From a 493 mid-score in September 07 to a closing February 08

[gps]

Thanks to the great advice and support found here, I improved my situation from a 493 mid-score at the end of September to a mid-score of 618 on January 2nd. I was pre-approved for a Fanny Mae/Freddie Mac mortgage on January 18th, received full commitment today, and will be closing next Friday. Purchase price $204,000.00, with a 5% down payment. Total down payment and closing costs (including escrows and 1.25points, $16,500.00)

I got divorced late in 2006, and my ex racked up some bills. A new girlfriend did the same. I didn't care about my own as well. I just never paid attention to my credit. When I applied naively for a mortgage in September, I was stunned at the mess, and got to fixing things right away.

At the time, I had 5 recent chargeoffs, 2 cards at risk of charging off, and multiple lates (2 accounts at 120.)

I went through a serious philosophical change; it was time for me to get responsible, take control, and improve things immediately.

1) Everything at risk of charging off, I paid current.

2) I paid off every charge off. (Total to get current was about $4,000. I make good money, so it wasn't tough.)

3) I sent goodwill letters to everyone, asking for charge-offs to be removed, for lates to be removed, for inquiries to be removed, etc.

... and when I got the standard form letters, I rewrote my goodwill requests, and sent them again.

Right now, 3 of the chargeoffs were deleted, most of the lates were removed, and I have just 2 inquiries on each of my credit reports.

I probably spent $50 in postage - I didn't go the agressive PFD/certified mail route; I simply asked for kindness since I wanted to buy a house. And when I got a no, I asked again. And again. And again.

In all, I had 4 accounts improved to remove all lates, the 2 most recent 30 day lates removed from my car loan, and 3 chargeoffs disappeared.

By January 2nd, my closest baddy was the two chargeoffs, paid off in Oct 07, and 3 30 day lates on my auto loan, the last being May of 07.

I'm getting a house, and I've got a new focus to keep things current and paid down. Life is good!

Message Edited by gps on 02-20-2008 11:22 AM

[Anonymous]

It's so great to hear stories like this!!  Thanks for sharing!

Give us some details about your new home (no, not the address) ...

ETA:  I suggest you re-post this on the General Credit board because a lot more people will see it there.  Let me know if you want me to move it there.

Message Edited by masdeocho on 02-20-2008 02:44 PM

[sunrise]

gps.....WTG!!! 

[LuvsRetro]

This is so touching, congratulations!!! 

Persistence pays, and so does the willpower to keep going after you have been knocked down!

Pass this post on to those of us in the same situation!

Message Edited by teamfico on 02-20-2008 03:20 PM

[fishbjc]

Simply Amazing!  So Happy to Hear how MYFICO helped change your credit worthiness!

[ShanetheMortgageMan]

Congrats!!

[gps]

Feel free to move it, sure.

Well, our new house is a small (1100 sf) cape in New England, it has 4 modest bedrooms, living room with fireplace, and kitchen / dining area that is long enough to feel like a separate dining room.

It sits on roughly square 1.4 acres, and although it looks like a home your grandmother might have kept, it's also in pristine condition because it wasn't worn out by a large family or large pets. All white with black shutters, and a blend of old / new construction (plaster on the first floor, drywall construction for the two second floor bedrooms.)

The land is graded on the one side closest to the boundary line to make the basement a walk-in.

Detached two car garage with remote door, and rose garden/planting bed on the side near the house. There is also a cultivated garden area on the far left/back side with a two year old 10x12 gardening shed.

It's entirely residential, but a 2 minute walk for my younger son to his school, and a 10 minute walk for my older son to the high school. Behind the property is  75 acres of town owned conservation land.

It has plenty of room for us right now, and room to renovate and grow.

[Anonymous]

This is an awesome story -

Congrats-

Very nice work-

[Anonymous]

Oh gps! What a lovely story! A true rags-to-riches tale!

And I'm sure it's a fairy tale come true for you! WTG!

Super congratulations. Your new home is so wonderful. You paint good mind pictures!

I'm so happy for you, this made my day!

[Anonymous]

Beautiful story (and house)

Congrats!!!! Thanks for sharing.