Hello this is posted from another sub, but was told to ask here since my objection is a mortgage. First time home buyer, going to need my credit to pull through as my income is stated/self employed.
In advance, I really appreciate anyone giving some advice, it is imperative to me I make the right choice after coming so far. I think at one point my credit was 50x!
The road to rebuilding my credit has been pretty good but I need advice on what to do going forward now, as my Equifax is decent (hit 725 recently), but the other two are low. I want to have a good chance of getting a mortgage soon, once I have good income to show, and I don't think just Equifax will cut it. The reason being, my dispute efforts were most succesful with EQ. They removed all the bad accounts tarnished with lates and deliquencies, and all the open accounts are in good standing/no lates (except the BoA). I used that as a segway to open 8 new accounts, in the last 2 months and a total of :
Discovery 200 NEW
Capital One 300 NEW
Reflex credit 750 NEW
Self Credit card 200 NEW
First Digital 300
Applied Bank 200
---other products---
Cred AI 1500 NEW
Grow credit NEW
Grain credit 600 NEW
One financial NEW
Self reporting 200
BoA 43,000 balance (5 years old, current, but many lates)
I've gotten two big car loans (70k+30k at once, 128k at once) and they are paid off in full (128k is the one owing now 43k). I have lots of inquiries since I opened lots of new accounts and tried to trade the car in to have a new fresh loan (I got really bad approvals).
The glory from all the new accounts should boost me nicely, as I'm using them and PIF. However TU has 7 charged off accounts, and EXP has a total of 9. Exp is $16,500 total on the charge offs and TU is $8600. The charge off accounts are still about 80% on time, despite being closed when I lost my job and stopped servicing them (I kept my car). In a perfect world I would pay off the 16,500 (which if I run into money in the future and it makes sense I would). As a matter of what is most efficient in raising the lacking scores quickly, do the charge offs matter so much at this point, they show as "low impact" ? It's been over 3 years on most of them, but a couple are "affordable" to me, if I feel its worth it (One is $530 that is on both T+Exp for example). Or would you use my limited funds to increase Discovery and first digital upto 2-5k limit over the next few months? Which of the 2, or mix of the 2 options would take me to 700+ for all 3?
I think I've explained myself, but please feel free to ask for additional information. I paid off a $35 charge off on Exp today, and I'm hoping that demonstrates what kind of impact it would have but you guys seem to be loaded with XP points. Thanks again!
