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Family needs to buy our house and I need your help please.

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Family needs to buy our house and I need your help please.

I'll try to be quick and thorough.

Our landlord is selling the home we've rented for three years. They want to sell it within 1-2 months (won't happen, slow market and asking too much). Offered it to us but we couldn't pre-qualify with Quicken but they sent me my credit report and mentioned with a few fixes and their rescoring team I may pre-qualify "soon". Courtney at Quicken told me to get my car loan up to date (its behind 90 days), pay off credit card balance (keep open), and get the four collections paid and removed. She advised if they won't remove them, don't pay them.

 

My question is if I pay the cards to zero, get the car loan caught up, add rent (three years not a missed payment), get a secured loan ($1000), AND a secured credit card ($1000) all in a few weeks (middle of August I'm receiving some money to help) could I see a jump of 80-100 points that quick?

 

My accounts are below. 

 

Score: 503


Open Trade Lines-(i'll pay these down to zero)
Capital One Platinum: $300 Limit/$360 Balance
Capital One Quicksilver (Secondary User): $500 Limit/$560 Balance

 

Collection-(i'll pay the ones that will delete)
Carolina Trust FCU-$397-(will not pay for delete)
Diversified Consultant-$323 (will not pay for delete)
Receivables Management-$145-(will pay for delete)
Radius Global-$144-(will pay for delete)

Capital One Auto Loan (i'll pay this up to date in full)
$11,522-Balance, 90 days late (three payments behind)

 

Student Loans (all defered as I'm in grad school)
Student Plus Loan-$1506
Unsub Loan-$20,500
Unsub Loan-$20,500
Unsub Loan-$20,500
Sub Consolodation Loan-$6104.45
Unsub Loan-$9556.11
Sub Loan-$5864.40
Unsub Loan-$8372.94
Sub Loan-$5982.67
Unsub Loan-$8890.15

($17,522 of unpaid interest)

Additional Info-(Can I get lates removed from old student loans)
I have five student loans that were closed that I missed payments in April, May, June of 2014, and March and April of 2013 since I thought they were in deferement and weren't. 

 

Any help would be appreciated!

TU-548 Equifax-562 Experian-565-Capitol One Quicksilver-$500-Credit One Bank-$300-Torrid-$300-Victoria Secret-$300.
Message 1 of 5
4 REPLIES 4
Established Member

Re: Family needs to buy our house and I need your help please.

From my understanding, Quicken Loans is great if your profile is strong. I would suggest trying a local mortgage company and stay away from local banks and credit unions as they typically have higher requirements that what Fannie Mae, Freddy Mac and Ginnie Mae requires.

 

In my experience, I tried a local bank and they wanted me to pay off all my collections and I had to be above a 640 FICO, I spoke with a mortgage officer from a mortgage company and was told that they could get me approved as is. At the time I was sitting around a 590 FICO. 

 

Mortgages are an entirely different beast and what works for one person may not work for another, but I hghly suggest "shopping" arround.

 

I was able to get experian to delete collections that the collection agency refused to delete after payment in full. After I made the payment I waited a day and disputed the collection as paid in full and requested they be deleted in the comments section.

 

Hope this helped. 

Amex Gold Delta SkyMiles ($1k) | Amex Everyday ($500) | Capital One Quicksilver One ($400) | Citi Diamond Secured ($200) | Discover It Cash Back (2k) | TCFCU (1k) | Fingerhut (1k) | Auto Loan @ 7.24%
Message 2 of 5
Valued Contributor

Re: Family needs to buy our house and I need your help please.


@kennyviper wrote:

I'll try to be quick and thorough.

Our landlord is selling the home we've rented for three years. They want to sell it within 1-2 months (won't happen, slow market and asking too much). Offered it to us but we couldn't pre-qualify with Quicken but they sent me my credit report and mentioned with a few fixes and their rescoring team I may pre-qualify "soon". Courtney at Quicken told me to get my car loan up to date (its behind 90 days), pay off credit card balance (keep open), and get the four collections paid and removed. She advised if they won't remove them, don't pay them.

