Denied from FGMC because of credit

[mzchell06]

They never did a judgement. I saw that the SOL for my state is 3 years

[Catacam]

You can also try First Mortgage Corporation. That is who we closed through. FMC was nice because they didn't require reserves.

[mzchell06]

Thanks Catacam..Congrats on your new home.. I was following your posts earlier.. Ill try them in August when my 90 day late is 1 year old. I should also have more money saved too. Did you have any unsettled accounts? Im going to see if the other 2 collections will do a PFD. I keep stressing on this repo.. Not sure if I should do a settlement for it or not.

[Catacam]

Yes I did. I had a few charge off's on small limit credit cards and about $3k in old medical debt. They did not require any repayment, but I did have to write LOE's for everything on my credit reports. One note about FMC, they are very slow. Initial UW was like 15 days and probably 10 days for UW after conditions were met. But overall, it was a great experience. My midscore when we were approved was 593.

[mzchell06]

I was able to get one of my collections to agree on a PFD that I will be doing today. So I'm down to 2 collections unpaid including the repo. I did notice on my report that the repo is reporting a 0 balance. I'm not sure if I can do FMC as I didn't see a branch in my area. I'm on the east coast in Maryland.

[NyaBuksh]

@Catacam

 Does FMC lend outside California? I am in Maryland.

[Juss11]

That repo wont fall off when the SOL expires. The SOL just means they can no longer sue you, over the repo once the SOL runs out. That repo is on your report for 7 years from time of last payment. Infact I think it can stay on for another 6 months after the 7 years runs out. For sure you need more credit. Maybe try for a store card or somthing. With your scores you may beable to get a walmart card. They pull TU almost always. Whats your TU score? My wife got her card wih a 620 and two collectioins one of them was for $5,000 she had at the time. Goodluck.

[mzchell06]

Thanks Juss. I just got another card through Capital One this week. I was thinking about applying for the Walmart card too but didnt know if I should wait.

[mzchell06]

Oh and it was for 500 credit limit unsecured. Any advice is appreciated if I might need another.

[Juss11]

Well if you got the walamart card would probbaly start you for less than $500. So your probbaly good. Congrats on the Cap one card.