lucky you. i am pulling hair on what to do. Its already bad enough I am pregnant.
Starting Score: 565
Yep it was our mistake for telling our landlady we were purchasing another property too. When I was out looking for a home and then putting an offer in and signing a contract on another house, my landlady was blowing up my phone with calls/text messages and sending email after email saying, "Are you ready to move forward with the house? If so, please sign the attached buyer's agreement and I will get someone over to repair the kitchen faucet...blah blah blah, please get back to me ASAP because I HAVE TO close by the end of Feb." I blew her off by ignoring her messages for almost two weeks, I felt I stalled as long as I could when my realtor told me I had to give her proper notice to vacate, otherwise she could charge me for another month's rent. So I gave her proper notice and now she wants me out whether I closed on the house or not by Jan 31st or she will move to evict. You can win for losing!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13!
Jordan, you are so lucky to have a property manager between you and your landlord...it keeps the landlord from stepping out of line.
Jadeite, congrats on the baby on the way! If you can get your utility down to 7%, your scores should see a nice boost. It might be enough to give you the 6pts you need. Also, inquiries don't affect your credit as much once they are 1 yr old so if you have any inquiries getting to close to the one year mark, you should see a slight boost in your scores there as well. And, I wouldn't cancel your new cards once you get a mortgage. More credit cards doesn't necessarily mean more debt. Just use them for things you normally pay cash for and don't use your checking/debit account for those expenses anymore. Your checking will build up to the amount you owe on your credit cards as your pay checks are deposited and when your credit card bills become due, use those extra funds in your checking account that weren't used for the month as you paid your expenses on credit and pay in full...and viola! No debt! I plan to get 2 more cards, an AMEX and discover 6-12 months after closing. My goal is to have $15K-$20K available credit with 5 cards. Lastly ask if the 5% in closing costs and your downpayment will be rolled into a 2nd mortgage through the T-5 star program. If that is true you would only need earnest money required to make an offer for the property and to pay what is remaining in closing costs. Your earnest money will also be applied to your closing costs.
Jadeite, congrats on the baby on the way! If you can get your utility down to 7%, your scores should see a nice boost. It might be enough to give you the 6pts you need. Also, inquiries don't affect your credit as much once they are 1 yr old so if you have any inquiries getting to close to the one year mark, you should see a slight boost in your scores there as well. And, I wouldn't cancel your new cards once you get a mortgage. More credit cards doesn't necessarily mean more debt. Just use them for things you normally pay cash for and don't use your checking/debit account for those expenses anymore. Your checking will build up to the amount you owe on your credit cards as your pay checks are deposited and when your credit card bills become due, use those extra funds in your checking account that weren't used for the month as you paid your expenses on credit and pay in full...and viola! No debt! I plan to get 2 more cards, an AMEX and discover 6-12 months after closing. My goal is to have $15K-$20K available credit with 5 cards. Lastly ask if the 5% in closing costs and your downpayment will be rolled into a 2nd mortgage through the T-5 star program. If that is true you would only need earnest money required to make an offer for the property and to pay what is remaining in closing costs. Your earnest money will also be applied to your closing costs.
Well I just got off the phone with Sallie Mae, comes to find out they had my corrected documents since January of 2011. I told them since my last date of attendance from school was later and that those 3 late payments were an effect of the university sending them the wrong graduation date and that I was never sent my first payment notice I should not be penalize for 3 late payments. I had been sending them emails, etc. for almost 2 years. So the rep stated she will send the request and corrected info to the processing team and that it should take 10 business days. I hope they take them late payments off so instead of 9 positive accounts it will go to 10 and 2 negative accounts. I told them this is hurting my credit score. Not my fault. I been paying on that loan on time since 2011.
Are you in CO?
@MovingForward_2012 wrote:
Agreed. You need to get a couple more credit cards. Is your landlady decent? Ours isn't and we have never paid her late in the 3 1/2 years that we have been here. We are also renting month to month since May and when she found out that we aren't buying her home, she sent us a notice vacate by Jan 31st or face eviction. Find out the laws in your state regarding renting month to month and how much notice the landlord has to provide if she wants you out. Where I live, it is 10 days so we are in trouble. Loan is still in UW and we need to close by the end of the month. Not sure if we are going to pull if off so we hired an angry lawyer that is coming over to the house on Friday to get info and take pics. He is going to start sending our landlady nasty grams. So be careful on a month to month lease. Get a couple more cards and keep the Utl down and see where you are in 3 mos. You'll get there. I know it can be a slow go. You might want to see if you can get a 6 month lease to protect yourself. If you stay month to month, be sure to give her the amount of notice required by your state to move or she can sue for an extra month's rent. So just be very aware of the little protection you have when renting month to month. Best of luck to you.
