Help!!!

[shala546]

Good Afternoon all.

I am in desperate need of some help. I pulled my credit last night and noticed a few things on my credit that would hurt my home buying journey. I have six accounts that will stop me from purchasing my own home. Some of the items on my credit are:

NCA(National Credit Adjusters): $118 (Collecttions)

First Premiere Bank: 1.031 (charged off)

Affirm: 30 days late closed (paid in full)

Affirm: 30 days late closed (paid in full)

Fedloan Servicing 120 days late (Closed)

Can anyone please advice me? I am trying to get a mortgage loan.

Thanks in advanced

[RSX]

call these first 2 and see if you can negotiate both a payoff amount and a Pay for Delete

offer 40% of the total amount first - but make sure you are ready to pay On the Spot - do not give them any bank information to pull the funds - ensure you are sending them the payoff check

NCA(National Credit Adjusters): $118 (Collecttions)

First Premiere Bank: 1.031 (charged off)

you need to at worst, have these 2 report as Zero - and at best, be removed from your report

the lates - 30 days stop majorly impacting your scores after 2 years

120 day - lasts the whole 7 years

post up the date of the lates for each

good luck to you!

[NeroStar]

Hi Shala, 

First off congratulations on being on the road to homeownership.

From my experience, mortgage companies won't outright deny you due to old delinquencies on your report.  The older those lates are the better. I'd pay that $113 collection, but it may be advantageous to wait until the mortgage company asks you to do so. (They will most definitely tell you to do it, but it gives them something to task you with for approval).

You will also have to create a letter explaining the financial situation you were in that led you to becoming delinquent, and how you've learned from your mistakes. Make it personal, the companies like to see your own growth.

I'm sure the other rockstar members may have additional tips for you like sending goodwill letters to creditors, but I'm not well-versed enough to offer that to you. 
Best of luck going forward. Happy home hunting! 

[FireMedic1]

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@shala546 wrote:

Good Afternoon all.

I am in desperate need of some help. I pulled my credit last night and noticed a few things on my credit that would hurt my home buying journey. I have six accounts that will stop me from purchasing my own home. Some of the items on my credit are:

NCA(National Credit Adjusters): $118 (Collecttions) PIF or Settle. You want $0 balance.

First Premiere Bank: 1.031 (charged off) When was it CO'ed.

Affirm: 30 days late closed (paid in full) How long ago was this 30 day

Affirm: 30 days late closed (paid in full) Ditto

Fedloan Servicing 120 days late (Closed) Ditto

Can anyone please advice me? I am trying to get a mortgage loan.

Thanks in advanced

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On Fedloan. When was the 30 day that led to the 120 day late? The more thats paid. The better off you'll be. CO's wont get delted. Paid or not.

[shala546]

Late pays are from Affirm two separate account reporting 3/2023 and 4/2023.

[shala546]

Fedloan servicing reported late 12/2021. I am so confused because I never received a noticed or call. I tried to contact fedloan servicing and found out the company no longer exist. I have contacted TransUnion and disputed the TL.

[RSX]

Those are VERY recent late payments.   

I would say you need minimum 6 months before the mortgage.   1 year or 13 months would be a lot safer.    5/2024

[shala546]

Would you suggest a goodwill letter?

[ForwardLooking]

Fedloan servicing still exists.  It is for servicing Student loans.  You can look on their website for a good contact number.

MyFedLoan Login - Get Access FedLoan Servicing

[FireMedic1]

Who are you with now that Fedloan sent you to?