Hello all, i have learned a great deal about credit and rebuilding over the past few months during my journey. I need some help on a few things to help get my scores up a more to qualify for a mortgage Here is my story.
When I was a younger early twenties i made a lot of mistakes with my credit that i now regret. I have quite a few baddies that is probably the reason my score is low as it is. EX 598 TU 609 EQ 574 this is an improvement from a few months ago i was around 520s . I'd like to at least get to 620 by the end of January 2020 if at all possible. My baddies are as follows.
1. Santander Charged off auto loan still reporting a balance of 7k. This was charged off back in 2014 so its been quite some time and i have received no atttempts of them to collect the debt. Not sure what to do about this or if i should just let it fall off my report when the time comes. Also this is reporting charged off every month.
2. WFDS Charged off auto loan still reporting a balance of 4K. Charged off back in 2013. Have not gotten any letters of them trying to collect the debt. This is also updating monthly as a charged off account.
3. 3 NFCU Credit cards charged off back in 2015. I have made settlements and paid 2 of them and they now report a 0 balance . I plan to pay the last one this week to also have it reporting a 0 balance. When I paid the last two i did see a 20 point jump across all scores.
I do have 3 good standing accounts as of now.
2 capital one credit cards with low balances the limits are not that high one is 200$ and the other is 500$. The 200$ card is reporting a 16$ balance and the 500$ card is reporting a 220$ balance which i plan to pay down another 150$.
1 Capital one auto loan i have had 5 missed payments never past 30 days late on this due to loss of work but has been since caught up and on time.
Are there any things i can do to give my score an extra bump? I should note i do not have any collections on any of my reports and have never filed BK.
So you have 5 only 30 day lates is what you are trying to say because if you are under the 30 day late like you just paid a small late fee but you never went into the next month that won't show as a Late on your CR.....If you are hoping for a Home Mortgage you are not trying to buy in February are you?! The main things you will need to rid yourself of is the collections and the accounts you do have in good standing is good you just need to make sure you do like you plan and get them both under that 30% utilization under 15% would be better but removing those collections would give you a good boost and whatever you do do NOT apply for new credit/accounts 6 months before applying for your mortgage unless you applied for your current cards recently that can't be helped but be sure to include that in the 6 months so if you got those this month?! Then I would apply in June after removing Collections but I do need to know what you mean by the 30 day late part
Hi thanks for your input , the accounts aren't collections they are charged off. I dont have any collections reporting on any of my reports. And by 30 days i mean i have 5 30 day late payments on my auto loan. My credit cards were opened 3 years ago.
The charge offs will report monthly until paid or settled. They will fall off in 7.5 yrs. So you close to seeing them gone. Some cases as a last ditch effort. They may persue legal avenues to collect before they are gone. When you payoff the last account for NFCU. They will give you a second chance maybe with a secured card. Least you wont be blacklisted. Thats a good thing. Lastly since you have 2 cards. Always have 1 report a small $10 balamce and the other one 0 balance. In FICO's eyes all your revolvers are reporting a balance. They like less than 50%.
You could try without knowing your scores for the Disco secured that will graduate in time. Then you'll have the 3 cards that helps rebuilders scores. But the CO's will still hamper you until they're gone. You have the car loan so no installment loans are needed. Thats about it. Good Luck!
I've talked with some banks this will 120% go to manual review (been in similar situations) this is what three banks told me would allow them to write the mortgage or HELOC:
1) Any collections must show paid with $0 balance or you must have the total amount of the collections LIQUID for three months in a savings account if you're disputing them
2) CO -- see no 1
3) No reported lates on revolving in 2 years
4) No reported lates in installments in 2 years
5) They will require auto draft
6) They will require time see checking/savings statements to verify income to support loan