Need help getting back on track

[Anonymous]

Hey everyone 

I am in need for some guidance.....

my scores are

ex--- 501

eq---538

tu----481

i currently have 2 charged off 

autoloan----$12000 closed on nov 16'

Lend up-----$706 closed on aug 20'

And 2 right now in collections that are only being reported by experian

att----$1011 phone bill 

hospital bill---$1100 this one is sept 14'

i currently applied for OpenSky CC and been approved and now got that card and I also opened an account with this app called SELF that says they help by reporting to 3 credit agencies 

my wife also has cap1 and credit 1 and she put me as a authorized user so I'm getting those cards..... she has better credit and has a 100% payment history 

so my question is what should I do to get my scores back on track since hopefully my goals in the next 6 months or so is to buy a home 

[Brian_Earl_Spilner]

You usually need to take care of all your collections and charge offs to get a home loan, so I would start with that. 

[chiefone4u]

^^^^^

Like @Brian_Earl_Spilner stated, you're going to need to take care of the collection's and charge offs.

You'll need to zero those balances -- whether you wait for them to fall off, pay in full or settle for less than owed; You'll need those accounts zeroed and no longer reporting monthly to improve your scores.

Pay for delete would be fastest with best score improvement,  but will require vast amounts of cash and willing creditor's. 

Lender names and collection Agency names could potentially get you useful information to help you come up with a plan of attack. 

It would also be useful to know how much money you have now to put towards this debt and how much you can realistically put towards it monthly.  With the information you have provided so far it doesn't look likely for the average person to satisfy the requirements to get a mortgage in the next 2 year's. 

[Anonymous]

The one that has me worry is the auto loan..... I still have the car ..... how much should I offer them to buy them out 

also talked to a home loan officer and said to not pay anything nor clear any collections but instead have my wife but me on her card and do not go over 25% credit utilization per month

[Jnbmom]

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@Anonymous wrote:

The one that has me worry is the auto loan..... I still have the car ..... how much should I offer them to buy them out 

also talked to a home loan officer and said to not pay anything nor clear any collections but instead have my wife but me on her card and do not go over 25% credit utilization per month

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Even though adding a trade line might look better on your profile, it's not going to somehow balance out your negative accounts . As others suggested you need to try to get these things paid or wait for some to fall off . Your scores will not recover by simple adding a positive account .

[Brian_Earl_Spilner]

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@Anonymous wrote:

The one that has me worry is the auto loan..... I still have the car ..... how much should I offer them to buy them out 

also talked to a home loan officer and said to not pay anything nor clear any collections but instead have my wife but me on her card and do not go over 25% credit utilization per month

---

I assume you guys are either active military getting a VA loan, or you're shooting for a 3.5% down FHA loan?

Those are the only reasons I can see why the loan officer told you not to fix anything. Not familiar with the VA loans, but your middle score needs to be 580 for 3.5% down. Unfortunately, just adding you as an AU isn't going to get you there. I would pull your mortgage scores and post them here so we can see just how far off you are.

[Anonymous]

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

The one that has me worry is the auto loan..... I still have the car ..... how much should I offer them to buy them out 

also talked to a home loan officer and said to not pay anything nor clear any collections but instead have my wife but me on her card and do not go over 25% credit utilization per month

---

I assume you guys are either active military getting a VA loan, or you're shooting for a 3.5% down FHA loan?

Those are the only reasons I can see why the loan officer told you not to fix anything. Not familiar with the VA loans, but your middle score needs to be 580 for 3.5% down. Unfortunately, just adding you as an AU isn't going to get you there. I would pull your mortgage scores and post them here so we can see just how far off you are.

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exactly shooting for the 3.5 fha loan

my mortgage scores are

eq-----581

tu------491

ep------539

i want to give a big THANK YOU for all you input and everything you guys do to help someone out with your knowledge 

I know I messed up thinking like an idiot to just let things go but now things have changed since becoming a UPS driver and now with my big upgrade in my salary I'm ready to get serious

[Credit4Growth]

GL2U! ...with the jump in pay, that should help you get things paid off/down pretty soon.

[Anonymous]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

The one that has me worry is the auto loan..... I still have the car ..... how much should I offer them to buy them out 

also talked to a home loan officer and said to not pay anything nor clear any collections but instead have my wife but me on her card and do not go over 25% credit utilization per month

---

I assume you guys are either active military getting a VA loan, or you're shooting for a 3.5% down FHA loan?

Those are the only reasons I can see why the loan officer told you not to fix anything. Not familiar with the VA loans, but your middle score needs to be 580 for 3.5% down. Unfortunately, just adding you as an AU isn't going to get you there. I would pull your mortgage scores and post them here so we can see just how far off you are.

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exactly shooting for the 3.5 fha loan

my mortgage scores are

eq-----581

tu------491

ep------539

i want to give a big THANK YOU for all you input and everything you guys do to help someone out with your knowledge 

I know I messed up thinking like an idiot to just let things go but now things have changed since becoming a UPS driver and now with my big upgrade in my salary I'm ready to get serious

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The best way to fix your credit, is to prevent from messing it up again. Negotiate a PFD for those collections, negotiate those charge offs and pay them down. Save for 6-12 months of expenses, and then save for and buy a house. 

How do you have a charge off on your auto loan and still have posession of the vehicle? 

[Anonymous]

I have no idea as well but it's been almost 4 years and still have it .....at times throughout the year Santander sends me letters saying to call to resolve the issue but at the time when I was not working I would just ignore them but now I'm waiting to get one to call them but if I do what's a good amount to offer to settle with them?