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Question- My Rebuild Journey

SweetSerenity
Contributor

Re: Question

@Shawn19AL Hi there! I've read through your thread and I have a question for you; with all of the collections that you have, are the OC still showing  up on your  reports?

 

Not trying to be a Debbie Downer here but I think that the value of this forum is having people here that advise you realistically. If those accounts are still on your reports and they're showing up as charge offs, the likelihood of you qualifying for a mortgage may be challenging... particularly now with all that's going on in the world and lenders tightening up their credit requirements.

 

 On a positive note, you've done an awesome job tackling your old debt. My advice to you would be to pay off whatever is actually ON your reports and the ones that are updating monthly... that will help your score recover faster! 😊

Message 21 of 42
Shawn19AL
Regular Contributor

Re: Question

Hullo

 

The original accounts are off.  They were batch deleted by synch and the others aged off.  My current mortgage scores are 645 , 643 and 659 as today.  I'm in the midst of prequalifying for a VA loan through a lender still approving VA loans down to 550 here in NJ. 

the only negative accounts showing charged are as above in a previous reply. 2 first premier accts and 1 old NFCU secures cards.  After paying off these last collection accounts those 3 accounts won't age off until 2023. 

 

 

Message 22 of 42
SweetSerenity
Contributor

Re: Question

Well that's fantastic news and I look forward to reading about your mortgage approval! Keep us posted!

Message 23 of 42
LaHossBoss
Valued Contributor

Re: Question


@SweetSerenity wrote:

@Shawn19AL Hi there! I've read through your thread and I have a question for you; with all of the collections that you have, are the OC still showing  up on your  reports?

 

Not trying to be a Debbie Downer here but I think that the value of this forum is having people here that advise you realistically. If those accounts are still on your reports and they're showing up as charge offs, the likelihood of you qualifying for a mortgage may be challenging... particularly now with all that's going on in the world and lenders tightening up their credit requirements.

 

 On a positive note, you've done an awesome job tackling your old debt. My advice to you would be to pay off whatever is actually ON your reports and the ones that are updating monthly... that will help your score recover faster! 😊


Even *if* the OCs were on OP's CRs, as long as they report $0, it doesn't mean it is impossible to get a mortgage. If everyone was required to have perfect credit, very few people would own a home and that just isn't sustainable or profitable. UWs just don't want to see unpaid CAs and COs. I understand that higher credit scores and downpayments are required for the moment, but again, that still leaves plenty of room for people that have made mistakes. Banks want higher interest rates for higher profits. Everyone flooded in to get a mortgage or refi- and they tightened up a bit on lending. 2.xx% doesn't make them as much as 4%+...

 

OP has the option of a VA loan and they are even more forgiving.

 

Congrats on all your hard work and I have my fingers crossed for you when you get your forever home!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 24 of 42
Shawn19AL
Regular Contributor

Re: Question

I have $903 in collections remaining after these two collections fall off. 

 

Credit Bureaus havent updated yet though, still showing $3,243

 

LVNV fell off.

Last payment for Complete Credit Solutions, paid 05/13 waiting for 30 day update. ($1,321)

Last payment for Portfolio Recovery $604 amazon card, paid 05/15 waiting for 30 day update.

 

Last payment arrangement with Portfolio Recovery ($1,321, walmart card, made a settlement with them for $903, 3 payments remaining.

 

Message 25 of 42
Shawn19AL
Regular Contributor

Re: Question

Credit updated. Currently only showing one collection left on all three CBs. $1318. It wont fall off my credit until July after I make the final payment at the end of the month.

 

Current FICO 8 Scores 665(EQ), 662(Trans), and 680(EX)

Current Mortgage Scores 655(EQ), 689(Trans), 662(EX)

Current FICO 9 Scores 641(EQ), 644(Trans) and 637(EX)

 

Happy with my rebuild but I'll have 3 lates showing until 2023 when they fall off.  Once I find a house , I'll be gardening.

Message 26 of 42
LaHossBoss
Valued Contributor

Re: Question


@Shawn19AL wrote:

Credit updated. Currently only showing one collection left on all three CBs. $1318. It wont fall off my credit until July after I make the final payment at the end of the month.

 

Current FICO 8 Scores 665(EQ), 662(Trans), and 680(EX)

Current Mortgage Scores 655(EQ), 689(Trans), 662(EX)

Current FICO 9 Scores 641(EQ), 644(Trans) and 637(EX)

 

Happy with my rebuild but I'll have 3 lates showing until 2023 when they fall off.  Once I find a house , I'll be gardening.


woohoo!

 

Look at those mortgage scores!

 

You powered through nearly *8k* in collections since you started! Talk about determination!

 

Seriously, congrats on all your progress and I *cannot* wait to see a mortgage approval thread!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 27 of 42
Shawn19AL
Regular Contributor

Re: Question

@LaHossBoss 

 

thank you so much. I'm so hard on myself but I'm doing it but by bit. Have my preapproval and I'm looking at houses now.  

not sure if I won't cry for a week after closing , lol

Message 28 of 42
Shawn19AL
Regular Contributor

Re: Question

Experian gave me my 3Bs report today.

 

Looks like my FICO 8s improved from 665(EQ), 662(Trans), and 680(EX) to 670(EQ), 664(Trans), and 683(EX)

 

Looks like I went down to 29% utilization from my credit cards.  Capital One is reporting late and Discover/NFCU will update in a week. It might drop down lower.  Discover/NFCU have high balances.  So now thats Im finished with my collections, I can focus that money on paying these two cards down.

Message 29 of 42
LaHossBoss
Valued Contributor

Re: Question


@Shawn19AL wrote:

Experian gave me my 3Bs report today.

 

Looks like my FICO 8s improved from 665(EQ), 662(Trans), and 680(EX) to 670(EQ), 664(Trans), and 683(EX)

 

Looks like I went down to 29% utilization from my credit cards.  Capital One is reporting late and Discover/NFCU will update in a week. It might drop down lower.  Discover/NFCU have high balances.  So now thats Im finished with my collections, I can focus that money on paying these two cards down.


awesome! Fingers crossed that you get under 29%, as I believe that is another threshold and you might see another bump in your scores!

 

Congrats! Truly inspiring how quickly you have come along!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 30 of 42
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