Husband and I went to talk to a lender today about a mortgage. Found out some pretty darn good news. We are closer than I thought to be obtaining a mortgage, but that doesn't change our timeline too much unless something else comes up.
Their programs like to see us at 620 for an FHA but about 680 for conventional but he would really like to see us around 720. (max 8 months down the line) I'm very skeptical, but then again we've only done a few minor changes in the past month and his scores (mortgage scores also) went up almost 30-50 points in just a month.
Mortgage scores right now
EQ 599
TU 614
EX 618
I know utilization makes a big difference. I am going to assume that getting my UTL % down to 9 it's not going to be enough to raise it and that I will have to deal with the collections.
Highest UTL% is 78% at the time for reporting but it will be down to 24% next statement.
CC 1 - 20% (paid to zero and SD by next statement)
CC 2 - 18% (Hopefully zero by next statement)
CC 3 - 49%
CC 4 - 78% at time (24% next statement)
Collections if anyone has dealt with these companies in any kind of way I'd love to know how they worked out for you.
EQ - 4 (1 unpaid)
TU - 5 (3 paid and 2 unpaid)
EX - 3 all paid
CA are: Interstate Credit Collection (paid)
Interstate Credit Collection (paid)
OAC -unpaid
IMC credit services (all paid but 1 that actually falls off in 5 months.)
Again thank you so much for the help and all the posts. I did do some research but what I found for IMC and OAC were from a few years ago so I'm curious about more recent interactions with them.
Starting Score: 633
Both are medical. $200 for one of them it shows up on two reports and then the other is $75 dollars shows up on just TU. The 75$ one falls off the report in October but the CA also holds two other PAID accounts, so I'm thinking of saying hey I'll pay you the money if you take them all off my account.
We were going over both types of loans and the mortgage guy mentioned that the medical collections isn't a problem for at least FHA but since we were also talking about conventional loans and he didn't say it was a bad thing I'm assuming they will approve. I'm prepared to pay them, we have the funds for them. I just didn't want to start messing around until after we talked with the guy.
I've been told if there are collections on file, you can be stuck in a scoring bucket and I wasn't sure what that scoring bucket is and if really is something.
@RA26 wrote:Both are medical. $200 for one of them it shows up on two reports and then the other is $75 dollars shows up on just TU. The 75$ one falls off the report in October but the CA also holds two other PAID accounts, so I'm thinking of saying hey I'll pay you the money if you take them all off my account.
We were going over both types of loans and the mortgage guy mentioned that the medical collections isn't a problem for at least FHA but since we were also talking about conventional loans and he didn't say it was a bad thing I'm assuming they will approve. I'm prepared to pay them, we have the funds for them. I just didn't want to start messing around until after we talked with the guy.
I've been told if there are collections on file, you can be stuck in a scoring bucket and I wasn't sure what that scoring bucket is and if really is something.
For unpaid medical debt that is reporting on your CR:
1. Call the OC and ask that they recall the collection in exchange for full payment
2. Send the reporting CA a PFD offer
3. Google the HIPAA Process and contact its creator for help
All a scoring bucket is a group of people who have the same credit characteristics as you.
