How bad are these lates affecting me?

[Razeus]

I'm trying to break 700 by the end of the year.

You can see where I was in 2011 in my signature in terms of credit score and where I am now.  I've been able to clean up my report big time, getting things removed and cleaning up 3 collections (2 not mine, 1 mine) with the exception of getting Warfield removed from the report even though I paid the account off when I found out about the collection.  And course, not being late on my payments.

I've also add this year: a mortgage via Wells Fargo, 3 new credit cards, 1 new charge card - none that are as of yet reporting, but will have a 4-5 "on times" by the end of December, increaes my % of on time payments and "mix" of types of credit.  I expect a dip in my scores for the first few months for "new accounts" and AAoA decrease, but should bounce nicely after that.

Sallie Mae (2011) - May (90), June (120), July (150)

Sallie Mae (2010) - May (90), September (90), October (120), November (150)

Nelnet x 2 (2011) - May  (90), June  (90), August  (90)

Conn's (2010) - October (30)
BMW Financial (2009) - December (30)

BMW Financial (2010) - September (30)
ACS Education x 2  (2011) - August (60)

Wells Fargo Dealer Services (2010)- Novemeber (30), December (30)

Wells Fargo Dealer Services (2011)- June (30)
Hunter Warfield (Collcetions) - January 2012 

Yes, I've tried GW's with all of these guys for about 5 months straights.  I was trying to clear them up before I applied for my mortgage back in June, but to no avail.  At least I still got the mortgage with a 624 EX FICO at the time.

Perhaps I can try to GW som more, expecially with Sallie Mae, which I royally screwed up.

Any thoughts?

[westo12]

Wells Fargo financed you with a 624 and all those baddies? Can I ask if it was conven or an FHA?

[Razeus]

FHA.  With 3.625% APR too.  I know, it's crazy.

[jcstarkey8826]

I thought FHA required 1 year of clean on-time history?

[westo12]

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@jcstarkey8826 wrote:

I thought FHA required 1 year of clean on-time history?

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^ EXACTLY.  Wow.  Have to hear this lol.

[Razeus]

So did I.

I was more amazed they gave me a interest rate of someone in the 800's...

The 624 was my lowest via EQ, 654 with EX, and 669 with TU.  I DID have to write letters of explanation for all of my lates though.

I closed August 9th.  2 weeks later, I got approved for a $10k Discover, $5k Chase Freedom, 1 AMEX Zync, and $1k AMEX BCE card.

My income is 6 figures, so that had something to do with it I'm thinking.  Before this, the best I could do was a toy limit CapOne card.

I'm just wondering how these lates are affecting me, because I was 480's last year and now my scores are high 600's and my goal is to break 700 by end of the year.  

[jcstarkey8826]

I was under the impression it was a program rule, not a lender requirement in most cases. I didnt know they would take your income into consideration for lates. I'll have to look into BofA when I go for my mortgage. (9 months away though) I dont have recent lates, however if they are flexible that would only make things easier for me.

Congrats on the cards! Did you have a discover before you got the discover IT card?

[Razeus]

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@jcstarkey8826 wrote:

I was under the impression it was a program rule, not a lender requirement in most cases. I didnt know they would take your income into consideration for lates. I'll have to look into BofA when I go for my mortgage. (9 months away though) I dont have recent lates, however if they are flexible that would only make things easier for me.

Congrats on the cards! Did you have a discover before you got the discover IT card?

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Nope.  Like I said, I had toy limit sub-prime cards.  CapOne for $1300 and Barclays for $500.  I've had them for a long time.  Everytime I'd app to get better cards, I'd get denied.  So I just stopped applying about 4 years ago.  Things have changed for me now that I've taken repsponsibility for my actions.  Or AMEX and Discover was asleep at the wheel when I applied. 

[westo12]

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@Razeus wrote:

So did I.

The 624 was my lowest via EQ, 654 with EX, and 669 with TU.  I DID have to write letters of explanation for all of my lates though.

I closed August 9th.  2 weeks later, I got approved for a $10k Discover, $5k Chase Freedom, 1 AMEX Zync, and $1k AMEX BCE card.

My income is 6 figures, so that had something to do with it I'm thinking.  Before this, the best I could do was a toy limit CapOne card.

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Sorry to hijack the thread, I'm just in shock!  lol.  I am almost certain you will be there soon, your AAofA I am sure has tanked because of the new cards, unless they aren't reporting yet?   Has the mortgage reported yet either?  I am also close to 6 figures, have a 11% DTI, but have been paying off IRS debt so aggressively and have let my cc's sit at a high util while I'm doing so.  If the Myfico simulator is correct, I'll be in the 740 range by paying $1000 within the next 3 months.  

Do you have a mortgage thread here also, I'd love to see that process/more details!

[jcstarkey8826]

thats great! Im four months away from having no lates in the past 2 years, No CA's, No PR's, I cant wait for the day my score gets to qualify for a decent CL.