cancel
Showing results for 
Search instead for 
Did you mean: 

Am I breaking rules?

Highlighted
Established Member

Am I breaking rules?

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?

Message 1 of 19
18 REPLIES 18
Highlighted
Super Contributor

Re: Am I breaking rules?

What help are you looking for ?

As of 1/5/2020 - EQ 576 / TU 600 / EX 566
As of 4/25/2020 - EQ 611 / TU 628 / EX 592
Message 2 of 19
Highlighted
Regular Contributor

Re: Am I breaking rules?

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.


Starting Fico Scores

Current Fico Scores
Message 3 of 19
Highlighted
Regular Contributor

Re: Am I breaking rules?

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!

Message 4 of 19
Highlighted
Established Member

Re: Am I breaking rules?


@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.

Message 5 of 19
Highlighted
Established Member

Re: Am I breaking rules?


@concorduser 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

  1. INDIGO $0/$300 paid to zero 5/21
  2. FIRST PREMIER $0/$500 paid to zero 5/21
  3. DISCOVER $/200 30 days late 11/18 paid to zero 5/21
  4. Bridgecrest Auto—never late
  5. Avant installment loan—never late, paying to zero 5/29

 

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. 

 

Message 6 of 19
Highlighted
Established Member

Re: Am I breaking rules?


@GatorsFan15 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!!!!!



 

Message 7 of 19
Highlighted
Valued Contributor

Re: Am I breaking rules?


@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

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2020: TU: 755 | EQ: 770 | EX: 771
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Message 8 of 19
Highlighted
Established Member

Re: Am I breaking rules?

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.

 

Message 9 of 19
Highlighted
Valued Contributor

Re: Am I breaking rules?


@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

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2020: TU: 755 | EQ: 770 | EX: 771
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Message 10 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.