@Anonymous wrote:My wife and I have been in a financial rough patch for a couple of years. Between births, unemployment, college expenses, moving, and new jobs we have finally made it to a position to work on our credit, and I think we have a solid plan. Our goal is to get a mortgage through either the VA, USDA, or FHA. I just wanted to get some advice and make sure we're not being dilusional. My FICO scores currently sit at EX 571 EQ 545 TU 559. We haven't pulled my wife's yet but our Vantage Scores are roughly the same and our reports look very similar. So...
Open Accounts
Credit Cards
Cap1 Platinum $54/$300 (I'm the primary she is an AU. History is pretty rough, but it has been current since February and we will pay it off before the end of the month. Plan on keeping this as an All Zero card for AZEO)
Cap1 QS1 $224/$500 (I'm the primary she is an AU. History is pretty rough, but it has been current since February. Working on paying this off and keeping a small recurring charge on there. This will be the EO for AZEO)
Student Loans
She has 8 with a balance of ~$40K (All current, never late)
I have 14 with a balance of ~$52K (2 have 1x60, 1x90 Day late from 2014 and 9 have 1x90, 1x120, 1x150, 1x180 from 2015) (40 late payments total. All are current, never late since August 2015) (I'm working with the lender to get these lates removed as they were in forebearance at the time of the late payments.)
Charge Offs
Comenity Bank/Stage sold to Bureaus Investment Group assigned to Credit Control LLC
CO Feb 2020 DOFD Aug 2019. Balance $910
Comenity Bank/VS sold to Bureaus Investment Group
CO Feb 2020 DOFD Aug 2019. Balance $906
Credit One sold to LVNV Funding
CO Dec 2019 DOFD Jun 2019. Balance $1186
Discover Financial Services
CO Dec 2019 DOFD Jun 2019. Balance $1343
Fingerhut sold to Jefferson Capital Systems
CO Dec 2019 DOFD Jun 2019. Balance $544
Credit One sold to LVNV Funding
CO Dec 2019 DOFD Jun 2019. Balance $815
Fingerhut sold to someone they aren't showing on CR yet presuming Jefferson Capital
CO Nov 2019 DOFD Jun 2019. Balance $509
Cap1 Auto Finance
CO Jun 2015 DOFD Mar 2015. Balance $28120
Collections
Dish Network assigned to Amsher Collection Services
Balance $1237
AT&T assigned to Credence Resource Management
Balance $2936
The Plan
Step 1. Pay CC's down following AZEO and less than 8% UTI. Open new secured CC account for wife (maybe to early?)
Step 2. Settle the 2x LVNV (Credit One) and 2x Jefferson Capital (Fingerhut) (There policies are delete after account is settled.)
Step 3. Attempt PFD or Settle with 2x Bureaus(Comenity Bank) and Discover
Step 4. Contact OC (Dish and AT&T) and attempt to have accounts recalled and pay through them.
Step 5. Settle Cap1 Auto Finance
Step 6. Time and work on GW's to remove CO's, late payments, etc.
Step 7. Mortgage (Hopefully Spring 2021)
Any questions, comments, concerns, idea's, etc? Really trying to get things lined out. TIA
Welcome @Anonymous
You have a good plan it seems. Once all the CO's are paid that will help. Those lates will be the crutch for the full 7rs. But they be gone in a couple yrs. Disco and Comenity arent known for PFD on CO's. Check your reports. If any of the CO's show a balance. The OC still owns them. Deal with them first before the CA's. Ask if you settle with them if would be kind enough to recall the CA's. Good Luck on your journey.
You sure all the charge offs show a $0 balance from the original creditor? That would show the CA owns the account now. If any balance is shown on the CO. The OC owns it. Dont know how Disco does rehab. Doesnt come up much at all.
Good luck on your journey, lots of great info and people on these forums. propos to firemedic for the great advice.
Chase down the debt with the OC as much as possible and deal with the CAs when necessary. AMEX rehabs with Optima - pretty sure Disco can litigate. I guess it depends on balances. If you have any luck with a GW for a CO it would be great to hear about it.
