delta18

Excellent Thanks! Turns out my scores are better than I thought so it looks like we are good. Thanks for your suggestion to look at FHA and Conv. side by side.

Hello forum My wife and I are looking at buying a house and have the usual questions. Namely would we be approved and what rate would we get? We are currently selling a house and looking to move to another so anything we have as a downpayment is what we would get as equity from our sale. Assuming our house sells for ~$10K less than asking this should be around $65K and we estimate after closing costs we might have around $50-60K to put down. We are looking at a house to purchase ~$400K so this means we would have between 10-15% to put down. Our combined income is ~$115000/year. I have approximately $17,000 in dept ($10K car loan; $7K revolving debt), wife has approximately $8000 in debt ($7K studen loan; $1K revolving). My wife has excellent credit but I had a checkered past that I am mostly recovered from. About the only thing I have left is the $7K revolving debt that I have slowly been paying down. FICO scores wife: 810, 791, 800 me: 660, 660, 680 I actually just made some big payments on my debt and when I did the FICO estimator (not sure how acurate it is) it tells me that the next time it updates my score should come up to ~708 or so but for the purposes of my question let's just assume they stay the same. What are our chances of getting a mortgage? And what rate do you think is realistic? -delta

I have been trying to find the answer to this and was wondering if the collective wisdom here could offer their take. My DW and I just applied for a mortgage pre-approval. We went with a conventional and were going to keep it in DW's name (because she has excellent credit). Turns out we forgot that we were looking to buy in Nevada (a community property state) and so my credit (not bad but not great either and with high utilization) was included. Thus we qualified for a rate of 5%. I was wondering if anyone new whether it makes more sense to stick with the conventional loan at 5% or go with an FHA loan at 3.5%? I have heard that FHA's new rules come in to play on June 1st that say you need to carry MI for the life of the loan if this factors in. Any thoughts are appreciated. D

Thanks!

Credit Application: Your Age? 32 Your Equifax Credit Score? 729 Your Experian Credit Score? 680 Your TransUnion Credit Score? 630 How many years have you been on file with Equifax? 14 How many years have you been on file with Experian? 14 How many years have you been on file with TransUnion? 14 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in? N/A How many late pays within the last 12 months on the currently open loan? N/A How many late pays within the last 13-24 months on the currently open loan? N/A Your current open auto loan is financed with? N/A Your current open auto loan payment is? N/A Estimated amount you may be upside down in this vehicle? N/A Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) N/A YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 1 Total percentage utilized overall? 1 How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 1 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 1 month Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? $1650 How long have you held your current job? 2 months Your total provable monthly gross income is? $6550 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Computerized paycheck stub Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? N/A YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) 5000 Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? yes If yes, please very briefly describe. 2 charged off accounts from 2008 that have been since paid off in full and are reporting as such Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 8 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 8 New or Used vehicle you are considering: Please very briefly describe. New 2012 Volkswagen Golf (approx. $27k)

Apparently I'm one of the lucky few. Just got a $1000 CLI from Cap One today.

Yes my CR does say in dispute. However, my name and address are correct there it is only in their reply to my letter that they got both wrong. I suspect because on my CR all they did was enter the account number. I'm not applying for anything soon. I sent the Goodwill letter in an effort to try to get the paid charge-off removed so that down the road (1-2 years) I could apply for a mortgage with a clean report. Calling is a little difficult as I am overseas at the moment. But I may send a letter. Any ideas on what I should say?

So I sent a goodwill letter to WF about a paid charge-off I have from 3 years ago. They responded with a letter stating that they verified my account. Basically the letter read like they didn't even read the letter I sent. They also said they listed my account as in dispute with the CRAs. The other thing they did in their reply is spell my last name wrong and get my address wrong. Its a wonder I even got the reply. My question is should I reply to them to get the dispute indicator removed (as I never disputed the account) and point out the incorrect spelling of my name and address or just leave it. Any advice is appreciated

I would wager it is partly the higher cost of living and partly the fact that it costs close to $600 if you ever need to leave the state. Also housing prices up here are quite a bit more than comparable cities down south.

Hi All, Got a settlement offer from an Enhanced Recovery Company for an amount owed to NCO. I already settled with NCO and nothing appears on my reports. I was wondering what you all might advise in this situation. The letter I got from Enhanced Recovery lists NCO as the creditor, Wells Fargo as the OC and does include the mini Miranda. Should I send a DV? Negotiate to prevent them from selling this again and trying to collect on it? Any advise is appreciated.

I have an unsecured loan with NFCU for $2000 12 month term and a rate of 18%. High but my scores were in the low 600's when I got it so I count myself lucky. I had to send in pay stubs to get it.

Ok so just a question for any in the Canadian board who might be able to answer this. I left Canada in 2006 to do graduate school in the US. My credit in Canada was not very good when I left and I had no credit cards, just some student loans (both bank and federal). Anyway I have since graduated and although I am currently working in the US I am looking for jobs back in Canada. I was thinking it might be good for me to work on re-establishing credit there before I move back and so I am wondering if any banks would give me a credit card even though I am in the US? I currently still have a bank account with Royal that is still active (I use it to pay my student loans including one I have with Royal that is in good standing). I was thinking of going with Royal as I have banked with them for 10 years now. Does any one think this is even something they would consider? Thanks

There's no tyranny like petty tyranny.

IME they don't. I had a charge off with them from 2008 and they gave me a new unsecured card last year. Of course I had already paid the charge off so perhaps that made a difference.

Just wanted some suggestions on how to proceed, or if you think I've gone as far as I can. For some background I started school in 2006 and got a Wells Fargo visa and a Cap1 visa. In the summer of 2008 I lost my job and things got tight, what with tuition and rent, etc (I have no student loans). My two accounts were eventually charged-off and I paid them in 2009. I have two possitive accounts (NFCU (1500) and Cap1 (500)) both 1 year old. My credit scores though are still around 640. I was wondering if anyone has any suggestions on how I should continue in my credit repair project. Do I have a chance at getting the two paid charge-offs removed? The Wells Fargo account was sold to a CA but because I paid the CA is gone from my reports but WF is still there and it even shows a "date reported" of 03/2011 so I hesitate to try to dispute because this suggests they still have my file. The Cap1 I am thinking of trying to send a goodwill letter about as I have a current account in good standing with them. Any suggestions or advice is appreciated.