Mortagage in about 6 months!!

[dallasjetfan]

Do I need to get my credit reports now to see what I have on my CR's?

[sunrise]

Ummmmm...YES!  Always be prepared and give yourself time to remove any inaccurate info on your CR.  I pulled all 3 CR's in Nov. (going for a mtg. in Mar) and I had a collection on my reports that I had NO idea was on there...now I am running out of time to get this taken care of!!!  If they come out clean...continue checking them monthly until you go for the mtg.  Best of Luck!!

[MidnightVoice]

Yes.  Yes.  Yes.

Get all three from the CRAs and see what is there.  And get some idea of your scores.  Essential

[dallasjetfan]

Ok, here is my credit history. I have 6 negative items being reported on all 3 CRA's.

Negative:
BK--10/2005
First Premier C/O--4/2003 (included in BK)
Providian C/O--12/2002 (included in BK)
TU Electric--9/2004 $945 (included in BK)
TU Electric--2/2004 $887 listed as payment after C/O (in BK)
TU Electric--2/2003 $787 listed as payment after C/O (in BK)

Positive:
Juniper--2 months old
Walmart--2 months old
Hooters--3 months old
Capital One--4 months old
Care Credit/GEMB--9 months old
Orchard Bank--13 months old, but closed in October 2007
Capital One Auto--21 months old

I also have a student loan that was in default, but is now being paid on and is not listed on any reports. Other than paying on time and letting my accounts age, any suggestions on how to improve my scores?

[sunrise]

What are your FICO scores?

To keep scores HIGH..keep your util on your cc's under 10% 

Why was Orchard closed in Oct?

Any baddies since the BK?

[dallasjetfan]

I have not check my scores in the last 4 months. They were TU=618, EX=655, EQ=653. No baddies since BK. UTIL is about 60% total. Orchard was closed because they wouldn't upgrade me from secured to unsecured. Should I go ahead and check my scores too?

[sunrise]

Yes, check your scores.

Make sure you get FICO scores...not FAKOS!!  The best place is here @ myfico to be assured they are FICO.

Get those cc's paid down to under 10%  You will see a nice jump in scores...BTW...your scores weren't too bad 4 months ago. 

You might want to wait for a post from ShanetheMortgageman...he can help with other info that will count when going for a mtg.  (Such as DTI, etc) Credit Scores are just part of it!

Who closed the Orchard card?  It had a nice history (age since BK)  You might want to make sure your scores didn't take a ding when the card was closed in Oct.?!

[dallasjetfan]

I closed Orchard Bank.

[sunrise]

Does it show "closed by consumer" on your report?  Or, just "closed"?

I think you are o.k. with either of the above "closed" options.  As long as it doesn't say "closed by credit grantor" or something similar.

The reason I mention this is because you closed a positive tradeline.  It can (has been known to)cause a ding (temporary) in your credit scores. 

Also, I have read on these forums (and been advised) that paying off half of your tradelines will also help give you a boost in scores...but make sure you have the other half under 10% util!!  I will look for the link so you can read it.

Did you get your FICO scores?

[ShanetheMortgageMan]

---

dallasjetfan wrote:
Ok, here is my credit history. I have 6 negative items being reported on all 3 CRA's.

Negative:
BK--10/2005
First Premier C/O--4/2003 (included in BK)
Providian C/O--12/2002 (included in BK)
TU Electric--9/2004 $945 (included in BK)
TU Electric--2/2004 $887 listed as payment after C/O (in BK)
TU Electric--2/2003 $787 listed as payment after C/O (in BK)

Positive:
Juniper--2 months old
Walmart--2 months old
Hooters--3 months old
Capital One--4 months old
Care Credit/GEMB--9 months old
Orchard Bank--13 months old, but closed in October 2007
Capital One Auto--21 months old

I also have a student loan that was in default, but is now being paid on and is not listed on any reports. Other than paying on time and letting my accounts age, any suggestions on how to improve my scores?

---

Since the derog items were IIB then the BK trumps all of those other items.  I would see about getting those electric items fixed so they report correctly, for a mortgage you don't want to have any negatives reporting after the BK (even if the account says it was IIB).  The student loan payment would be included in your debt to income (DTI) ratio for the mortgage.   Like sunrise has asked, have you ordered your FICO scores from myFICO.com?

What is the sales price range you are looking in?
How much is your income?

How much are the payments on the Cap 1 auto loan, student loans, and other credit cards?

Do you have any reserves/assets (savings/checking, 401k, IRA, mutual funds, stocks, CD's, etc.) and do you plan on putting any money down on the home?