What else can I do?? (screen shots included)

[Anonymous]

I currently have a Myfico score watch of 592.   We are trying to get a mortgage.  This is what my report looks like..

FICO® score ingredients How you rate Payment historyYour history of paying bills on time. Amount of debtYour total amount of outstanding debt. Length of credit historyHow long you've had credit. Amount of new creditAmount of credit you've recently obtained or applied for.

Not Good

Good

Good

Very Good

Fair Credit Reporting Act:

Summary of your rights

Company Account number Date opened Balance Status Negative Indicator? [?]
Americasse	XXXXXXXXX8291	10/2004	$0	120+ days past due
Ocwenloans		9/2003	$0	Pays account as agreed	No
Nelnet	XXXXXXX6801	5/2002	$0	Pays account as agreed	No
Creditacpt		7/2007	$0	Repossession
Portfolio		5/2007	$0	120+ days past due
Seccredit		3/2008	$0	120+ days past due
Hsbc Bank		3/2005	$0	Bad debt/collection
Natl Cr		8/2002	$0	Pays account as agreed	No
Amc	XXXXXXXXX7031	9/2003	$0	Pays account as agreed	No
Americredi	XXXXX4524	2/2010	$10,666	Pays account as agreed	No
Lake Trust	XXXXXX5301	10/2005	$0	Pays account as agreed
Gmac	XXXXXXXX6605	9/2004	$0	Pays account as agreed

I have sent GW letters to all companies with negative remarks... Hsbc said no, Lake trust said no, but their reporting wasnt correct so i disputed it and it has since been removed.  the mortgage is a forclosure from 2005, the status is innacurate that i am 120 days past due, so i disputed that. *pending*

COLLECTIONS

total of 4. 

the first 2 collections are the same company, i disputed with all 3 CRA and I know TU deleted it, havent heard from anyone else.

the 3rd one was deleted also.

I sent a PFD email to the last one, bc i disputed it and it came back verified...

this is a new CC

1 new account was added to your credit report

HOUSEHOLD BANK  (XXXXXXXXXXXX0122)
Opened: 6/2011

Show/Hide Details

Balance:	$9	Credit limit or largest balance:	Not Reported
Past due:	Not Reported	Payment terms:	Not Reported
Status:	Pays account as agreed	First reported:	6/1/2011
Portfolio type:	Revolving or Option
Description:	Credit card Amount in H/C column is credit limit

I dont know why it said my payment history is not good. how long does it have to be until it is good? The only 2 open accounts I have are all current, never late. the most recent bad thing on there is my husbands car which was reposessed in the summer of 2010.

The only outstading debt I have is $70 medical, which i sent a PFD letter.

any advise is welcome. I have GW all the CA and havent heard anything back from most yet.. but its only been a couple weeks.

[llecs]

Keep GWing away. Send PFDs to unpaid baddies. Stop disputing too. Lenders have been known to turn down a mortgage due to a dispute comment.

I'd give as much time as possible (6-12 months) between the HSBC and the mortgage pull. You'd see more points with the time due to the ding from the new credit.

Payment history is not good because there are 7 baddies listed in your accounts above outside of the collections (as indicated by the annoying red flag on your accounts page). If you get some of them to accept your GWs and PFDs (for the collections) then your score would increase fairly quickly after the first few successes.

[Anonymous]

Do the dispute comments dissapear after the 30-45 days it takes to verify or delete them?

also, when the card went on my CR my score went from 558 to 592,  I have to have the card 6-12 months to get a mortgage?

we live in MI so, obviously we wont have a preapproval letter before winter, so im thinking feb or march, that should be sufficient time to get to 620 right?

[llecs]

---

@Anonymous wrote:

Do the dispute comments dissapear after the 30-45 days it takes to verify or delete them?

also, when the card went on my CR my score went from 558 to 592,  I have to have the card 6-12 months to get a mortgage?

we live in MI so, obviously we wont have a preapproval letter before winter, so im thinking feb or march, that should be sufficient time to get to 620 right?

---

The comments should disappear by then. If not, you could contact the CRAs and ask them to remove the comment after the 30-45 day period.

One reason the score improved is because of the improved mix of credit. I bet by the 12th-month mark, you'd see another 20 points by then off that CC alone. FICO dings for new TLs with many of the points returning by 6 months with a remainder gradually over time over the course of a year. Some even see an additional bump at the 12th month.

[Anonymous]

Also, Do you think I should apply for another credit card or get a secured loan or something just to have another tradeline?

[llecs]

---

@Anonymous wrote:

Also, Do you think I should apply for another credit card or get a secured loan or something just to have another tradeline?

---

I would not. A new card can possibly benefit you in the long-run, but if you apply now you'll likely get turned down or get stuck with an undesired CC. I'd focus on repair and once your FICOs hit in the high 600s, then add another. Plus if your goal is a mortgage, you wouldn't want to apply now anyway. I'd close first then apply. In other words, adding another CC won't help your goal of 620+. Baddies would have to be removed. IMO, loans are a terrible way to improve credit. Depending on your profile, you could take a net loss by adding one and they offer very little benefit in the way of mix. Aside from the length of history, they only help you if they remain open. And while open, it'll impact your DTI which means you'd have to scale down your home, increase your income, or PIF the loan assuming DTI were ever an issue.