Rebuilding Log (Help Needed!)

ladyjaye82 · ‎12-30-2015

So I just did a pull from the Credit Check Total that I've seen everyone mention and here's what I'm looking at:

Experian: 570

TransUnion: 606

Equifax: 569

Now obviously the two things I know that are really bad are the collections and the recently late payment.

On EX and TU they're both reporting 7 collection accounts buth 4 of those are paid and closed just not deleted. I managed to get them deleted from EQ.

The recently late payment is on a mortgage that I hold jointly with my ex-husband. He retained the property in the divorce and has 12 months from the date of our agreement to refinance or sell. He paid late in November and December but he is current and I'm praying that he will pay January timely. Unfortunately I know there's ZERO I can do about it because the CRAs don't care about the divorce agreement. I spoke with my ex and I'm hoping that we can work something out that if he thinks he's going to be late on a payment to contact me so I can help him cover it to ensure neither of our credits taken any further hits.

From this information can anyone provide me with any direction on what to do or how to proceed? If I need to give y'all more information I'm willing to do it. Once my name is off the joint mortgage I'm hoping to buy my own place next year and I want to get my score up to 650 or even 700 if at all possible.

Thoughts? Help. Please!

Anonymous · ‎12-30-2015

@mrs50cal wrote:
So I just did a pull from the Credit Check Total that I've seen everyone mention and here's what I'm looking at:

Experian: 570

TransUnion: 606

Equifax: 569

Now obviously the two things I know that are really bad are the collections and the recently late payment.

On EX and TU they're both reporting 7 collection accounts buth 4 of those are paid and closed just not deleted. I managed to get them deleted from EQ.

The recently late payment is on a mortgage that I hold jointly with my ex-husband. He retained the property in the divorce and has 12 months from the date of our agreement to refinance or sell. He paid late in November and December but he is current and I'm praying that he will pay January timely. Unfortunately I know there's ZERO I can do about it because the CRAs don't care about the divorce agreement. I spoke with my ex and I'm hoping that we can work something out that if he thinks he's going to be late on a payment to contact me so I can help him cover it to ensure neither of our credits taken any further hits.

From this information can anyone provide me with any direction on what to do or how to proceed? If I need to give y'all more information I'm willing to do it. Once my name is off the joint mortgage I'm hoping to buy my own place next year and I want to get my score up to 650 or even 700 if at all possible.

Thoughts? Help. Please!

Unless you can get those lates removed, don't anticipate getting a mortgage before Jan/2017. Lenders are going to want to see at LEAST one year of perfect payments. If they are just 30 day lates, they are minor derogs - they pull your scores way down at first but after 24 months they have very little score effect. Are there any charged off revolving accounts?

Getting your revolving balances down below 10% will get you some points. What is your individual UTI on each revolving account?

ladyjaye82 · ‎12-30-2015

Thanks for the answer. I can't imagine that I could get the CRAs to remove the lates on the mortgage. I've seen where other people say it's virtually impossible. I guess it can't hurt to send letters to each along with a copy of my decree and settlment agreement to show that I'm not financially responsible.

Card Name	Card Balance	Card Limit	Usage
Best Buy Visa	$ 378.76	$ 400.00	95%
Best Buy Store	$ -	$ 1,000.00	0%
Cabela's Visa	$ 1,502.09	$ 1,500.00	100%
Capital One	$ 2,181.63	$ 3,300.00	66%
NY&Co.	$ 159.89	$ 750.00	21%
Goodyear	$ 84.92	$ 1,050.00	8%
Belk	$ -	$ 900.00	0%
Care Credit	$ 330.00	$ 1,000.00	33%
JCP	$ -	$ 600.00	0%
Walmart	$ -	$ 900.00	0%
Torrid	$ -	$ 500.00	0%
Lane Bryant	$ -	$ 100.00	0%
Avenue	$ -	$ 250.00	0%

Several of those accounts I don't even have the cards for anymore as they were opened years ago. Now I know that the utilization on the Cabela's and Best Buy Visa are really bad. Should I focus on paying them down first because of the high utilization or the Cap1 card because it has higher interest?

Anonymous · ‎12-30-2015

@mrs50cal wrote:
Thanks for the answer. I can't imagine that I could get the CRAs to remove the lates on the mortgage. I've seen where other people say it's virtually impossible. I guess it can't hurt to send letters to each along with a copy of my decree and settlment agreement to show that I'm not financially responsible.

Card Name Card Balance Card Limit Usage
Best Buy Visa $         378.76 $     400.00 95%
Best Buy Store $                   -   $ 1,000.00 0%
Cabela's Visa $     1,502.09 $ 1,500.00 100%
Capital One $     2,181.63 $ 3,300.00 66%
NY&Co. $         159.89 $     750.00 21%
Goodyear $           84.92 $ 1,050.00 8%
Belk $                   -   $     900.00 0%
Care Credit $         330.00 $ 1,000.00 33%
JCP $                   -   $     600.00 0%
Walmart $                   -   $     900.00 0%
Torrid $                   -   $     500.00 0%
Lane Bryant $                   -   $     100.00 0%
Avenue $                   -   $     250.00
0%

Several of those accounts I don't even have the cards for anymore as they were opened years ago. Now I know that the utilization on the Cabela's and Best Buy Visa are really bad. Should I focus on paying them down first because of the high utilization or the Cap1 card because it has higher interest?

Yes, pay those first. Multiple maxed out card are a huge FICO red flag. If you can, pay off the Goodyear, and NY&Co completely, and get the BB Visa, The Cap One and The Cabela's to under 30% each. Do that and you could see a 30-50 point jump in your scores. When was the last CLI from Cap One?

elim · ‎12-30-2015

you guys might start getting the property ready for sale. with the lates, hubby may not get the refi.

ladyjaye82 · ‎12-30-2015

Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.

ladyjaye82 · ‎12-30-2015

@elim wrote:
you guys might start getting the property ready for sale. with the lates, hubby may not get the refi.

Yeah, I'm very concerned about this as well. The problem is their are major repairs needed to the house and if he can't manage to pay the bills on time then I can't imagine he has the resources to get these issues fixed. I did call Wells Fargo and they said if he can get his credit up to 600 then he could assume the loan. I just have no idea what his current score is.

My biggest fear is that he will initiate a short sale and that I'll still be stuck having a partial mortgage on my record. This is a situation that I literally have no idea what to do with it.

Anonymous · ‎12-30-2015

In regards to your mortgage, you or your husband should contact your bank and look into an assumption. This would essentially give your husband the home without refinancing/changing rates/terms - and is typically cheaper, as well.

-previously worked with assumptions with WFHM

ladyjaye82 · ‎12-30-2015

@stephayersman wrote:
In regards to your mortgage, you or your husband should contact your bank and look into an assumption. This would essentially give your husband the home without refinancing/changing rates/terms - and is typically cheaper, as well.

-previously worked with assumptions with WFHM

Yeah, I called them about that two weeks ago when I first found out about the late payments. Unfortunately he has to have a credit score of at least 600 in order to do it. My big fear is that he's probably sitting inthe 400s and doesn't have the drive to really work to make it go up.

Anonymous · ‎12-31-2015

@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.

Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.