cancel
Showing results for 
Search instead for 
Did you mean: 

Looking for advice please

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Member

Looking for advice please

I am building a house and got preapproved for the mortgage.  However I was told by the mortgage company that I need to have a score of 700 in order to qualify for 10% down vs 20% down.  When my scores were run last month they were all under 700.  However I just ran my current Fico 4 scores tonight and they are 683, 707, 689.  Is the Fico 4 score the correct score to view?

 

Also I have a few items that I am hoping I can remove but not sure how to go about it.  Any and all advice would be greatly appreciated!

 

1. I have a $50 Charge Off from Frontier Communications on Equifax 

2. I have a $1500 Charge off for a credit card Capital One Bank USA 

3. I have 60 and 90 day late payments on my student loans.

 

Not sure if it could help sending a Goodwill letter or even how you go about do that? Appreciate any and all advice! 

 

 

12 REPLIES 12
Super Contributor

Re: Looking for advice please


@Florida13 wrote:

I am building a house and got preapproved for the mortgage.  However I was told by the mortgage company that I need to have a score of 700 in order to qualify for 10% down vs 20% down.  When my scores were run last month they were all under 700.  However I just ran my current Fico 4 scores tonight and they are 683, 707, 689.  Is the Fico 4 score the correct score to view?

 

Also I have a few items that I am hoping I can remove but not sure how to go about it.  Any and all advice would be greatly appreciated!

 

1. I have a $50 Charge Off from Frontier Communications on Equifax Call and ask for PFD

2. I have a $1500 Charge off for a credit card Capital One Bank USA Cap1 doesnt do PFD. Just pay it off.

3. I have 60 and 90 day late payments on my student loans. You can try all the services for student loans rehab or whatever its called.

 

Not sure if it could help sending a Goodwill letter or even how you go about do that? Appreciate any and all advice! 

 

 


Either way you look at it. Paid is better than owed. Do all you can on those 90 day lates. Theres the real killer right there. Maybe a younger person can guide you in the student loan dept. It was different back in the 80's. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 2 of 13
Established Contributor

Re: Looking for advice please

I don’t know who your student loans are with but mine are with my fedloan and i sent them and the bureaus a letter stating to remove the lates since i had a retroactive forbearance that they pushed back on the months i was late but they denied my request to remove the lates. So good luck with them!






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge




Message 3 of 13
Community Leader
Mega Contributor

Re: Looking for advice please


@FireMedic1 wrote:

@Florida13 wrote:

I am building a house and got preapproved for the mortgage.  However I was told by the mortgage company that I need to have a score of 700 in order to qualify for 10% down vs 20% down.  When my scores were run last month they were all under 700.  However I just ran my current Fico 4 scores tonight and they are 683, 707, 689.  Is the Fico 4 score the correct score to view?

 

Also I have a few items that I am hoping I can remove but not sure how to go about it.  Any and all advice would be greatly appreciated!

 

1. I have a $50 Charge Off from Frontier Communications on Equifax Call and ask for PFD

2. I have a $1500 Charge off for a credit card Capital One Bank USA Cap1 doesnt do PFD. Just pay it off.

3. I have 60 and 90 day late payments on my student loans. You can try all the services for student loans rehab or whatever its called.

 

Not sure if it could help sending a Goodwill letter or even how you go about do that? Appreciate any and all advice! 

 

 


Either way you look at it. Paid is better than owed. Do all you can on those 90 day lates. Theres the real killer right there. Maybe a younger person can guide you in the student loan dept. It was different back in the 80's. Good Luck!


Maybe @Sabii or @calyx could help with student loan question. You pretty much covered everything else 

 

 

 

 

 

Message 4 of 13
Super Contributor

Re: Looking for advice please

+1





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 5 of 13
Senior Contributor

Re: Looking for advice please

With 60 and 90 day lates - it sounds like you did not default on your student loans, but I'm not sure.
Could you elaborate on them and your current status?  Are they *just* lates and you are current?  And how many lines.   Who is/are your servicer/s?

Goodwills for student loans are difficult to get, though some servicers are a whole lot nicer about it than others, which is why I'm asking about who you have.


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 6 of 13
Member

Re: Looking for advice please

Thank you so much for the reply.  My student loans are with AES/BHEA -US Bank and they are all current / paid up to date.  I haven't been late with a payment to them since 2015.   Here is an overview I have on my report:

 

60 Days:

Transunion: 5/2015

 

90 Days:

Equifax: 11/2015, 10/2015, 9/2015

Transunion: 11/2015, 10/2015, 9/2015, 8/2015, 7/2015, 6/2015, 1/2014

Experian: 11/2015

Message 7 of 13
Member

Re: Looking for advice please

Thank you so much for the advice!  I am going to call today to see if I can pay off both of the balances.  I just hope I can speak to someone about my account since they have been charged off.  Wish me luck!!

Message 8 of 13
Member

Re: Looking for advice please

My student loans are with AES/BHEA -US Bank.  I honestly don't even remember why I was late with them. Only thing I can think of is maybe I had a bad card on my automatic withdrawl, so it wouldn't go through?  I was working then so it wasn't that I didn't have the money...ughh so frustrating. 

Message 9 of 13
Senior Contributor

Re: Looking for advice please


@Florida13 wrote:

Thank you so much for the reply.  My student loans are with AES/BHEA -US Bank and they are all current / paid up to date.  I haven't been late with a payment to them since 2015.   Here is an overview I have on my report:

 

60 Days:

Transunion: 5/2015

 

90 Days:

Equifax: 11/2015, 10/2015, 9/2015

Transunion: 11/2015, 10/2015, 9/2015, 8/2015, 7/2015, 6/2015, 1/2014

Experian: 11/2015


Thanks for the info!   2015 is probably too long ago to see if you can sweet talk them into calling it a deferral/forebearance period, though I wouldn't stop you from trying if you want.  
I will say that during my searching, I've seen that AES/PHEAA has been known to goodwill.  It's not guaranteed, but if I were you, I'd go for it, particulary the 5-11/2018 string because you'd get the most bang for your proverbial buck.   I do find it odd that there's a random 1/2014 without a string attached, and it would be best to get rid of that 90d, too if possible.

So that's my suggestion -  go for goodwill. 

Contact AES/PHEAA (if you search, their site pops up) using the info on their "contact us" page - it's separated into AES & Fedloan servicing;  if that doesn't work, hit their office of consumer advocacy.    You can call or write; as this is a time sensitive thing, you might want to call them (there are numbers for both offices) and HUCA until you get what you need.   Write out a script if it helps keep you focused.
 Be very polite (because they're doing you a huge favor), but keep it simple.  You're super sorry that you flubbed your payments, and you can't remember why.   You've been good for the X years/months since then, and you are hoping for a kindness/goodwill on their part because you're trying to qualify for a home loan.    Make them like you/sympathize with you, and it will help.  You are playing on the human factor here.

If THAT doesn't work, even though it would take longer, I'd go after their executive team & board members (all listed on the websites).   Someone, somewhere might either give you a sympathetic ear or just get tired of you Smiley Wink  I realize that the long route might not help you in the short term for a mortgage, but at least you might be able to clear up your credit report a few years earlier than normal.

And fwiw, AES/USBank was one of my servicers, so I'd actually done my homework on this particular servicer - I'm glad Remedios tagged me.

Honestly, I think the collections are the better bet to get you over 700,  and you have a better chance there than with your student loan, but I would keep working on the student loan for your future credit needs even if you get that home loan OK. 


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.