Single Mom wants to finally buy a home for my family.....Please Help me!

[mzme2]

I need help. I'm interested in knowing what can I do to bring my Equ(552) & TU(634) scores up to my Exp (679) score? I have a Ch 7 BK, discharged for almost 6 yrs showing on my Exp & TU, but not on my Equ and that is my lowest score, I'm not quite sure how that is.

The only current/open/good credit lines that I have is:
1 - Chrylser -open car loan never paid late - 1yr old this month

2 - Credit Acceptance Corp -Paid/ closed car loan - never paid late, closed for 1yr

3 - Sallie Mae - Deferred no negative marks.

Baddies

1 - West Asset Management - reporting like it is a installment account, disputed nothing had, because FRAUD ALERT ADDED to my report, DV'd now, awaiting their response, however, they send me something wanted to all documents I have regarding account - I WILL NOT SEND IT.

2 - Portfolio and Midland are both like west asset management.

3 - Charge off - From HSBC for old Orchard Bank card, about 4 years old.

4 - Target - Settle for less than owes, but it is the oldest trade line I have, 10 years old. Should I get it deleted or leave it alone, because it's the oldest trade line I have?
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I have 4 PIF CO's, should have did PFD, but no need in crying over spilled milk, right

Well, I have no open revolving credit/nor credit cards accounts, I know that I need a credit card, have applied for Cap 1 card, waiting to hear from the as well.......

Please help.

[Junejer]

Mzme, the lack of CC, as you have acknowledged, is the problem. If you don't get the CapOne, give a secured card a shot. You will soar to higher heights with the proper usage of the CC.

Are the COs PIF or are there balances?

[Anonymous]

What are you worried about...as far as the home loan...you scores look good...especially if you go FHA...is anything recent???...but I agree..you need more credit...search on the CC forum...for BK friendly CC's...

[Anonymous]

What is DOFD, DOLA, and SOL on your bad accounts?

In the search box above, type in "Crown Jewelers", it is a store card, no credit check, small down payment with each purchase, only report to TU and EX, so won't help your EQ. Nice CL.  Must purchase before they report.

[mzme2]

Thanks guys, for you input. All dates of DOFD is either in 2002 or 2003. I filed for BK in 4/02, didn't get back to work until 4/05, so things I have paid off that were collections(4) and now those are showing paid collections.

I tired FHA the broker that I was going thru said that my lowest FICO wasn't high enough because that is what FHA loans are based off of. I have only been on my job for 1 year, I changed fields, I graduated from school with honors in 11/06. So I've been in field working since 12/06.

As far as recent things would be 6 recent inq for a mortg. 2 for each CRA, and Midland & Portfolio keeps poppin up but they aren't changing anything.  I have applied for CAP1 & Crown Jewelers today after seeing that on the Forum. If you guys has any more advice for me.........I'm All ears.......

[Junejer]

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@mzme2 wrote:

Thanks guys, for you input. All dates of DOFD is either in 2002 or 2003. I filed for BK in 4/02, didn't get back to work until 4/05, so things I have paid off that were collections(4) and now those are showing paid collections.

I tired FHA the broker that I was going thru said that my lowest FICO wasn't high enough because that is what FHA loans are based off of. I have only been on my job for 1 year, I changed fields, I graduated from school with honors in 11/06. So I've been in field working since 12/06.

As far as recent things would be 6 recent inq for a mortg. 2 for each CRA, and Midland & Portfolio keeps poppin up but they aren't changing anything.  I have applied for CAP1 & Crown Jewelers today after seeing that on the Forum. If you guys has any more advice for me.........I'm All ears.......

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Mzme, your broker flat out lied to you. There is not a score requirement for FHA (if it were, it would be a middle score). That said, the banks may have score requirements though. FHA doesn't currently have a score requirement.

[mzme2]

Yeah, I kinda didn't like the info that I was getting from her. I know that she has all over my scores lower than what they are on myfico.com/12. She said that my lowest score was 542 for Equifax, and 575 for Transunion and Experian 6??.

When I looked at the version of the credit scores that where pulled Trans Union & Equifax where both from out dated versions. Does the version of software that the company pulling your credit really hurt you if you see that you scores are diff on than on myfico.com? This is the best place to come to get your accurate scores right?

[DustyStash]

"When I looked at the version of the credit scores that where pulled Trans Union & Equifax where both from out dated versions. Does the version of software that the company pulling your credit really hurt you if you see that you scores are diff on than on myfico.com? This is the best place to come to get your accurate scores right?"

Hi there. MyFico is the best place to get your FICO score, yes. As opposed to the fake scores that Experian and TU sell you. Your statement implies that the banks and other lenders are not using your "accurate" score, and thats simply not true.  Unless you are going to print out your scores from MYFico.com and get a lender to use THOSE scores instead of their own, the scores on here are irrelevant.

They are most likely going to be different than the ones you get at car dealerships, banks, or credit card companies.  Your concern is the score that THEY are using, whether its from the most updated version of the FICO model, or its from a version from a decade ago. Its costly for lenders to update FICO versions, and time consuming. And really, some of the older versions benefit some of these lenders better than the newer versions. So you add those together and there's no reason for some of these lenders and banks to update their FICO software.

They ARE using your accurate scores. Accurate compared to the version of FICO software they are running. MyFico.com is good for a general idea of what your FICO's are. But remember, different CRA's tend to use different software versions, and certain industries may be using different score options on top of it. A car dealership might be using the auto industry option which scores you based more on your past auto loan history, and less on credit cards and other accounts. Similarly, the credit card companies may use the bank indutry option score, which places more emphasis on how youve handled past credit cards. Or they may use a more general standard score option.

There are MANY variables that go into your score. Use this site as your FICO scores yes, but not your absolute end all scores. The site gives a general idea of what you can expect.  So the mortgage scores this lady pulled, may have very well been accurate for the version of software they are using currently.  And btw, I've never heard of a mortgage lender using the lowest score. Most tend to use the average or middle score. good luck

sparky  

Message Edited by DustyStash on 06-10-2008 04:22 PM

[Schoolbuskid]

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ByrdMan wrote:

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Mzme, your broker flat out lied to you. There is not a score requirement for FHA (if it were, it would be a middle score). That said, the banks may have score requirements though. FHA doesn't currently have a score requirement.

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We were told by our mortgage company that a minimum score of 580 was needed to get a FHA loan!

We have since gone was past 580 and they still have not approved because i think they are using a different version of FICO! It really sucks! My moms scores are in my sig!

[Junejer]

Again, FHA doesn't currently have a score requirement. There is talk of such, but there is not currently any such animal. Banks have the right to make their score requirement whatever it needs to be however.

Most lenders are using the most up to date versions of FICO, with the exception of TU, which is at about 50% of lenders using Classic '04. When I went through my mortgage hunt this past February, I had some lenders using Classic '98 and some using Classic '04. I liked Classic '04, as my scores were 30 points higher at the time, than they were on '98.