ColePatrol

Recent Activity from NFCU: CashRewards Signature: $8,500 to $10,000 Personal Loan: $10,000 NAvChek: $7,500 to $15,0000 Auto Loan: $30,000 All took place within 2 months.

jop3 I said she might want to ask in the mortgage forum to see if any of you loan officers have advice.

Personally if I could pay off my car note I would. Save me $240/month. The lower the DTI the less headaches you can possibly have. One thing you might want to know is when doing this years tax returns take into account deductions you add because as of now that it considered a monthly debt (i.e. if you write off gas, tolls, work clothes).

I am using Experian's service to keep an eye on the score. That might be Fako, but I am seeing the same drop on my end. Experian dropped from 648 to 609, I am not sure of the other two as I only get daily access to Experian. Is there anything I can do to get them to pull off the hard inquiries??? At this point I would honestly need them to pull off both to make a difference as I *think* the lender will need to pull my credit yet again to get a home loan approval... OR if I could get one off, the oldest of the inquiries should drop in January (one year right???) and I can re-apply then. I do have proof of the settlement in writing! I am still waiting on proof of payment, They said it can take up to 30 days before their system can send out a receipt!?!?! I just don't get these guys! I will call the CA today and see if they can send out a receipt now, as it is obvious that the CRA is already reporting half the debt paid. I'll pressure them to get the TL (is that the right acronym?) changed. I suppose I can follow up with a call to the CRA and ask for the same. I tried this... to no avail. The jeweler stated that they received verbal approval over the phone from me while my son was in the store... and that is in the police report, so that is a no-go for now... but at least getting this to a paid in full state will be better than noting. Experian's Score analysis tool is telling me that getting that balance to a 0 will bump me to a 637... that might be enough for the median score as Experian always seems to be the hardest on me out of the three... Is there anything else I can do to get this score up some more? Like I said before, I considered applying for a card with a higher limit, but I am afraid that yet another hard inquiry will only do me more harm at this point. Experian is showing you fako scores. The only way to find out REAL Fico scores is to obtain from a lender or purchase via myFico. No way to remove hard inquiries and it probably is not damaging your score all that much. You sure they are hard pulls and not soft? If you have settlement in writing and can show a credit/debut card statement that should be good enough to show CRA's. It shouldn't matter what is on the police report if they do not have it recorded. If you want to play hard ball bring them to small claims court over this because its affecting your ability to obtain a mortgage. If you take this route it might be bad for your son but he got himself into this. Some lenders perform something called a "Rapid Rescore" and if they want your business they will do it for free, some charge. Basically with a rapid rescore you provide the proper documnetation and they apply it to your credit score within days. Paying this account in partial or full might not increase your score alot but anything will help. You might want to bring your story over to the mortgage forum where a loan officer can provide further steps to get you in the right direction. Also you are not down and out. If you really wanted a mortgage with scores like that you can find them.

I had a judgement against me in NYC for the amount of $2,800. Never was served properly. What I did was submit a "Motion to Vacate Judgement" and the judge ended up giving me a new court date. The judge will usually only allow this if you give a reason you were not served properly...mine was I was not living in the state. If you do get a new hearing the judge will sign the motion to vacate judgement form (does not get rid of the debt) and you provide that to credit reporting agencies for them to remove. Typically when you goto court a lawyer for the CA will be there. They will make you work out a deal to pay off the debt.

Seems like you were pulling Fakos? The lender pulled credit scores should not vary much from Fico. The FRDF/CBNA collection account which you know is the main thing holding your score down. The CA hard inquiries are not helping it either....not sure why they are doing hard inquiries. Do you have the settlement in writing and proof of payment? If so I would contact the CRA's directly...it took me a few calls to bypass the customer service reps but I was able to reach someone who I faxed evidence to and they removed within hours. Not sure you will be able to get it fully removed unless you file a police report against your son stating indetity theft. Then you will still need to contact the CRA's to provide the police report and all other information.

Credit seems good enough to go whichever financing you choose. FHA you will get the best rate regardless because you are above 640. Are you carrying a balance on any of the credit cards? Paying off the car loan will look good for your DTI (Debt to Income) so in-turn that will increase what your loan amount would be...but probably not alot. This all depends on your income. Your auto loan is a installment loan so it does not nearly affect your credit score as much as lets say a credit card which is revolving (only if you're near the limit). If you have other credit products, show good history of paying and have the money available I would pay it off. OR Since you have such a good interest rate on that auto loan why don't you throw that $17k on top of the down payment? -Cole

I hope so!

My mortgage broker had a firm that would call any negative accounts showing on my report to make sure I settled them. Conference call should do the trick.

Good Morning, I am about to pay a $1,200 collection from my old apartment building because we terminated the lease early (purchased a house and baby was coming). I have until Friday to pay or it will be reported to CRA's (I have the conversation recorded with her saying that). People have been telling me mix things about this...apartment building termination fee are treated as normal debt correct? Thanks, Cole

Good Morning Everyone, I am lookng for advice on the last negative showing on my credit report. What would you do with this? PIF? Not touch it? Account Name DEPARTMENT/JUSTICE FCU JUSTICE FEDERAL CRED Account Type Unknown - Credit Extension, Review, Or Collection Installment Balance $697.00 Date Opened 3/1/2008 Account Status Closed Payment Status Charge-off Bad debt & placed for collection & skip High Balance $697.00 Limit Terms Unknown Comments CHARGED OFF ACCOUNT My current scores range from 640-689. I would really like to hit 700. What do you think? -Cole

Thanks! NFCU does rock! I was in the process of getting approved/underwriting/closing when I was a little gun shy about opening NFCU accounts (i.e. Visa and NavChek) and thought I was going to have isssues with underwriting and new accounts. They explained aslong as you don't take on new DEBT thats fine....new credit could be a bad sign for some but I just told them I'm a new member of NFCU and switching accounts because I hate TD Bank...they said you good.

How long have they been on your report? When are they reporting till? Who current holds the collection accounts?

My loan officer actually told me to refinance my car to lower my monthly DTI. When completing the initial paperwork they will have you give explanations for the new credit/inquiries and all you need to do is explain you wanted to lower your monthly payment. They say that about new credit so you don't goto a furniture store and buy $5k worth of furniture which would totally screw your monthly DTI (which would screw you at closing if they re-pull your credit). Think about it like this....you already have the auto loan on your CR with a higher monthly payment....you refinance with the same amount owed with a lower monthly payment. I doubt they would care.

$1,000. They allowed me to keep some in the 4% CD and have the rest transferred to my savings