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Hi all, I don't want to make this as long as it really should be.
We are going through a FEMA buyout on our current house/mortgage due to hurricane harvey being the 7th flood. The delays from working on the government's timeline has put us in a serious situation. We were under contract and in order to save it, and all of our earnest money, we signed a temp lease with the seller of our new house. We were approved through UW and all set, and then months and months of delays has caused our credit reports to expire so LO said he needed to run again. We did not expect that and have been financially strapped due to unrelated issues (gaining custody of 2 kids and still paying $1000/mo in child support being one of the major issues which as of today is now resolved, and paying utilities on two houses), so we had been relying on our existing credit to help us stay afloat. It turned out that my husband had two scores (TU & EX) drop to 618 (we needed 620), and EQ much lower like 580. So, in our rebuilding experience previously, 2 points was NOT a difficult jump therefore we thought this would a simple resoultion.
LO's simulator said we needed to pay off our 2 lowest balances, which we did. Then there was an issue with the quick rescore and/or EX not reporting the balance as 0. That took a week to sort out. He ran our credit again, and neither 618 score moved. So then LO's simulator told us to pay down a chase CC by half, which we did as well. Today LO got a notification that they were updated so he ran the reports again. TU went to 625, and instead of EX increasing, it dropped to 605. LO escalated with factual data and just heard back: apparently today, November 1st, EX changed their scoring model which caused the score drop.
We have been under contract since June, and the seller has been extremely understanding about our buyout situation not going as planned and it being beyond our control. But we've been extending our lease for 3 months now. Tomorrow we will have to ask for another extension.
At this point we are so defeated.
We are running out of time, money, and options. I don't know that I have 100% faith in LO's simulator seeing as how the first payoffs didnt do anything. His utilization is high, but we cant realistically pay everything off right now. What would be a good first step...paying all down a bit, or trying to get one paid off completely?
Please help! So desperate
ETA additional info for him only as my #s are still good
His take home is ~$1400/week and I don't know if this is relevant but every few months he may have to go offshore for a week or two, in which those checks wind up being ~$3200/week.
account | balance | limit |
lowes | 5156.48 | 6000 |
best buy | 2873.99 | 3000 |
freedom | 2809.84 | 3000 |
amazon | 2078.49 | 2200 |
slate | 588.99 | 1200 |
care credit | 908 | 6000 |
kay jewelers | 0 | 4800 |
acu | 0 | 1000 |
home depot | 0 | 500 |
loan | balance | payment |
nissan | 25469.37 | 526 |
chase auto | 19368.98 | 383.14 |
credit union loan | 3957.85 | 161 |
Good luck with everything and sorry for your unfortunate circumstances. Hopefully one of our knowledgeable contributors chimes in here shortly. Helping the thread stay fresh.
Goodluck again,
JC
@CreditInspired wrote:
We need more info.
Number of CCs, including loans.
CLs and outstanding balances.
Loans and outstanding balances.
Vehicle(s) monthly payment.
Income
Edited original post with requested info...thank you!
Not enough info to help you. What is your current DTI? Or answer these questions:
PITI payment?
Sales price?
Loan Type?
How much in funds do you have available if you have to scrimp to knock down the balances?
Mortgage scores react to utilization and number of cards reporting a balance. I can see where just paying off the two small ones did not do anything as far as crossing a threshold on utilization.
Aim is to get overall utilization to UNDER 28.9% of your total credit line, and reduce at minimum less than 50% of cards reporting a balance.