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Hope everyone is doing well. I want to kind of put myself out there and want some opinions/recommendations on what moves to make immediately, as I was just notified by our landlord today that he will be selling our rental and we need to be out of here by January.
These are the scores that Myfico says are the most currently used in Mortgage lending:
My Equifax Score 5 as of 5/2 is 631
My TU Score 4 is as of 5/2 is 606
My Experian Score 2 as of 5/2 is 601 (Per Capital one it's currently at 636)
(Side Question: Why are these scores the lowest out of all the scores? I have close to 700 scores on some of the other versions)
My wife has much higher CS', closer to 700 across the board. Would her higher scores count? I'm 100% of the income in our household, but we want to apply jointly.
Here's my debt:
$1100 Medical Collection as of 3/5/20
$882 Medical Collection as of 6/19
$500 Collection as of 11/13 (paying this off this week)
$1,200 verizon collection from a co-signing gone wrong as of 2/20
$1,000 credit card collection
$4,200 student loan debt (Current standing)
As I type these out, I'm so mad at myself for some of this stuff, but I want some opinions on what you guys would take care of first, and how.
I can probably take out a personal loan for $5k (Don't want the credit inquiry though) and pay all of the collections off.
Take a hardship withdrawal from 401k (Penalties)
Borrow money from parents (LAST RESORT)
Any advice is strongly appreciated.
I'm glad you are checking your Mortgage Scores, honestly if you could get a loan to knock out your CO and get them REMOVED (not paid/satisfied I mean OFF) in the next couple months that will help a LOT with yours but if you are looking to go jointly they will still consider your information too For Mortgage Scores a good middle score to have would be around 650 if possible but people have been helped below that even it also depends which type of Home Loan but I definitely wouldn't touch your Score (inquiries/apply) at least 3 months before apping for your Mortgage and whatever you do do NOT touch your score for ANYTHING until everything is DONE DONE and you have your keys in your hand for your home
What collection agencies are handling your collections? There are a growing number of collection agencies that are deleting after settlement. Also, regarding your 401k withdrawal, have you considered a 401K loan?
@sjt wrote:What collection agencies are handling your collections? There are a growing number of collection agencies that are deleting after settlement. Also, regarding your 401k withdrawal, have you considered a 401K loan?
Commonwealth Financial -
Preferred Collection & Management-
Credit Protection Association-
@Girlzilla88 wrote:I'm glad you are checking your Mortgage Scores, honestly if you could get a loan to knock out your CO and get them REMOVED (not paid/satisfied I mean OFF) in the next couple months that will help a LOT with yours but if you are looking to go jointly they will still consider your information too For Mortgage Scores a good middle score to have would be around 650 if possible but people have been helped below that even it also depends which type of Home Loan but I definitely wouldn't touch your Score (inquiries/apply) at least 3 months before apping for your Mortgage and whatever you do do NOT touch your score for ANYTHING until everything is DONE DONE and you have your keys in your hand for your home
Thank you, I would really like to be closer to 675+. I'm with you, I feel if I can get some of the collections completely removed, the score will go up quickly and less explaining to do at during application process
I'm currently paying an open 401K loan as well that I took out last year for $2k. Unfortunately the loan option isn't available as I'm currently paying it off via automatic withdrawal.
@dannyb407 wrote:
@sjt wrote:What collection agencies are handling your collections? There are a growing number of collection agencies that are deleting after settlement. Also, regarding your 401k withdrawal, have you considered a 401K loan?
Commonwealth Financial -
Preferred Collection & Management-
Credit Protection Association-
Commonwealth does PDF.
Here is a thread about Collection companies that will do a PDF:
Collection Companies that do PDF
Called Commonwealth financial and got PFD!! 3-4 weeks before it gets deleted!! On to Preferred Collection!
Congrats.
Congrats! Keep us posted on the others.