Hello *waves* I've been lurking on the forum and reading all the topics and I have found some very good ideas and advice however I need a bit more. I am planning on purchasing a condo in another state next summer once I have at least a bit money save up however I do have bad credit and was looking into applying for an HUD/FHA Loan which do have certain restrictions but don't know how strict. My credit report is full over charges off from Credit Cards and Stores Cards. I also have student loan in addition to that. One thing that really got me curious is that MBNA, one of my charge off sold my account to an collection agency and it's now on my Credit Report. Is there any way to delete this? Or should I wait till the seven year mark if the seven year mark apply to CA? I did the math (as one of the many topics suggested) and my charge offs will drop from my CR in 2009 (7 year mark +180 days). Until then, I will need to build up my credit and will do so by getting a credit card (Orchard or some other). I will be using this to make small purchases. 2. How long does it take for Orchard and/or other cards show up on your credit report or impove your credit score? My Score from Transunion is 569; of course I would like to increase this to the 600s by the end of this year or next year if that is even possible. My whole focus right now is to rebuild my credit. In addition to purchasing an house, I would like to purchase a car but I'm taking it one step at a time. Thank you.
Welcome Fellow Newbie I am also new and trying to qualify for a mortgage....in 6 months to a year. My credit score is very close to yours. I currently have an Orchard Bank card(HSBC) since March 2006....I got my credit report in early April and they are on there. They have a very good website that allows you to make payments so it's convenient and they email you when your payment is close to due and other helpful alerts so you can monitor your credit. There is always the "NOT MINE" dispute to CRA's to try for a deletion-I am trying this one-1 has worked so far (but I truly believe it wasn't mine. I have 3 others being investigated now-I'll keep you posted). Since your CO account seems fairly old you might want to negiotate to settle and pay for delete of account, since the SOL in your state may apply. Depending on the amount of your CO's....if they are low try NOT MINE dispute.... GOOD LUCK......remember I'm no expert...in the same boat as you but I've been reading all this info day and night for about 2 weeks now. I think I am getting the hang of it Keep me posted Msthang77
