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Mortgage? Starting at 541 - Help?

Discussion in 'Credit Talk' started by Koinonia, May 29, 2002.

  1. May 29, 2002 #1
    Koinonia

    Koinonia Member

    This may be taboo to do but I am agressively wrapping my hands around this feared beast called credit.

    I just pulled my credit from Equifax and I could use some help on where to begin. What to leave - what to dispute. Last year my score was 580 and now I'm down to 541. I would appreciate any expert eyes to puruse the info below and give me some feedback. My wife and little girl want a house. The members of Creditnet have inspired me that I can make it happen.

    Thanks in advance!!!

    Equifax * 541

    Creditor * Type * Limit * Open * Activity *
    Balance * 30 * 60 * 90 * Stat
    (Notes)

    FUSA-NA * Rev * 7363 * 01/95 * 09/97 * ChargeOff
    $7363 * 7Ukn * 2Ukn * 15Ukn+3 * Bad debt/collct.
    (Cur. with CA - CurBal $1287 - is not reported to EQ)

    BankAmer * Rev * 0 * 01/94 * 08/98 * 90Days
    $9903 * 0 * 1 * 1 * 90 days past due
    (Cur. with CA - CurBal 3081 - is not reported to EQ)

    FLACENT * Rev * 2000 * 01/93 * 11/99 * Closed
    $0 * 7Ukn * 5Ukn+1 * 23Ukn+2 * Pays as agreed
    (Paid in full - but reports as neg.)

    MBNA * Rev * 5000 * 06/94 * 10/01 * Closed
    $9373 * 16Ukn * 14Ukn * 24Ukn+3 * 90days due
    (Still with MBNA - CurBal 8960 - Interest 17.5%)

    SunTrust * Instl * 300 * 09/98 * 04/02 * Open
    0 * 0 * 0 * 0 * Pays as agreed
    (All good here - overdraft on checking)

    FUSA * Rev * 7500 * 01/93 * 04/96 * Closed
    0 * 0 * 0 * 0 * Pays as agreed
    (Actually charged off - Owe $10120 - not rpt by EQ)

    Rhodes * Rev * 0 * 11/93 * 01/97 * Closed
    0 * 0 * 0 * 0 * Pays as agreed *
    (Never used)

    1 - Collection account - Phone call should fix it.

    Thanks again,

    Koinonia
     
  3. May 30, 2002 #2
    fla-tan

    fla-tan Well-Known Member

    Koinonia

    The credit report that you as a consumer get is very diferent than the one that a mortgage person gets, though most of the info is similar. Also, based on your score, you would only qualify for nonconforming and that would require a trimerge and shopping with several subprime lenders to get you the best rates. The most important item of information, again based opon your score, would be have you paid your rent on time and can you prove it. Rent receipts do not count unless they are from either an apartment or property management company. There are lenders that will basically ingnore your credit score as long as you have paid your rent/mortgage on time for the past year.

    Good luck

    fla-tan
     

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