 

My question is if I pay the cards to zero, get the car loan caught up, add rent (three years not a missed payment), get a secured loan ($1000), AND a secured credit card ($1000) all in a few weeks (middle of August I'm receiving some money to help) could I see a jump of 80-100 points that quick?

 

My accounts are below. 

 

Score: 503


Open Trade Lines-(i'll pay these down to zero)
Capital One Platinum: $300 Limit/$360 Balance
Capital One Quicksilver (Secondary User): $500 Limit/$560 Balance

 

Collection-(i'll pay the ones that will delete)
Carolina Trust FCU-$397-(will not pay for delete)
Diversified Consultant-$323 (will not pay for delete)
Receivables Management-$145-(will pay for delete)
Radius Global-$144-(will pay for delete)

Capital One Auto Loan (i'll pay this up to date in full)
$11,522-Balance, 90 days late (three payments behind)

 

Student Loans (all defered as I'm in grad school)
Student Plus Loan-$1506
Unsub Loan-$20,500
Unsub Loan-$20,500
Unsub Loan-$20,500
Sub Consolodation Loan-$6104.45
Unsub Loan-$9556.11
Sub Loan-$5864.40
Unsub Loan-$8372.94
Sub Loan-$5982.67
Unsub Loan-$8890.15

($17,522 of unpaid interest)

Additional Info-(Can I get lates removed from old student loans)
I have five student loans that were closed that I missed payments in April, May, June of 2014, and March and April of 2013 since I thought they were in deferement and weren't. 

 

Any help would be appreciated!


No.  You have multiple things going against you right now and the current 90 day is considered a severe derog that will heavily impact your profile for a long time.  The last thing you want to do is apply for anything.  With inquiries and the lowering of your average age of accounts, this will have the opposite effect and will lower your scores.

 

Sure it would be helpful to remove the collections but you would need to remove all of them.  However as I mentioned above, you'll be on a dirty scorecard for a long time due to the current 90 day and other lates and quite honestly I don't see your score moving that much.

 

You would see some positive movement if you paid down those Capital One balances.  You may not owe that much but the utilization is way too high and you are losing some points there.  Do not pay them all to zero.  Leave one with a small balance such as $10.

 

I'm sorry I don't have better news for you but after all this is just my opinion.  Maybe some of the others can chime in with their opinions.  

 

 

 FICO 8
Message 3 of 5
Community Leader
Senior Contributor

Re: Family needs to buy our house and I need your help please.

I tend to agree here, your scores are not going to see a high score jump, that 90 day late which is very new is gonna be a score killer for quite some time.

 

I would as suggested pay down your capital one cards, leave one with a very small balance. Get your car loan up to date, skip the secured loan and secured card altogether.

 

I also agree you need to shop around for lenders.

EXP 753 TU 781 EQ 733
Message 4 of 5
Regular Contributor

Re: Family needs to buy our house and I need your help please.

I think you should follow the advice above, but I also think you need to wait on a mortgage until everything is sorted out

Like 2 years or so 

 

My history

**I have owned 3 places and I have rented two**

 

 currently you are paying the landlord  a monthly amount that doesn’t change, except maybe an increase yearly.  If anything goes wrong with the house, they fix it

 

as soon as you buy this house it is all on you.  Monthly mortgage payment will be lower  than rent. But then things happen.  New appliances needed. Roof needs to be fixed. HVAC needs to be replaced.  Plumbing issues

 

looking at your current accounts, and being behind on a number of them, and being over limit on even small CCs (not judging), this is not putting you in a Good place to adapt quickly to a house drama - which is not an IF, but a WHEN

 

i would suggest you work on cleaning up all your accounts, but when the house sells, move to another rental and let things settle for awhile.  Your Student loans may be deferred now, but you will have to start paying the, at some point. 

 

hope this helps.  All the best to you

 

 

 

July 31/2019. EX-712. EQ-704. TU-726
Aug 23/2019. EX-709 EQ-710 TU-731
Oct 25 2019. EX-715 EQ-712 TU-734
Nov 15 2019. EX-716 EQ-718 TU-739
Message 5 of 5
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