Having a house built. Have an abyssmal score right now and only have FHA option on mortgage, which is limiting us in what we want to do in the new house. Current, open accounts are one Cap1 CC, close to $1k limit (will pay this down to $200 or so balance in next 2 weeks) open for around 16 months, a store account with $200 limit and $0 balance only open a few months, and a car loan with $26k left at $600/mo (only open 1 month as it was a refinance). Also have the original car loan with good history for 4 months before paid in full via the refinance. Also, about $28k in Student Loan debt, showing never late with a $105 monthly payment for the next 18 months, at which point it goes up to around $300/month. Have 4 closed Cap1's, a Providian and another unsecured card that were closed by credit grantor after I began credit counseling. All are completely paid but still have a little late payment history back in late 2003. Have a $2k collection account with ER Solutions that I am currently trying to settle, though now that I've found this site, I may try some new tactics. And have a Wells Fargo student loan that is paid in full (Ex's trendline shows "Paid, was past due 30 days, the other two just say Paid as agreed). And have a Verizon listing on there for a phone line I requested, then cancelled the request 2 weeks later, 1 day after it was installed. 2 months later I received a bill for hundreds of dollars for long distance international calls. I e-mailed the CEO and he had the account closed, but I see it's still showing on my report and and the Ex account type says "Unknown - Credit Extension, Review, Or Collection ", so obviously I need to have this removed. That's it for history. Have 19 inquiries that won't expire by October (11 or so relating to me shopping around for my auto loan, and 2 from collection agencies I never requested, so I assume those won't show to a mortgage company) No public records or judgements. So what do you think? Can I get my score up 100 points by late September?
I am wodering something similar, not having a house build but I would like to refi an auto loan.. paid never late the past 6 months, but the interest rate is high double digits. what is/are your scores now if you don't mind sharing? I sure wish I knew exactly what went into calculating the scores. I know that utlizition is a big factor...but other than that I don't know how much each of my negatives is really bringing my score down to pond scum?
and 2 from collection agencies I never requested, so I assume those won't show to a mortgage company) All hard-inquires will show to a mortgage company, or for any OC, CA for that matter. When an account goes into collections, providing it's a valid debt, the CA can pull your credit report. If the CA that pulled your credit report is collecting for Verizon then you need to send them a letter requesting they remove their inquiry.
Don't know all, but Ex is 511 and according to the finance guy for my builder, the middle of the three is 523. This was before I had done anything to repair and included a $2000 collection account that wasn't mine that I disputed and has since been removed from Eq (waiting to hear from Ex and TU).
What else should I do, in what order? Sorry for being such a newb, but there's just SOOOOOO much info here, it's hard to take it all in...
Wow! and I don't mean that in a negative way at all. Numerically your scores are not that far off from mine....and I was told in order to get approved for an FHA mtg I would have to have a credit score of at least 630. Before my dismissed 13's and my disability I had a 720 taking the averge of all 3. I may need to contact you later to get more info from you. I have sold my home but would like to purchase again in about 18 mos.
FHA's don't have to work off your scores. You can get them individually underwritten instead of the automatic approval process. Basically, you just need to convince the underwriter that you're not the same person that got in to credit trouble, and that is mostly done by paying off (or eliminating) what you owe. You do have to put 3% down for an FHA, though, so keep that in mind...
