Advice on rebuilding for buying a home

[medicgrrl]

The collection with Progressive may have been sold or given back to Progressive. I would call them and inquire about that.

Your collection with Time Warner is already updated recently and is unpaid so it's already hurting your scores and can't really do much more damage than it is since it's in collections. I would work on a pay for delete on that. Definitely get everything in writing.

Cap1 is hurting your scores because it's unpaid therefore being calculated into your utilization. This is the account I would work towards paying first.

Did all of the accounts go delinquent in 2012? If you haven't already, go to annualcreditreport.com and get your free credit reports. This will show you everything that's being reported, including when accounts are scheduled to be removed from your credit report.

[StartingOver10]

medicgrrl is right. If I were in your shoes, this is what I would do:

• Get organized first. Put together a file folder starting with your credit reports from www.annualcreditreport.com - all three reports. You may have different info on each report or they may have the same info. 
• Start working on the PFD's (pay for deletes) right away. Keep a record of every contact you make with the creditor(s)
• Some people use electronic folders - others use paper. Use what you need to use to keep accurate records for the long term.
• Start adding a couple of tradelines - you may need to have a secured credit card in the beginning.

A mortgage lender wants to see at least 12 months of no late payments. Some mortgage lenders require a minimum of 3 tradelines (could be credit cards or installment loans) for at least a year. Not all lenders have this requirement.

Mortgage lenders use a different FICO score - they use the scores below (see this thread: http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...) here are some highlights from that thread:

The FICO scores used for mortgages

• Equifax Beacon® 5.0

• Experian®/Fair Isaac Risk Model V2SM

• TransUnion FICO® Risk Score, Classic 04

These are sometimes listed on the tri-merge mortgage report as follows:

• Equifax/FICO classic V5 FACTA
• Experian/Fair Isaac (Ver. 2)
• Transunion/FICO Classic (04)

Note: they have been commonly referred to on the myFICO forums and elsewhere as:

• EQ 04 aka FICO 5 (on the myFICO report)
• EX 98 aka FICO 2 (on the myFICO report)
• TU 04 aka FICO 4 (on the myFICO report)

Some Differences from FICO 8

http://ficoforums.myfico.com/t5/Mortgage-Loans/Mortgage-FICO-much-lower-than-FICO-8/m-p/4733536/high...

[Anonymous]

Wow! Ok got it!!!! I'll go and get my credit report from annualcreditreport!! Lots of helpful info. Glad I found this place

[medicgrrl]

Come back and ask any questions you may have after looking over your reports.

[Anonymous]

Ok I will for sure because I'm sure I'll have many many!! I'm at work now but will see if my wife can do it or we will do it once I get home!

[Anonymous]

Question: on my capital one what is the best way to go about that one..because I'm a tad confused. It was a secured card....i know I know and I messed it up.
So I paid 200 deposit but they took it when the account was closed. So it says I do not owe anything?..im confused how I could even get them to work woth me on anything of removal etc.

Also do you guys reccomend any other good secured cards?...should I pay debt off before going for more secured cards for credit lines?
According to cr edit karma(I know those numbers aren't exact but shows transunuion 591 and Equifax 580

[Anonymous]

Also...i managed to get myself removed as an authorized buyer on the past due accounts that I was on. But will it still show on my credit for the ones that were late?..or should I send a dispute it for not being responsible for it.

[rmduhon]

Depending on who the cards are from the account will either be deleted on the next reporting or listed as terminated/closed with a zero balance. If they still show as open with a balance or with the latest after the next update then you can dispute them as bit being responsible. If the Cap1 is showing a zero balance and you haven't paid/settled the balance then it has mist likely been sold to a collection agency.

[Anonymous]

Ok so I just need to figure out what agency and settle woth them right? Got it.. So should I focus on paying the debt off before trying to open any new credit lines?
I know secured are the only ones I'll be able to go for. I am just a little scared to even apply for a secured because I don't want to be denied.

[medicgrrl]

What exactly is Cap1 reporting on your credit reports? $0 balance and Charge Off?