Hello. This is my first post and I am excited to be here. Over the last year I’ve been trying to get my budget in order, and then to fix my credit. My wife and I married and had children young and spent several years being very irresponsible with our credit. After awhile we figured that we already have bad credit, so what’s wrong with more bad credit? We have grown up, finally, and want to buy a house and be responsible and have this weight lifted off of our shoulders.
My credit scores range from 530, 565, 592. I want to purchase a house in the next couple of months. A very cheap house for 35K. One of the main reasons we want to do this is to continue to be able to pay large portions of our debt down and decrease our overall expenses. Right now we rent a house for 1100 a month. We want a 35K loan for 15 years at about 300/month. We’ll also be moving to a less expensive area, obviously. From a city to rural town. My wife and I earn about 70K a year together. My portion is about 40K. I would like to get the loan without her on it as we have not started working on her credit yet. (another reason I want to cut expenses, her credit is a bit more expensive to repair than mine).
In the last month I have paid off a judgment (only 150.00 judgment embarrassing to have that on my record!!!!) and all my collection accounts (2 equaling less than 400.00 together). I have started to pay my student loans with a voluntary wage payment (my work deducts the money from my check before I see it and sends it to them. This is NOT a garnishment, I requested it be set up that way, easier than an automatic withdrawal to me.)
I have two loans, an auto loan and a personal loan with my bank totaling around 12K which I have never been late for. They are reporting. There is a credit card which was written off by Discover for 5K in 2003. This and the 12 lines from my student loans (why is that?) are the only things showing on my credit report. I do not have any credit cards right now because after the one in 2003 we decided we obviously can’t handle a credit card and have stayed away from them since.
I believe I can handle a credit card now, of course. It’s just a matter of whether or not it’s a good time for me to apply for one as I am trying to get a mortgage. The banker said she wants my score above 620 to give me a loan. I certainly don’t blame them, I’ve been a poor risk in the past, but all open accounts are up to date, recent credit is always on time. My bills are all current and my house payments will be extremely low. I’m afraid that these fixes I have done will not work fast enough to jump my credit that high and my lease runs out Nov 1st on my house and I do not want to renew for another year.
I hope this all is coherent enough for you guys to follow. I’m looking for any suggestions, advise, criticism that you guys have to offer. I am very new to this whole credit deal, but would like to make it a life-long habit of responsible borrowing, etc.
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Reply:That's good to know about it not being likely that they will consolidate the student loans to one line, but worth a shot anyway, right?
So I found out today that the credit card that's in write-off status isn't even mine. It's my wifes and I was just listed as an authorized user. I'm going to dispute that and that should help my score! My two minor bills that I have on my report will be stricken. The stupid judgement will remain but she's going to file that it's PIF tomorrow. The lady didn't even have me on her list of judgements, I had to prove it to her that there was a judgement when I paid her.
My banker said she wants 6 months of clean credit before she can give me the loan but refered me to a mortgage broker who she thought could help, so I'm going to do what I can to clean up my report further and then call them.
If I can get the credit card write-off taken off the report and my two minor collections accounts that are PIF that will leave the one judgement for less than 200.00, A defaulted student loan which is now currently being paid and 5 loans PIF with no late payments and two open loans with no late payments and that is IT for my entire report.
I wish I would have known how easy cleaning up your credit is… I would have done it years ago. I feel absolutely dumb.
Thanks again for all your help and advice!! Keep it coming if you have any more. I'm still holding on to the dream of getting an FHA loan in the next two months.
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Reply: Have you obtained all three of your credit reports and reviewed each one individually? Have you reviewed the techniques for disputing duplicate derogatory items on your credit and how to offer to settle in exchange for deletion?
Yes, but after I had already settled without requesting deletion, so everything that CAN be paid is already paid. Would it be worth my time to call the creditors and request they remove it from my report given that I have already paid them, or is that something they wouldn’t be willing to do now. Am I correct in thinking my stupid old judgment is stuck on the report regardless but it looks better paid than unpaid?
I am going to talk to my student loan rep about taking out the multiple lines in my report and just reporting the one line with my consolidated SL showing I’m am currently paying on time. Most likely it won't happen. Each dispersment of a Federally Guaranteed Student Loan is actually a serperate loan and should be reported as such. That is why you can have upwards of 16 or more different tradelines even though you only went to one school for 4 years. If you take out both a subsidized and unsubsidized each semester and go to school for 4 years, that equals 4 loans each year X four years for 16 loans.
Thanks for the help!
guy
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Reply:I know that I got a couple of credit cards and my credit rating started to soar, my credit rating has gone up over 120 points in 8 months. A secured card helped me a lot because after 6 months the Credit Union unsecured it and doubled my limit. I would start with a Target card for a store card a well. I don't know how many paid items you have sitting on your credit report but I have disputed dates on some of mine and they have fallen off.
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Reply: I would join a credit union and get a secured credit card, they are excellent about helping you build your credit, I would also try and find a place with cheaper rent, if you can so that you can save some money and get out of debt as 100% financing wii be gone as of Sept 30th so you will need 3% or possibly just 1 1/2% (you can ask the mortgage professionals here) to get into a house in the future. I would also try and dispute some of that bad debt and get it off your credit report, it just may work. Try some pay for deletions on the ones you can not dispute off that will help a lot.
I have 3% down payment. That really isn’t an issue. And if I’ve already paid the debts on my credit report, how do I pay for deletions? (well, I paid all debts that were in collections or past due) I guess I could try to dispute the credit card that’s been written off, but that one is set to come off my report in about 18 months and I don’t want to stir anything up on it. That’s an interesting idea on getting a secured credit card. I didn’t know credit unions offered them? My plan of attack was going to be to get a store card but I figured I should wait until after I get my mortgage to add any new lines of credit.
Cheaper rent is not going to really be an option in the city we currently live in. I have a wife, three daughters a black lab and a cat. No apartment living can be in my future. ? The town we’re planning on moving to once we secure the loan will be significantly cheaper as I mentioned but until we have the house loan, that’s not really an option either.
Thanks again!
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Reply:I would join a credit union and get a secured credit card, they are excellent about helping you build your credit, I would also try and find a place with cheaper rent, if you can so that you can save some money and get out of debt as 100% financing wii be gone as of Sept 30th so you will need 3% or possibly just 1 1/2% (you can ask the mortgage professionals here) to get into a house in the future. I would also try and dispute some of that bad debt and get it off your credit report, it just may work. Try some pay for deletions on the ones you can not dispute off that will help a lot.
Business Credit: No Personal Credit and No Personal Guarantee
Reply: Have you obtained all three of your credit reports and reviewed each one individually? Have you reviewed the techniques for disputing duplicate derogatory items on your credit and how to offer to settle in exchange for deletion?
Yes, but after I had already settled without requesting deletion, so everything that CAN be paid is already paid. Would it be worth my time to call the creditors and request they remove it from my report given that I have already paid them, or is that something they wouldn’t be willing to do now. Am I correct in thinking my stupid old judgment is stuck on the report regardless but it looks better paid than unpaid?
I am going to talk to my student loan rep about taking out the multiple lines in my report and just reporting the one line with my consolidated SL showing I’m am currently paying on time.
Thanks for the help!
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Reply:Have you obtained all three of your credit reports and reviewed each one individually? Have you reviewed the techniques for disputing duplicate derogatory items on your credit and how to offer to settle in exchange for deletion?
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