No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Nobody responds when I post. Yet when I read others' posts it's encouraged to ask for help. Am I missing something? Breaking a rule?
What help are you looking for ?
I agree that there are certain posts that get tons of responses and then others that get none. It's almost like if you just put the word Navy in the subject line, you'll definitely get a response!
@BmoreBull wrote:
You’re not breaking any rules. Some of us that are newer here, myself included, try to let some of the more experienced users answer some of the harder questions. I personally wouldn’t want to give bad or misleading advice. Also, some issues I just don’t have experience with( bankruptcy, student loans, et al), so I don’t comment. There’s no shame in bumping your post if you don’t receive an answer. Sometimes there are so many posts, yours may get pushed down or passed up. Please don’t be discouraged to ask for help. There is almost definitely someone here that has experience with whatever issue you have.
OK thanks. I just wanted to be sure I wasn't crazy. What you said makes sense. And I need to get my head around how many posts are in this forum.
@Red1Blue wrote:What help are you looking for ?
Oh bless you. I just want a hint and indication of what my next best move is. It's hard to get across how important it is that I can fix my credit. I don't want to sound melodamatic so I'll leave it there but its a big deal. I can't face more beatdowns in life.
About 2 weeks ago I figured out that I was wrong about how credit scoring works and that there were things I could do to improve my score. So I rescued an Amex CO and got set up with the Optima card application, paid off all of my revolving debt to zero (my uilization was 133%), and faced my student loan situation...well, almost. I'm waiting to set up my payment until I get everything else set in motion, but I've made a budget and set aside $1000/month for it. I am also paying off a very high interest loan on Friday. It is reporting pays as agreed but the interest rate is outrageous.
By next Friday I'll have paid off around $6000 of debt and charge offs in the space of three weeks.
I have the below negatives left. I know I'm going to PFD the first, but I don't know what to do about the other two. After paying off what I already have, I don't have the money right now to settle these two.
Affirm--$314, will offer PFD
NCFU--NetCredit
$6690
Charge Off around 09/2018
Says it has been ASSIGNED to an attorney, collection agency, or credit grantor’s collections department and “Purchased by another lender.”
BBVA USA
$5260
Charge Off around 05/2019
Says ‘unpaid balance reported as a loss by credit grantor.”
Vehicle sold September 2019 per CarFax report. No letter about deficiency, but did receive some letters stating an intent to sell the vehicle to recover losses.
What is the best move? If I had another $11k and magically paid off the last two negatives, then what? How do I increase my score once the ship is stabilized? I want to qualify for a FHA loan in 12-18 months.
BACKGROUND
Thick/dirty/120 days past due/AAoA 45-51 months
*these scores were before paying all of my revolving debt down to zero yesterday. Utilization was 136%.
FICO8
EQ 567
TU 589
EXP 561
Mortgage/FICO2
EQ 594
TU 552
EXP 574
ACTIVE ACCOUNTS
Thank you. I've tried before and gotten confused and discouraged. I'm not perfect, but if I know what to do, I'll do it.
@Anonymous wrote:I agree that there are certain posts that get tons of responses and then others that get none. It's almost like if you just put the word Navy in the subject line, you'll definitely get a response!
OMG to the LOL. You are so right. And go Gators!!!!!
@SedimentaryRock wrote:
@BmoreBull wrote:
You’re not breaking any rules. Some of us that are newer here, myself included, try to let some of the more experienced users answer some of the harder questions. I personally wouldn’t want to give bad or misleading advice. Also, some issues I just don’t have experience with( bankruptcy, student loans, et al), so I don’t comment. There’s no shame in bumping your post if you don’t receive an answer. Sometimes there are so many posts, yours may get pushed down or passed up. Please don’t be discouraged to ask for help. There is almost definitely someone here that has experience with whatever issue you have.OK thanks. I just wanted to be sure I wasn't crazy. What you said makes sense. And I need to get my head around how many posts are in this forum.
Well, right off the top you could GW attempt the Discover late payment, but that isn't hurting too much at this stage. The PFD attempt with the Affirm will help too.
Bottom line is, regardless of when you are looking to do it, you will need to handle those charge offs. Having that much outstanding debt will be a non-starter with FHA loan. Perhaps contact the OC and see who has the debt currently and work with them on a settlement?
You don't need a clean file for FHA, I closed with a paid 8k collection showing and a paid tax lien. I was able to get my scores up to average 640ish initally, and then made a last push at the end to get them higher. With the time frame you're looking to do this in, you should be good to go if you just figure out the best way to handle those COs
I wish you luck. The reason replies have been slowish is some accounts, like collections have pretty defined resolutions but charge offs can prove tactically difficult.
-scott
Thanks, @rckstrscott. It's super helpful to hear from someone with experience preparing for an FHA loan. I guess I'll work on them one at a time. I have a decent income but I need to be paying my student loans and saving my down payment also. But just knowing there's a way out gives me back all the hope I'd lost. So we're cookin' now, and I'll find a way.
@SedimentaryRock wrote:Thanks, @rckstrscott. It's super helpful to hear from someone with experience preparing for an FHA loan. I guess I'll work on them one at a time. I have a decent income but I need to be paying my student loans and saving my down payment also. But just knowing there's a way out gives me back all the hope I'd lost. So we're cookin' now, and I'll find a way.
For more encouragement, my first home purchase was FHA and I am now on my second home purchase, this time conventional with a mid-score of 770. I close Tuesday.
When I purchased my first home in 2012, I started in October 2010 rebuilding my credit. 30 collection accounts. A tax lien. A repo. An eviction judgment. Between Nov 2010 and March 2012 I was able to get my scores from 400s to mid 600s, and then up to 711 for the actual purchase.
It took work. I had to systematically remove things one at a time. In the process I repaid over 50k in debt and made good on YEARS of outstanding IRS debt that didn't even show on the credit report. You've already shown in your initial post you aren't afraid to pay off the debt. that's a great attitude to have. Now it will be highs and lows as you get rejected a lot, but it will feel great when you succeed.
You got this.
PM me if you need any guidance, suggestions or encouragement.
-scott