So I want to buy stuff...

[Anonymous]

      Like a tractor and new house, in that order.  I have a mortgage now at 5.5 fix rate that has like 5 years of 30-90 day late payments, but none in the last year.  I also have a experian credit score of 601.  I have no credit cards and 1 car loan from ford nwith no late payments.  I am currently DV my only two collection accounts.   Please use full words because I am not at all versed in any of this stuff and I don't understand the abbreviations or how they appy to the conversation.

   So whats in you wallet of ideas?

[Mantis350]

@this is an extremely vague post.  If you have 5 years all filled with 30-90 day lates (especially 90) you will have a very tough time getting any new significant unsecured credit (especially if you're trying to obtain a new mortgage).  With that fist score of 601, I doubt you will obtain a better rate than 5.5 imo.  Do you have a copy of all three CB reports?  Please explain in more detail about you are trying to obtain.  A quick search on the fourms will have you well versed in all the acronyms used here. Also, you already have another post out there @ http://ficoforums.myfico.com/t5/General-Credit-Topics/Best-consumer-credit-services/td-p/3722560 that seems to state dissimmilar information.  

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@Anonymous wrote:

      Like a tractor and new house, in that order.  I have a mortgage now at 5.5 fix rate that has like 5 years of 30-90 day late payments, but none in the last year.  I also have a experian credit score of 601.  I have no credit cards and 1 car loan from ford nwith no late payments.  I am currently DV my only two collection accounts.   Please use full words because I am not at all versed in any of this stuff and I don't understand the abbreviations or how they appy to the conversation.

   So whats in you wallet of ideas?

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[Mantis350]

Looking over a few of your other posts, I recommend you browse the forums a little bit more on your own and look at some of the stickies.  There is a plethorea of information on these forums and you may pick so much more up by just searching and looking around.

[Anonymous]

Until those late payments get older or age off your credit report, your credit score will remain significantly impacted. With a poor score in the low 600 range, you will have a hard time qualifying for competitive interest rates. You might want to apply for a secured credit card to try and build your credit up. Now is probably not the right time for a new loan for a home or tractor. 

With your score, you are unlikely to qualify for a home loan. I am not sure about tractor loans, but if they work like car loans, you will have a hard time qualifying. For now, building your score slowly (will take some years) is probably the only option. If it was 1 or 2 late payments, you could have tried a good will letter to the lender asking them to remove it. With multiple lates, it is unlikely that the lender will remove the late payments from your report. 

If you have a spouse or parents with good credit, it might be possible to get the items if they co-sign (for a home they might have to take the full loan under their name). Co-signing a loan carries significant risks, so most people won't do it for you, but a spouse or parent might.

Finally, I am not very versed with mortgages and tractor loans. It might be possible (unlikely) to get them with your score, but even if it were possible, the terms would likely be bad. Your are looking at high interest rates and likely high equity requirements. Others might be able to give you more information about this, 

[RobertEG]

I would first clean up existing derogs, then obtain a credit card.

Check out the various methods, such as pay for deletion for unpaid delinquent debts, and good will requests for derogs on accounts paid or in good standing.

Perhaps start with a secured card

You really need to establish revolving credit to appease the FICO scoring gods.

The cleaner your report prior to applying for a CC, the better your chances and terms.

[Anonymous]

I do apologize if I am over posting. As I also regret if my details are either getting jumbled or mixed up. I wasn't sure what you meant by post seemed to be dissimilar.
I have been very fortunate that the fico community has been very supportive in helping me it's just at times I can't fully comprehend some of the answers I'm getting and I simply am trying to reword my questions to focus on specifics. Specifics that I might not be portraying properly to the seasoned fico community. I will say that I am learning a lot and I still can't tell how bad of a situation I am in. It seems that there must be some hope, my wife and I were approved to buy a ford focus last April. The best thing I have right now I guess is a low credit utilization. When tax returns come back I guess my first thing to do is shoot for a secured credit card. If I did two secured car with a 300 balance better than 1 card at 1000?

[mitchblue]

I don't know if its changed much over the past 15 years but some places can give you a house loan with a low score, but outrageous rates. But the late 90's are what will do you in.. 

[takeshi74]

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@Anonymous wrote:

I have a mortgage now at 5.5 fix rate that has like 5 years of 30-90 day late payments, but none in the last year.  I also have a experian credit score of 601.

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Hit the Rebuilding subforum and see what you can do to address those derogs.  Dergos will tend to hold your scores down as they tend to have the biggest impact.

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@Anonymous wrote:
When tax returns come back I guess my first thing to do is shoot for a secured credit card. If I did two secured car with a 300 balance better than 1 card at 1000?

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Hit the derogs first.

How many cards do you currently have?  If you already have 2-3 then adding a secured card isn't likely to help.  It's not about the number of cards or limits.  It's about these factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Payment History is the biggest factor which is why you need to address those derogs.

[coldnmn]

This may help going forward as a lot of people use abbreviations. As other people have posted read the forum for suggestions especially the rebuilding section as the lates are definitely going to hurt your chances. Good Luck!

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458