Need advice on how to settle a CO with the OC.
Long story short, back in 2008-2009 I lost my job and was unable to find work until October 2011. Throughout that time I basically lived off the credit cards and LOC that I had obtained.
Needless to say my SUV was repossessed; credit cards and LOC went late and eventually CO'd.
2014 I was re-hired with a good company:
I paid off the CO's and collections under $1200. AMEX gave me the Optima Oasis card for repaying my CO. I financed a SUV in March 2014 and it is current with no missed payments.
Which brings me to the present.
I began rebuilding my credit about 8 months ago. I obtained 3 secured cards, none report as secured
I pay all in full before the statement date except for one card which I allow $15 to report to the CRAs.
02/18/16 FICOs: EX 525 TU 535 EQ 531 11/18/16 FICOs: EX 566 TU 581 EQ 589
Even with the CO's that I have paid, I still have about $85K in derogs reporting which is keeping my scores down.
I obtained my credit reports directly from EX, TU, & EQ.
The good news: derogs begin to age off of my reports in June 2017.
All but $19K will have aged off of all my reports by December 2017.
I would like to purchase a home and move in before March 2018.
However the following will still be reporting on my reports until October 2018:
PenFed Auto Repossesion $5K NFCU LOC CO $14K
I have my VA Certificate of Eligibility in hand, so all I need to do is get my reports clean.
I have signed up for FICO 3B in August 2016 and I have watched my scores including Mortgage Score continue to increase:
EX FICO 8 - 550 | EX FICO 2 - 540 TU FICO 8 - 568 | TU FICO 4 - 557 EQ FICO 8 - 545 | EQ FICO 5 - 496
EX FICO 8 - 556 | EX FICO 2 - 557 TU FICO 8 - 581 | TU FICO 4 - 570 EQ FICO 8 - 589 | EQ FICO 5 - 550
INQs: EX 1 | TU 1 | EQ 3
What I need is advice on how to approach both Navy Federal and PenFed in order to settle both accounts before September 2017.