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road2repair

Triaging reports

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Hello again,

 

I fell off the credit repair wagon for a while, hard to believe it has been 5 years since I have been here. 

 

I am once again looking to get my reports clean and rebuild my credit in the hopes of buying a home next year. 

 

Currently I have an open vehicle loan with a sporadic history of late payments, but has now been current for the last 4 months.

Student loans that I am going to contact for rehab.

4 Charged off CC in collections, 2 are just beyond SOL and the other two will be beyond SOL later this year. One is with my bank and still shows in my online banking acct.  

 

The car loan was my only open TL so I just applied for and was approved for a cap1 and a milestone card each with a $300 limit. I am debating between a secured card with a higher limit from my local CU or paying on the toy cards for a few months and trying for another unsecured. 

 

Priority 1 is keeping the car and the new cards current to start building a positive payment history

As far as the CO's I have a feeling the Wells Fargo one will stick like glue and I am wondering if that alone will be an issue for a mortgage. I will probably be going the FHA route due to lower credit scores. 

 

Any thoughts on how to best approach this with the hopes of an upcoming mortgage loan?

Currently

TU 575 fako EQ 553 fako EX 526 fico

 

 

 

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Because a mortgage can be expensive to refinance to take advantage of lower rates once your credit improves, my advice is to get 2 years of clean history under your belt before applying.

 

That puts your clearly out of consideration of having "recent delinquencies" and, alone, should give you a good FICO boost from where you are now.   In fact, with further aging of your CO's, rehab of your SL's, and the opportunity to thicken your credit file, you may very well improve to prime mortgage rate territory (680+).

 

 

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Thanks for the reply. One of my problems is the rents in my area are so high that it is eating me alive purchasing a home would be approximately a $700 a month savings even through FHA. 

 

I just tried ordering my TU report but was unsuccessful, talking with them it seems I have a split file and need to contact the dispute department to resolve it before I can receive my report. :( 

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I got approved for two additional low balance unsecured cards. This will bring me to 4 open CC accounts and the one auto loan. My plan is to rotate these cards for fuel purchases and PIF monthly. Time to cultivate these TL's like growing babies. :)

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A little background here. A lot of the most recent batch of baddies is in part do to the DW's chronic health issues. These caused her to miss a lot of work over the years most of which was leave without pay making budgeting very difficult. Well she just went out on disability after many many years of working with Multiple Sclerosis. Now she will have a steady income that we can budget around. 

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4 hours ago, road2repair said:

Thanks for the reply. One of my problems is the rents in my area are so high that it is eating me alive purchasing a home would be approximately a $700 a month savings even through FHA. 

 

I just tried ordering my TU report but was unsuccessful, talking with them it seems I have a split file and need to contact the dispute department to resolve it before I can receive my report. :( 

$700 a month less after the mortgage payment, PMI, property taxes, homeowners insurance, extra utilities (water, sewer, trash pickup, gas, electric), plus setting aside at least 1% of the purchase price per year for when you need a new roof ($20,000), new HVAC system ($10,000), or when you need to fix your plumbing because a turd got stuck cross-wise in a pipe halfway between the house and the street ($8,000)?

 

I am probably missing a couple of things, but make sure you are comparing true costs.

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$700 less with an estimated PITI payment.  I currently rent a single family home and pay all utilities on top of the rent. Plus lawn care and pressure washing what ever the HOA has on their agenda that month.  Only thing I did not factor in is the cost of repairs.  So I am debating putting 20% down or 10% and keep the extra money in the bank 

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I finally got my paper reports. I also spoke to TU and the issue with the split report was an incorrect DOB on one of them that contained 2 collections. 

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 So just a quick update. I bought a house that the owner is holding the mortgage on. In addition I just got a 10K secured visa from McCoy Federal CU and I am not seeing a new inquire on any of my reports. They have pulled eq in the past when I got a car loan from them.  With the home purchase it lowers my monthly housing cost and gives me more time to clean up the credit. 

 

Edited by road2repair

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