I just spoke to a Lender. I am trying my very best to get a home loan. I make really good money, I have been in my profession for 4 years, but I canâ??t get a damn house. The only thing that is hurting me now is the credit. The lender told me when they review credit they go back as far as 3 years! WTF! I thought must people look at credit as recent as 2 years. The lender is telling me that my student loan hurt me as well. My student loan has been deferred for 2 years. I was late a few times in the past. My highest Beacon score is 491; the lender said I would not get a loan if am not at least at 500. I donâ??t get it; I thought any one with good or bad credit could get a HOME loan. I have been working on my credit since October of last year and I have had 4 things removed. Should I apply for a secured card to start rebuilding my credit? I am really getting discouraged about working on my credit. I have a CC of 2300 â?? charged off â?? CC of 600 charged off Some damn account with Fingerhut that I know does not belong to me over 3300 (please) CC of 500 â?? charged off. And late payments in student loans from over two years ago. A company that is gone out of business that is still reporting a account that is paid off, but is showing I still owe like 35 dollars. WTF. Canâ??t get the number because the company is gone out of business. Auto Loan that is paid off, but showed late over a year ago and the Lender said this hurt me too. I am truly stuck. I donâ??t know how to get my score up. Can some one please help me? Thanks a million guys! ****************** dimples1 - never seems like I will get out of debt
for the accounts that are not yours, you should immediately dispute with credit reporting agencies (transunion. equifax and experian) you should then ask each collection agency to validate the debts(search for posts here on creditnet) DO you have copies of your credit reports? I think that you should have copies of your own reports to see what is on there. for paid collections, just call and ask them to send a UDF reporting it as paid, please remove negative notations. I would imagine you could get a house with a big down payment and big time interest rate. I bought my house with a judgment on my credit report, but w/o large collection issues like you have. I am preparing to purchase rental property and the broker is telling me i need 600's even though i am a homeowner with household income over 80k.
I do have my reports, I have disputed the Fingerhut account and it keeps coming back as verified. At first Fingerhut had a collections person in charge, when I mailed the collections agency the validation; they said they are sending it back to the original creditor. Now the original creditors name is on my credit report. I decided to call them and they gave me a number to their collection agency. I donâ??t know what else to do. The account that is paid, I canâ??t get a UDF because the company does not exist any more. They are out of business. I was going to put 10k down on my house, I know I can get a loan. I have friends who have homes with messed up credit and get a home. I mean really messed up credit. I am just confused as to what to do. Should I just wait until I can get the charge offs removed or just negotiate? ************* diimples1 --- is there a way out.
If you are 200% positive that the Fingerhut account is not your, then I would fax BOTH companies a very aggressive letter saying if this isn't fixed immediately you'll have this fixed by your local courthouse.
Can some one tell me if I need to get a secured card or something to start fresh, because right now I don't have any live credit. What do you think
One that you can get approved for and they do not charge crazy fees. Try www.fcnb.com www.capitalone.com www.providian.com
Ok thanks for the sites, one other question if you can help. If I pay on this account good for 6 months will my score increase?
There are a lot of variables. One thing, do not max out the card, keep it at 20% or less of the credit limit. Pay on time, and your score will increase theoretically... but also this is assuming nothing else negative appears on the report.
