Help Me Fico Friends

courtney091082 · ‎01-30-2008

Here goes, My credit scores (really bad)

EQ 516

EX 567

TU 540

I need to get my scores to a 620 for mortgage purposes

I have NO revolving credit...

all cc I had went into collections, never had a loan, no student loans, and my landlord doesn't report our rental history

I have sent 7 PFD letters and 1 GW letter ( all debt from 2005 and earlier)

I called EQ and got my DOFD and DOLA on my collection accts

Most won't drop off until 2012, but I have a few that will come off end of 2009-2011.

So how can I get my ficos up, goal is to have a 620 by end of the summer if possible so about 6 months... might be impossible, but I am going to try!!!

I applied for the BofA secured card today...sent check for $500 and app in the mail this morning.

What is my next step....just send PFD after PFD...should I open another secured card? I can't get an unsecured, already tried..trying not to lose hope

Thanks for any replies I get..I am really desperate lol I want to be a home owner!!

Courtney

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)

Anonymous · ‎01-30-2008

hello, you are on the right track. You def need some more cc's, even if they are secured. Keep charging little things on them and pif every month. do not be late!! You should see a score increase by summer if you start now. good luck and remember...dont be late! I learned the hard way!

courtney091082 · ‎01-30-2008

Thanks for the reply, I am going to apply for the wells fargo secured card too, I saw on their site that after 12 mos they can change it to unsecured as well...

What do you think about getting a secured loan too, through my credit union? I plan on making a call to them tomorrow...

Thanks

Courtney

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)

courtney091082 · ‎01-31-2008

To those with scores that can't get unsecured cards or loans...I did end up calling my credit union this morning and they will get me a secured loan without even pulling my credit at all!! And, I am getting a secured cc too...so there is hope for my fico scores to move up after all

If you have low scores like me 500's this is a good option!!

Courtney

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)

Anonymous · ‎01-31-2008

courtney, it most definitely IS a good option! Well Done!

There's soooooo many good things to be said about joining a CU.

Congrats.

Anonymous · ‎01-31-2008

what credit union did you use? i tried to get a loan through sound credit union and was denied.

i am new to this forum as well. it is very informative.

tu666 exp 657 eq 568

courtney091082 · ‎01-31-2008

Mine is BNSF credit union I live in Texas...I just called the lady that does loans and she said it wouldn't be a problem...I asked her how secured loans work, and asked if she would need to run my credit she said no. I told her my scores upfront, I was honest mine are really low and I need to improve my credit, she said if I would put 1000.00 into savings, 1000.00 into CDs, then they would approve me for a savings secured loan of 1000.00 and a secured credit card of 1000.00. I am going in tomorrow morning so I will know more then.

Courtney

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)

courtney091082 · ‎02-01-2008

Just got back from my credit union..as my previous posts said, I am trying to get my credit scores up so I went for a secured cc and secured loan to start building some credit since my fico scores are all really really low.

Here is my update:

I applied for a secured loan $1000 with interest when I finish paying it in 12 mos I only end up paying $1020...I thought that is a fantastic deal...helping my credit and paid only $20 to do so!!! Of course I put $1000 in savings to secure the loan.

Next, I applied for the cc, the interest was only 14% and I thought that was much better then any company could offer me. They will change it to unsecured when my fico scores hit 600, I secured the card with $1000 in a cd, Plus no annual fees!!!

I finally feel like I am on the right track...now hopefully I can get good PFD response has 7 of those babies out there!!

Courtney

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)

Anonymous · ‎02-01-2008

I found that the secured installment loan did very little to improve my credit scores. Getting ccs and clis seems to have the most dramatic effect when your negative history is mostly charge offs.

Anonymous · ‎02-01-2008

You might want to check with others but 680 is now pretty much the minimum for mortgages.

620 was pre subprime meltdown.