New to the game , I appreciate your input

[Anonymous]

Guys I want to thank you all again, the support in this forum is just amazing. 

When it comes to having a large installment loan on our credit my wife carried our primary mortgage which is now a rental property and that is only showing on her credit as I am only on title. 

The property we will buy which will then become our primary will be in both of our names and the income requirements in our new city is a lot larger. 

We have to two financed vehicles each reporting solely on our individual credit reports.

My source for my scores are coming from myFico 3B and Identity Guard. 

We have more than 3 cards on each report, and student loans are on both credit files as well. 

When it comes to DEROGs in the past my last late payment is over 3 years old and it was on an installment loan on a vehicle. Is there a way to remove these late payments?

Once again you guys rock 

[Anonymous]

So glad you have joined our community here.  Lots of folks will be happy to help you further.  My comments are below in blue.

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@Anonymous wrote:

Guys I want to thank you all again, the support in this forum is just amazing. 

When it comes to having a large installment loan on our credit my wife carried our primary mortgage which is now a rental property and that is only showing on her credit as I am only on title. 

The property we will buy which will then become our primary will be in both of our names and the income requirements in our new city is a lot larger. 

We have to two financed vehicles each reporting solely on our individual credit reports.

I am guessing that these are open auto loans, and that possibly the student loans are also open.  Can you clarify?  I am just trying to find out if you have open installment accounts on your report.  It's clear that your wife does -- just trying to find out if you do.

My source for my scores are coming from myFico 3B and Identity Guard. 

When you say myFICO 3B, I am pretty sure that means the myFICO Ultimate ($30/mo) rather than the Premium ($40/mo).  If the Ultimate, you will be getting your mortgage scores every 90 days (along with your report).  When are you next scheduled to get your 90 day report?  You want to delay pulling your mortgage scores until all your CC balances are reporting properly, given that you only get these quarterly.  You may want to add a free tool like Credit Karma so that you can get a better idea when your CC balances have been updated.

We have more than 3 cards on each report, and student loans are on both credit files as well. 

When it comes to DEROGs in the past my last late payment is over 3 years old and it was on an installment loan on a vehicle. Is there a way to remove these late payments?

I don't have experience here, but many other people do.  Spend some time googling Goodwill letters myFICO and you will find a number of threads that discuss this approach.  Attempting to get all your lates removed should be your top priority, though you have many months to work on it.

Once again you guys rock 

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[Anonymous]

Thank you for your reply, my wife and I currently have two open vehicle loans that are being paid on time. Her student loans are consolidated and are also being paid on time. I am currently in school part time and have my payments deferred. 

I currently have the 3B that is $30 a month. My last pull was my original one which was 1 month ago. I do see the value in the premium service and would like to know if you would recommend it?

I have looked up the Goodwill Letters and wanted to know if that late payment is older than 3 years if there is any reason in getting that information updated?

[HeavenOhio]

You can get the Premier 3B for the same price as the Ultimate that you currently have, but you'll have to jump a few hoops. Here's the link:

http://www.myfico.com/Products/FICO-Premier-3B/

To be able to get it, first you'll need to call customer service to cancel your current product. Ask that it be cancelled immediately because you want to choose "a different product." Don't specifically mention Premier 3B. That'll complicate the conversation because they'll tell you that the product isn't available (even though it is). Before cancelling, make sure you save any reports provided in your current subscription as they'll be wiped out when you cancel.

I've probably missed some details. You can read more in this topic:

Subscribing to Premier 3B if you are already have a subscription

[Anonymous]

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@Anonymous wrote:

Thank you for your reply, my wife and I currently have two open vehicle loans that are being paid on time. Her student loans are consolidated and are also being paid on time. I am currently in school part time and have my payments deferred. 

Awesome.  So you are good to go on installment loans.

I currently have the 3B that is $30 a month. My last pull was my original one which was 1 month ago. I do see the value in the premium service and would like to know if you would recommend it?

In your case the Ultimate might be a nice fit -- at least until you get your next report.  I think your wife should pull her mortgage scores too, but only after her reports are looking as pretty as possible (e.g. AZEO with CC balances).  I do think it is important to add up how much all this credit monitoring stuff costs and then see if there are some ways to achieve close to the same results with a lot less monthly cost -- but that's just me.  (I am apparently legendary on this forum for my tightfistedness.)

I think you should each sign up for all the free tools you can to monitor your reports and scores.  Credit Karma is good for TU and EQ reports (ignore their scores) and freeCreditScore.com is great for EX (monthly report and FICO 8 score).  These tools are nice to have in your back pocket when you have the myFICO Ultimate -- often you want to know whether your reports have been updated properly BEFORE you pull your mortgage scores.  No way to do that with the MF product but if you have Karma (say) you can use it to check your reports as often as once a week.

I have looked up the Goodwill Letters and wanted to know if that late payment is older than 3 years if there is any reason in getting that information updated?

Yes.  The mortgage models are MUCH less forgiving when it comes to minor lates that happened 3-4 years ago.  You would be well served by getting all of them removed, though of course don't stress out about it either.

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[HeavenOhio]

If you sign up for freecreditscore.com, stagger it so it updates at a time of the month that's different from myFICO. Because Credit Karma updates weekly, it doesn't really matter when you sign up for it.