I am currently trying to get a mortgage with good terms. Here is a glimpse of my credit report (the negative items) and inquries. My current Equifax FICO score is 611, I would really like to get over 650... over 700 would be even better. What is your advice? Company: American Eagle-Branch Cg1n Account Number: ***************** Whose Account: INDIVIDUAL ACCOUNT Date Opened: 02/1999 Last Activity: 07/1999 Type of Account: Revolving Account Status: CHARGE-OFF High Credit: $101 Terms: 15 Balance: $0 Past Due: Date Reported: 05/2001 Company: QUAD City Bank & Trust Account Number: ***************** Whose Account: INDIVIDUAL ACCOUNT Date Opened: 01/1999 Last Activity:08/2001 Type of Account: Revolving Account Status: PAYS AS AGREED Months Reviewed: 47 High Credit: $500 Terms: Balance: $0 Past Due: Date Reported: 12/2002 Times Past Due 30:3 60:3 90:4 Previous High Status: 90+ days past due 06/2001; 60+ days past due 05/2001; 120+ days past due 12/1999; Description: Credit Card Company: US Bank Account Number: ***************** Whose Account: INDIVIDUAL ACCOUNT Date Opened: 08/1997 Last Activity:02/2003 Type of Account: Revolving Account Status: PAYS AS AGREED Months Reviewed: 66 High Credit: $500 Terms: 10 Balance: $489 Past Due: Date Reported: 2/2003 Times Past Due 30:4 60:2 90:1 Previous High Status: 30+ days past due 01/2003; 60+ days past due 09/2002; 90+ days past due 06/2001; Description: Credit Card Inuqiries: 04/15/2003 Equifax Consumer Services 04/15/2003 Equifax Consumer Services 04/15/2003 Equifax Consumer Services 04/14/2003 ID-Equifax Consumer Services, Inc 04/14/2003 Equifax Consumer Services 04/14/2003 Equifax Consumer Service-Cp 04/11/2003 Toyota Motor Credit Corp 03/31/2003 ID-Equifax Consumer Services, Inc 03/21/2003 PRM-Pinnacle Peak Solutions, Inc 03/19/2003 AR-US Bank Na 03/10/2003 PRM-Capital One 02/27/2003 PRM-Household Bank 02/04/2003 AR-US Bank 02/02/2003 AR-Consumerinfo.Com 01/16/2003 AR-US Bank Na 01/02/2003 AR-Consumerinfo.Com 12/02/2002 AR-Consumerinfo.Com 11/20/2002 AR-US Bank Na 11/05/2002 AR-US Bank 11/03/2002 AR-Consumerinfo.Com 09/14/2002 AR-US Bank Na 09/02/2002 AR-Consumerinfo.Com 08/16/2002 PRM-Capital One 08/02/2002 AR-Consumerinfo.Com 07/30/2002 AR-US Bank 07/15/2002 PRM-Capital One 07/15/2002 PRM-Household Bank 07/11/2002 First USA Bank 07/08/2002 PRM-First Premier Bank Promo 07/02/2002 AR-Consumerinfo.Com 06/23/2002 Hhld Bank/Best Buy 06/06/2002 PRM-American Express 06/06/2002 Sprint PCS- B50423 06/02/2002 AR-Consumerinfo.Com 05/07/2002 PRM-First Premier Bank Promo 01/19/2002 Lending Tree, Inc 11/16/2001 Discover Financial Services 09/23/2001 First USA Bank 09/21/2001 Capital One What would you do? What are the first steps I should take? Also on my other CR from TU and EQ they state that I have another item that was in collection from US Cellular, it does not show up on this report, should I use this report to dispute that? Thanks in advance for your help.
Did you buy a new car? Saw the inquiry from just a few days ago for Toyota. If you were just car shopping, and you are looking for a mortgage soon, I would wait on the auto purchase. The other biggest alarm is going to be the recent lates on US Bank. If you don't get those off, you will have to explain them. Maybe a goodwill to them. I would try a simple not mine dispute on the paid charge off, first.
There are some recent lates on there.. that's not good. Is the reason pardonable? Perhaps you might be able to appeal to the creditor, and perhaps they might listen. Now is it safe to say these items are just your negative items? Because if you have credit cards, or other loans (which are paid up to date).. try to pay those down too if you could; that could also raise your score. Finally, be careful with those hard inquiries..you don't want too many of them.
By the way, if it's a mortgage you're after, shoot for a score of at least 620 (start small). Having a middle score of 620 as opposed to 611 gives you a few more options. Fastest way again, is try to pay down debts, especially revolving credit. Some mortgage companies might approve you, but ask for you to explain those lates in a letter (and thats not too bad).
