Forgive me for not using all of the common abbreviations. I’ve been reading post after post and I’m still not quite used to them yet. Any ways, I recently went to a loan officer to figure out the possibility of getting a FHA home loan. When he pulled up my CR it came up as follows: XPN 627 EFX 601 TUC 600. I had two credit cards when I was 18 which I did not pay one was from B Of A for $2000 and the other for USAA for $5000 the one from B of A the LO told me to just leave it since they were reporting it as charged off balance of 0 for now. He advised to write a letter to USAA apologizing and requesting to reinstate the account with an offer to pay the past due balance which shows as $2000. Is this even possible? He also has advised me to remove myself as an AU from my Mom’s CC which has a limit of 12000 and a balance of 8000. He said the removal should give me a temp boost high enough to get my scores over the 620 hump. I also have another credit card for $1000 that I use for everyday expenses and always payoff twice a month. Am I utilizing this card wrong? I also have a time share that I am almost done paying (minus the annual user fees but those don’t get reported on my credit) in about three months that gets reported as an installment payment like a car. When that gets paid off and no longer reported will it hurt my score? I’m looking for a temp boost but also a long term solution as well. What is the best way of going about it? Any help would be greatly appreciated.
I was told the account is with the OC for both accounts but they’ve been unpaid for about 3 years. Is that common for them to hold them that long?? Does that sound right? I have no collections according to myfico. Yes my AU account is the oldest account but then again not even old enough to have an account older than 5 years so would it really make that much of a difference? Loan Officer said I should send letter before calling USAA. Would I be better off writing first?