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Discussion in 'Credit Talk' started by PeteB, Aug 30, 2003.
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If you can break that 620 line you will be better off. You can get a loan with any score, but your rate will be better if your middle score is 620!
What's the best way to raise score from 605 to 620?
Would a lender rather see cash or land for a construction loan "downpayment"?
If you hang in there for a few more months with paying on time, your scores will go up. Pay off as much debt as you can to get your balances down.
Would it be better to pay off some debt, purchase some land to build on, or save our cash for a downpayment on a construction loan?
Have you pulled your reports to see why your scores are where they are? There might be some inaccurate info you can dispute off, or perhaps some of your older tradelines are getting ready to fall off anyway. The higher your score, the lower your interest rate, which could result in HUGE savings over the term of the mortgage. I have learned the hard way recently that it is better to pay off your unsecured debt before committing to a long term debt like a mortgage...As for the construction loan, you need to make sure to include AT LEAST a 10% contingency in your estimates, so you may not be able to build as much as you could just buy outright, depending on your local market. Anyway, good luck!
If you have 2-3 month timeframe, get an older relative to have you added as an AU on their cards. This is a quick and inexpensive way to get a boost in your scores ... the 2-3 month timeframe is to get those cards report to all the 3 bureaus -- it won't happen right away.
Due to security reasons, the AU cards are sent only to the primary cardholder's address. Your older relative need not physically hand over the additional card to you, if it's a sensitive issue for you. They simply need to agree to add you as a user, and then keep using their card as usual, with small balances charged every now and then. Thus, even though you might not have charged a single dime on the card, you benefit from the card history.
I have 2 Charge offs...less than 2 years old, and a medical bill of $186 with a collection agency. I have an auto loan 11k, a credit card 6k, and another credit card 300.
You might want to demand validation on the collections and charge-offs - if that fails, try to negotiate payment for deletion (in writing!!) Your lender might also be able to get a rapid rescore on you long enough to get through underwriting. The AU suggestion above is also a great idea.
Thanks for the advice...how do I request validation. Who do I contact?
1. dispute the 2 charge offs as 'not mine' with whichever CRA's are reporting them.
2. dispute the Collection as well...'not mine'.
3. If the 6k and $300 CC's are close to the limit, paying them below 50% will help alot. Paying them below 10% will help more. One of the big factors of FICO is utilization.
Check the myfico.com website and it will tell you the exact things that affect fico the most..
good luck to ya!
You have $30,000 in the bank and you allow a $186 bill to sit with a collection agency?!? Why on earth haven't you paid it?
Are the interest rates on the car loan and two credit cards higher than the rate of return on the $30,000 you have in investments? If so, pay the debts off completely. You're losing money.
Does simply disputing them as "not mine" remove them?
Many times yes! but...
"If" the CRA's cannot verify them with the OC, they will be removed. They have 30 days to verify the information or it must be deleted. (they could reinsert later, but in the meantime you have your home at a great rate!) so far ive had no reinsertions.
Ive had good success with this, and so have many others.
Utilization is important, if those cards are close to the max, you should pay them down below 50% or more.
is the collection account reporting to the cra's? if so just paying it off won't help your fico too much. be sure to ask for deletion (in writing) from them prior to paying it off.
Thank you very much for the help! Any suggestions on hunting for a mortgage?
What are your total credit limits you have on your Credit Cards?
Ok, I had a VERY good Mortgage Broker. She got me a mortgage for my newly built home which was 110K with 5% down and a 6.5 interest rate. And my score at the time was........a whopping 597 but they used the losest which was 535. I've since got it raised to 620. Paying my mortgage on time has helped but I'm still fighting the good fight. So it is DEFINITELY possible. And I didn't even have all that cash on hand or ANY property. All I had was a excellent salary and all PAID accounts on my CRs. So I know you should be able to find a good with a good rate.
I would sure like to know who your mortgage broker!
email me at firstname.lastname@example.org with Linda Harris in the subject line and I will email you her info.