New to myfico- please help!!

[Anonymous]

Due to the economy, my parents lost their home. Since they have ruined their credit, I will now try and purchase a home with my credit... I purchased my report today and stated:

Score- 578

Collections- 1(b of a acct)$861 due to LVNV funding.

Paid off credit card acct to NCO Financial.

Six inquiries.. I know, I know! You guys all think I have jacked up credit but now it's time for me to step it up and help my parents out, now that we are.. Well kind of homeless.

So any advice on where to begin this new journey of credit fixing would be greatley appreciated.

[Anonymous]

Sorry to hear about your parents loosing their home. But unfortunately with your credit history, you will not be able to obtain a home loan especially in this economic climate. One of the main things to obtaining a home loan is having well established credit, collateral, and down payment. Do you have any active current credit accounts? How long is your credit history?

[llecs]

Aside from Chopbroccoli's suggestion, I'd recommend sending a GW to NCO to get them to remove the CA acct.

If you have the $$$ to PIF or SOL has expired on the BofA debt, then DV LVNV then offer a PFD for deletion if you agree with the DV results. If BofA is reporting too (looks like it could be with a score reporting, or you have osmething else on your reports), then don't touch that yet.

Finally, don't sweat the inquiries. They are overrated, IMO. I have 20-something remaining on EX. One member here has 70-something, and still could get credit if he wanted to. Just don't use that as an excuse to apply more, though.

BTW, Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

Message Edited by llecs on 02-18-2009 05:45 AM

[Anonymous]

I would also suggest getting your other report and score, if you can afford to,  Home Lenders will pull all three reports/scores to determine if you qualify and what the rate would be.  So you do need to know both of the scores you can purchase here, TU and EQ, and I believe you can still get the report for Ex, though you won't be able to get the score.  I think you can get it at Experian's website, though I'm not 100% sure on that. 

It is possible that one of your reports will have stuff on it that's not on the other two, and Lenders will use the mid score.  If you only pulled 1, it's possible that's your lowest, your mid, or your highest.

[Anonymous]

You can pull lyour report directly from Experian as I did just that today as I wanted to make sure we are still able to obtain our own reports.