topic Re: Asking for advice on a rebuild to try to get a mortgage.!!! in Rebuilding Your Credit

Asking for advice on a rebuild to try to get a mortgage.!!!

Rangel11984 — Wed, 14 Feb 2024 02:06:31 GMT

First time posting, but I have been on the forum for a while.

I had to relocate back to my state after I took a job in another state that didn't work out In 2017. And my credit took a horrible hit. I've been rebuilding since 2022.

Started EQ 475 TU503 EX435

Currently I am at EQ 609 Tu 611 And EX 658

My credit card profile is as follows.

Opensky opened 2yrs 3months no late payments 209 out of 300 used

Credit One opened 1yr 11months no late payments 560 out of 600 used

Destiny Card opened 1 yr 6months no late payments 0 out of 300 used

Avant Card opened 9 months no late payments 0 out of 300 used

Prosper opened 3 months no late payments 350 out of 1000 used

Capital One Platnium opened 1month (new card) 400 out of 2000 used

I also have 2 student loans for 6k together that are reafirmed with the Aidvantage. Not sure if reafirmed is the right word. but is paid 4 months perfect and doesn't show any negative marks.

I have car I paid for a year and a half and paid off for 15k in 11/2023

And now have another car I have opened for 4 months with a 11k balance

I paid for deletion on 8 items and they have all been paid and deleted but I have one repo lease charge off with NMAC for 20k that I havn't paid back and have not yet attempted to pay for delete. DOFD is 2/2018 and is set to fall off next year.

Question, should i try to reach out and pay it off or should I let it fall off with out pay. And if DOFD is 2/2018 what are the expected dates of deletion for it? I did attempt to dispute it online and it came back verifed. I also tried calling TU to get a EE and she disputed it instead of a EE. I'm hoping to apply for a mortgage in fall of this year but should I wait? Any tips for EE? My DTI is 6% with my debt now. Any insight of what I should possibly do? Any advice is highly appreciated.

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

Linnaea — Wed, 14 Feb 2024 04:49:15 GMT

This is a tough one for me to assist. I don't have a similar experience... but I want to follow and see what others say. At this v late of an hour you may not get many responses. Hopefully, someone can offer their expertise.

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

Rangel11984 — Wed, 14 Feb 2024 18:39:34 GMT

Should I repost to see if I get a better response earlier in the day?

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

pizzadude — Wed, 14 Feb 2024 19:16:35 GMT

@Rangel11984 wrote:
First time posting, but I have been on the forum for a while.
I had to relocate back to my state after I took a job in another state that didn't work out In 2017. And my credit took a horrible hit. I've been rebuilding since 2022.
Started EQ 475 TU503 EX435
Currently I am at EQ 609 Tu 611 And EX 658
My credit card profile is as follows.
Opensky opened 2yrs 3months no late payments 209 out of 300 used
Credit One opened 1yr 11months no late payments 560 out of 600 used
Destiny Card opened 1 yr 6months no late payments 0 out of 300 used
Avant Card opened 9 months no late payments 0 out of 300 used
Prosper opened 3 months no late payments 350 out of 1000 used
Capital One Platnium opened 1month (new card) 400 out of 2000 used

I also have 2 student loans for 6k together that are reafirmed with the Aidvantage. Not sure if reafirmed is the right word. but is paid 4 months perfect and doesn't show any negative marks.
I have car I paid for a year and a half and paid off for 15k in 11/2023
And now have another car I have opened for 4 months with a 11k balance

I paid for deletion on 8 items and they have all been paid and deleted but I have one repo lease charge off with NMAC for 20k that I havn't paid back and have not yet attempted to pay for delete. DOFD is 2/2018 and is set to fall off next year.
Question, should i try to reach out and pay it off or should I let it fall off with out pay. And if DOFD is 2/2018 what are the expected dates of deletion for it? I did attempt to dispute it online and it came back verifed. I also tried calling TU to get a EE and she disputed it instead of a EE. I'm hoping to apply for a mortgage in fall of this year but should I wait? Any tips for EE? My DTI is 6% with my debt now. Any insight of what I should possibly do? Any advice is highly appreciated.

