accounts with Conn's and First Premier now in good standing...just lates????..if so send GW letters for the removal of the lates...but in my experience with First Premier they are not going to accept...they might if the account is still open and in good standing...

Try you hardest to contact the original creditors for the utilities..and try to pay them in exchange for them pulling out of collections...EX: Sprint, DirectTv, Time Warner, etc...if they disagree..DV the CA...if they verify..then send a PFD letter...

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 18:01:35 GMT

I call it me and my wife...we both are from LA...and recently moved to Texas...haha

I definitely think it is possible for you to turn this around by next year...it time..patience...and hard work...GOOD LUCK!!!

Two years ago my scores were:
TU-470
EX-486
EQ-482

Now they are:
TU-643
EX-618
EQ-594

I still have thing to take care of on my reports too...so two years lates..I have accomplished a lot..but I'm definitely not done yet...

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 18:09:00 GMT

Premier and the other are current. Thanks! It sounds like a start. I will get on it today. I have a question about the little nasty $33 medical bill. Should I just pay that outright?

Should I just pay down things or try to reestablish credit while he can afford a little point hit. Like maybe getting a secured loan for $1000 or secured credit card with $1000 limit in hopes they upgrade it by the time the credit is clearing or to counteract the bads.Of course I try to keep his utilization at about 15%

Since he was in a severe car accident in Dec.07. We have about $7k in current due now hospital bills and the insurance said it could go out a year before a settlement. Should I just Contact each Dr/Clinic/Hospital and see if they can do payment plans or reduce the bill amount and explain my situation before they go to collections. Has anyone had experience with this?

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 18:16:35 GMT

You can absolutely contact the hospitals before they go to collections. Some hospitals even have charity funds to help off-set medical bills for uninsured or underinsured patients. Payment plans are always your friend, esp when you explain to them you have six dependents.

Anything you can do to keep them out of collections, definitely try. I'd work on those things that aren't in collections yet. Est pay plans for them, and continue to pay on time for those cc's & bills you currently have. Then, when you know how much $$ you'll have left over each month once the payment plans are established, you can go to work writing PFDs and GWs for those that are already on your CR.

For your husband, I have some even tougher love for you: Don't give him a lunch $$ allowance.. PACK his lunch. I used to give DH a lunch allowance & it was like $25-$30/wk. $5/day, roughly. You can do better than that by packing him leftovers from dinner & supplementing it w/ bags of chips & fruit. The food will be better for him, and you'll be saving more $$

Re: Family of 8 Needs Credit help for new home.

Anonymous — Tue, 13 May 2008 18:17:30 GMT

If you get any new credit...I would go with Crown Jewelers...it's a jewelry account online..they usually give the $1500 CL...NO CREDIT CHECK....and they report to TU and EX..you just have to buy something small..and pay a small down payment and shipping charges...when they ship..they report...www.crownjewelers.com

As far as the medical bill..if it shows on your report..don't just pay it..who is reporting it????..the hospital or the CA...if the hospital try to PFD...if the CA is..still contact the hospital and try to pay in exchange for them pulling out of collections...if they tell you they no longer have the account...

Send a DV to the CA..if they verify...send them a PFD...if they deny the PFD...you might want to pay first..then GW later for removal or dispute it later....the ONLY reason I say this is because when you go in for the home loan it might look better on your part for the account to be paid rather than unpaid...