Yes I am in CO. :-)
Jadeite, good for you! I expect that will improve your score as well! Please keep us updated on your score improvements. If you are only 6 pts away, I suspect that you will be able to move forward with your loan soon. :-)
Jadeite, good for you! I expect that will improve your score as well! Please keep us updated on your score improvements. If you are only 6 pts away, I suspect that you will be able to move forward with your loan soon. :-)
@MovingForward_2012 wrote:
Yes I am in CO. :-)
Jadeite, good for you! I expect that will improve your score as well! Please keep us updated on your score improvements. If you are only 6 pts away, I suspect that you will be able to move forward with your loan soon. :-)
Do you mind if I PM you about CHFA Homeopeners Plus Program. I don't want to jacked up the thread 
I applied for a second credit card for people with fair credit. Well I was denied. So it put a second hard inquiry on my credit report which dropped my score. I will just stick with only one credit card. Lesson learned.
Of course mama-j, send me a PM. :-)
Jadeite, why didn't you apply for either a Capital One Cash Rewards Card for average credit or the Capital One Classic MasterCard? I am certain you would be approved for one of those and the Cash Rewards card give 1% cash back on every purchase and a 50% cash back bonus on the Cash Back earned over a year. Like I said earlier, I earned over $90 cash back since July and Capital One will cut you a check for the cash you earned that you can deposit into your banking account or you can apply it towards your credit card balance or use it in the FlexPerks store for gift cards or other things there for sale. You can cash out on your balance at any time plus there is a 0% introductory APR for the first 6-8 months. I still had a Chapter 7 AND 13 on my credit report when I applied in July and I was instantly approved! I still have the 7 on my reports and it will fall off Aug 2013 and the 13 fell off in Oct 2012. I highly recommend applying. I use it for all my everyday expenses like gas, groceries, and most bills then I pay in full every month. I got an initial credit limit of $2000 and I just got a $500 credit limit increase this month.
I wouldn't apply for cards that Credit Karma or Credit Sesame recommends because they base their recommendations on FAKO scores which are fake and they don't mean anything as 90% of lenders use fico scores.
Be sure to apply for green Cash Rewards card for AVERAGE credit, which includes a $39 annual fee. My annual fee has already been paid for with part of the cash back I have earned since July. There are two options on their website, one for excellent credit and one for average credit so be sure to click on the one for average credit.
Jadeite, why didn't you apply for either a Capital One Cash Rewards Card for average credit or the Capital One Classic MasterCard? I am certain you would be approved for one of those and the Cash Rewards card give 1% cash back on every purchase and a 50% cash back bonus on the Cash Back earned over a year. Like I said earlier, I earned over $90 cash back since July and Capital One will cut you a check for the cash you earned that you can deposit into your banking account or you can apply it towards your credit card balance or use it in the FlexPerks store for gift cards or other things there for sale. You can cash out on your balance at any time plus there is a 0% introductory APR for the first 6-8 months. I still had a Chapter 7 AND 13 on my credit report when I applied in July and I was instantly approved! I still have the 7 on my reports and it will fall off Aug 2013 and the 13 fell off in Oct 2012. I highly recommend applying. I use it for all my everyday expenses like gas, groceries, and most bills then I pay in full every month. I got an initial credit limit of $2000 and I just got a $500 credit limit increase this month.
I wouldn't apply for cards that Credit Karma or Credit Sesame recommends because they base their recommendations on FAKO scores which are fake and they don't mean anything as 90% of lenders use fico scores.
Be sure to apply for green Cash Rewards card for AVERAGE credit, which includes a $39 annual fee. My annual fee has already been paid for with part of the cash back I have earned since July. There are two options on their website, one for excellent credit and one for average credit so be sure to click on the one for average credit.
By the way, if you hurry and apply now, the second and third inquiries will count as one as far as scoring goes. So I would apply ASAP. I had 4 inquiries on my credit report when I apped for mortgage preapproval with the second lender and had no problems getting preapproved. I now have 5 inquiries. 2 of my inquiries were for a credit card through Chase and I got approved on 1/10 for the Freedom. The Freedom is for excellent credit and you should have at least 2-3 years of history on one of your cards and low utilization before considering applying. I was given the 7-10 day message when I applied for the Freedom and called them and found out I was denied. At that time I asked for a reconsideration and was recommended for approval but it then had to go to another department for final review. I had to fax in a copy of my SS card and proof of address. I apped for the Freedom on 12/22 and was approved on 1/10 after reconsideration and my Freedom card is on its way in the mail! So I HIGHLY recommend you call the bank that denied you the card and ask for a reconsideration. If you're denied after reconsideration, I highly suggest applying with Capital One for their Cash Rewards card for average credit as I think you have a very good chance of getting approved.