Please Someone Help!!! All advice excepted

[Anonymous]

Hello Guys,

I'm trying to buy my first home. I was told that my score was 590 and that I should look into credit counseling. I pulled up my credit report via Experian and deleted 7 in 2 weeks. I have 8 left. I'm confident I can remove 5 more by next week. Three will remain and all are student loans in ok status/ paid as agreed. I was lucky to get most of it deleted. Hospital very old stuff.

What do I do next? I'm thinking accessing Equifax and reviewing that information. Is it the same info? Will my score go up?

[Anonymous]

Also the Bank of America mortgage lender said he was confident I would get approved in 3 months and that was before all the deletions.

[Anonymous]

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@Anonymous wrote:

Hello Guys,

I'm trying to buy my first home. I was told that my score was 590 and that I should look into credit counseling. I pulled up my credit report via Experian and deleted 7 in 2 weeks. I have 8 left. I'm confident I can remove 5 more by next week. Three will remain and all are student loans in ok status/ paid as agreed. I was lucky to get most of it deleted. Hospital very old stuff.

What do I do next? I'm thinking accessing Equifax and reviewing that information. Is it the same info? Will my score go up?

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What Credit Reporting Agency did you pull? Transunion? I would do a pull of all three agencies, Transunion, Equifax and Experian, because each agency can differ in what they report. Also, I wouldn't put blind trust into your banker, if I was you. You should start by distinguishing trust from trustworthiness. Trust isn’t always valuable, since it may be badly placed. It would be foolish and foolhardy to trust banks when they don’t merit it. Trustworthiness comes first. Good luck!

[Anonymous]

That report was from Experian. I have 6 CA on Transunion. 3 are open and 3 are closed due to fall off this year and next year. The three that are open
1. School loan $2000
2. Hospital $300
3. Auto insurance $150

[Anonymous]

I was told 590 by the mortgage lender.

[Anonymous]

Same difference, if they work for BofA. Continue to do everything you can to clean up your credit. Don't rest until you have your mortgage secured.

[Anonymous]

Yeah that is what I'm doing. Thank you again for your help. Take care

[StartingOver10]

Getting your credit score to increase is really two parts:  fixing the derogatory items and getting new revolving credit lines. I see you are doing a great job of getting rid of the old charge off's. Go to the rebuilding section on this site and look for advice on which credit cards you need to pick up to establish good new credit so your score increases. You don't need a lot of credit 3 low limit cards paid on time each and every month with zero to low utilization will increase your score enough for you to get a good mortgage.

When you have the score you are seeking go to another mortgage lender.  I would re-consider going to BOA.  They do issue mortgage loans, but as a whole they are very conservative now and frustrating.  Stay away from the 'big box banks' and you will have a much better mortgage experience. Go to a lender that only does mortgage loans and you will have a better experience, There are many. Make sure the underwrite and fund their own loans. They are also called mortgage bankers or correspondent lenders,

[Anonymous]

Great. That was great advice. I'm very new to all of this so thank you for your help.

[newstart2010]

I started my journey much lower in scores than you and am about to close on our first home next month with scores in the 700's.  This can be done.  If I can lend a bit of advice...  When you get your first secured card (or 2) go for larger deposits.  Not only is it better to show larger amounts of credit available but if you do need to carry a balance for a month you will not eat up utilization so quickly witha larger start up amount.  Look at it as a marathon, not a sprint.  That secured amaount will be available to you again, so think of it as a savings.

Also, don't just try to get a mortgage asap.  You have already seen that things can change with your credit very quickly.  The last thing you want to do is get your score to 620, get saddled with a horrid rate and a huge downpayment, and find that you could have saved a ton of money with just 6 more months of waiting time.  Set a credit goal, read a ton in the rebuilding forum, work on getting everything done every day, garden, and celebrate by reaching your goal with shopping for a mortgage.  Don't just listen to the BofA banker.  You will find they are not usually as knowledgable about fixing credit the way people here are, and they just want to add you to their numbers asap.

Good luck!!!