The first thing I'd tackle is your revolving credit. For optimal FICO scores, especially with the mortgage scores, you'd want to implement the AZEO method so that only one card reports a small balance.

With regards to the auto loan CO / Repo - are you outside of the SOL for potentially being sued for this debt ? I'd check that first before deciding what to do in terms of paying off.

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

JoeRockhead — Wed, 14 Feb 2024 19:26:29 GMT

@Rangel11984 wrote:
First time posting, but I have been on the forum for a while.
I had to relocate back to my state after I took a job in another state that didn't work out In 2017. And my credit took a horrible hit. I've been rebuilding since 2022.
Started EQ 475 TU503 EX435
Currently I am at EQ 609 Tu 611 And EX 658
My credit card profile is as follows.
Opensky opened 2yrs 3months no late payments 209 out of 300 used
Credit One opened 1yr 11months no late payments 560 out of 600 used
Destiny Card opened 1 yr 6months no late payments 0 out of 300 used
Avant Card opened 9 months no late payments 0 out of 300 used
Prosper opened 3 months no late payments 350 out of 1000 used
Capital One Platnium opened 1month (new card) 400 out of 2000 used

I also have 2 student loans for 6k together that are reafirmed with the Aidvantage. Not sure if reafirmed is the right word. but is paid 4 months perfect and doesn't show any negative marks.
I have car I paid for a year and a half and paid off for 15k in 11/2023
And now have another car I have opened for 4 months with a 11k balance

I paid for deletion on 8 items and they have all been paid and deleted but I have one repo lease charge off with NMAC for 20k that I havn't paid back and have not yet attempted to pay for delete. DOFD is 2/2018 and is set to fall off next year.
Question, should i try to reach out and pay it off or should I let it fall off with out pay. And if DOFD is 2/2018 what are the expected dates of deletion for it? I did attempt to dispute it online and it came back verifed. I also tried calling TU to get a EE and she disputed it instead of a EE. I'm hoping to apply for a mortgage in fall of this year but should I wait? Any tips for EE? My DTI is 6% with my debt now. Any insight of what I should possibly do? Any advice is highly appreciated.

I'd concentrate on getting the balances way down, or paid off on the Open Sky and Credit One accounts as the Credit One would be considered maxed out and the Open Sky needs to be under 50%.

You're likely past the SOL on the amount you owe on the Repo (but best to check your state's SOL if you haven't already) If you are past the SOL, I'd personally wait it out and let it fall off your reports before attempting a home purchase.

An EE is a dispute. It's disputed as being "too old" to report in accordance with each CRA's policy on EEs. TU will allow an EE up to 6 months early, EX is 3 months, and EQ is 30 days.

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

Rangel11984 — Wed, 14 Feb 2024 22:05:40 GMT

Thanks for the insight! Vehicle was leased in my previous state of Ohio so I think it's 6 years which would be completed this month.

As for the AZEO I should be good to bring it down to less than 10% in a month or so. Credit cards got used hard becasue wife's b day and Valentine's Day are on Feb and I can't just lump them together... I tried.

Also should I wait for them to fall off early next year or can I do something to get them off now or a few months from now?

Re: Asking for advice on a rebuild to try to get a mortgage.!!!

pizzadude — Wed, 14 Feb 2024 23:55:32 GMT

@Rangel11984 wrote:
Thanks for the insight! Vehicle was leased in my previous state of Ohio so I think it's 6 years which would be completed this month.
As for the AZEO I should be good to bring it down to less than 10% in a month or so. Credit cards got used hard becasue wife's b day and Valentine's Day are on Feb and I can't just lump them together... I tried.

Also should I wait for them to fall off early next year or can I do something to get them off now or a few months from now?

You should check the SOL for your current state of residence as I believe this venue is where you'd end up being sued most likely, under the statutes of your current state.