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My Turn to ask for advice! Trying to get prepared for a mortgage preapproval


southernmel1st
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The last post in this topic was posted 1696 days ago. 

 

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I have been hanging around these boards for quite sometime and I have learned SO much! So first off, thanks to all of you experts for your great guidance!

 

Now, I need your advice. I went through a divorce that was finalized in October 2016. Within 6 months, my credit took the big plunge to a low of 505. I’ve been working to strengthen it but it has been incredibly hard since nobody will give me any approvals so that I can start rebuilding. I’m currently stuck at Transunion – 587 Experian – 560 Equifax – 570. Since nobody will give me credit, trust me, I tried……How can I bring my score up? I am hoping to apply for my first mortgage preapproval within 4 months and I need this score up! HELP!

 

Here is the information that might be important for you guys to give me advice lol

 

CREDIT REPORT DETAILS

Credit Cards

TD Bank USA / Target = Balance: $223 / $300 (I have paid it down to a balance of $112 but it just hasn’t reported yet. 7 Months late payments over a year ago but fixed)

 

Credit One = Charged Off – Closed

 

Auto Loan

Ford Motor Credit – balance $11,659 with a high balance of $17,081 – No Lates

2 Other close and paid off – never late auto loans hanging around from over 5 years ago.

 

Installment

2 Other old accounts – closed – paid off

 

Collections

RENTDEBT AUTOMATED COLLE - $1,600 showing open

 

Hard Inquiries

Transunion – 8 Hard

Equifax – 18 Hard

Experian – 4 Hard

 

Showing 2 years and 1 month average age of open accounts

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Need at least two major credit cards. Secured if you have to with as large a deposit as you can.

 

Then pay down the Target to $2.

 

What's going on with the collection? Is that within SOL?

 

You also need to focus on that CO CO.

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Unfortunately, the collection is relatively new. Had a disagreement with a condo rental management company that backfired.....long story but has to either get paid or sit there in time out.

I have thought about the secured cards.......

The charge off, I have disputed many many times to no avail. Credit One is pretty ruthless and I came REAL close to hiring Lexington Law to try to get rid of the Credit One and the Rent collection......then thought better of it. I have tried repeatedly to get rid of it on my own and failed. Aside from paying up, I've given up on those two.

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Well unfortunately if you've disputed it many times before I would assume you used not mine which has probably glued it there permanently as they will refuse to reinvestigate.

 

But there's not a whole lot you can do to increase your scores without getting rid of those especially since the collection is so recent.

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Well, I'll add that under most circumstances, applying for a mortgage with less than 2 years of clean history (I.e. no new delinqs) is usually a premature move (as with anything, there are exceptions). You want to be able to finance at a rate that is "respectable", even if not the best.

 

So while I grasp the desire to buy a home asap, I advise more patience.

 

Use the time to establish a couple of secured credit cards, as suggested by shifter. And discipline yourself to repay most of your new charges before they're billed, to keep utilization ratios under 10% (or lower), until such time that CL increases leave you ample unused credit.

 

My personal suggestion for the condo collection would be to steel yourself to negotiate the best settlement you can in exchange for an agreement to remove the credit report entry, and put this behind you promptly. Some will disagree, and I respect their viewpoints.

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Ok, I totally agree. That collection looks so ugly sitting there. I will see what I can negotiate and post an update.

Well, I'll add that under most circumstances, applying for a mortgage with less than 2 years of clean history (I.e. no new delinqs) is usually a premature move (as with anything, there are exceptions). You want to be able to finance at a rate that is "respectable", even if not the best.

 

So while I grasp the desire to buy a home asap, I advise more patience.

 

Use the time to establish a couple of secured credit cards, as suggested by shifter. And discipline yourself to repay most of your new charges before they're billed, to keep utilization ratios under 10% (or lower), until such time that CL increases leave you ample unused credit.

 

My personal suggestion for the condo collection would be to steel yourself to negotiate the best settlement you can in exchange for an agreement to remove the credit report entry, and put this behind you promptly. Some will disagree, and I respect their viewpoints.

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