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Desperately Need Assistance on Rebuilding Credit + being approved for a home

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Hi All! 

 

I'm a new member but have been following along the forums for some time now - attempting to implement bits and pieces that I'm confident enough to do, but I need some help here, please! 

 

So here's my intent + my goal by the end of the year. I have several Charge-off accounts and collections + repossession and quite a few inquiries over the past few years that I'm trying to get removed. My fiancé and I recently applied for a loan for a house & were pre-approved by our debt - income however, it was contingent on me tasing my credit to (at least) 640, where it qualifies for a first-time home buyer, which we both are.

 

Note* I recently came into some funds which I used to pay off/settle 98% of the accounts on my file. Paid between 7/14 and 7/17 this year (So within the last week or so). Totaling about $16k. 

 

Here is where I'm at: 

Fico 8 scores as of July 23rd, 2020

 

TU: 572

Cap1 AU $500 Limit $235 - 6 lates, now current.

Cap1 AU $500 Limit $0 - 6 lates as above however, Card was/is restricted w/ no option to be unrestricted. Paid off 7/17/20 - Current

OpenSky AU $1,000 limit $39 (Lender advised I open 2 secured cards to show payment history, this is one) - Current, never late.

First Progress AU $500 limit $0 (2nd secured card I acquired from lender recommendation) - Current, never late.

Self Lender Loan AU - $840 amount $617.53 balance - Current, never late. 

Self Lender Load AU - $580 amount $482 balance - current, never late. 

 

Student Loans USDOE/GLELSI - AU - $15,915 balance - Positive - never late

 

BMW FS - AU/CO/REPO - $10,673 - Settled for less on 7/15/20 - Late 30/60/90+REPO

 

BMW FS -  AU/CO/REPO/ - Repossion; redeemed - traded vehicle in 05/2017 - late 30/60/90-REPO;REDEEMED

 

 

Milestone CC - CO - $937 Balance - Settled 7/15

Merrick Bank CC - CO - $916 Balance - Settled 7/15 

First Premier CC - CO - $725 Balance - Settled 7/15

Lead Bank - Closed - $545 Balance - 1 late - negative remark

Avant loan - $2,500 - Closed - settled for less 7/15 - 5 lates

Fingerhut CC - $480 - CO - settled for less 7/15

Credit One CC - CO - $879 Balance - settled 7/15

Sprint - $1,031 - CO - settled for less 7/15 

Cashnet USA - CO - settled for less 7/15

 

 

Inquiries: 

 

MAI - not entirely sure - 5/15/19

 

Premium CB - CC denial - 6/3/20

 

DARCARS - Auto loan denial - 4/15/19

 

CAP One - CC denial - 11/5/19

 

BofA - CC denial - 10/8/19

 

CREDCO - Home Loan - 7/16/20

 

CPS - Auto Denial - 4/22/20

 

CROSSRVR - Auto Loan Denial - 10/22/18

 

CREDITPLUS - Home Loan - 7/18/20

 

SYNCB - CC denial - 12/5/18

 

SYNCB/PAYPAL - CC Denial 

 

CB INDIGO - CC Denial 

 

 

 

EX: 563

 

Everything Same 

Cap1 AU $500 Limit $235 - 6 lates, now current.

Cap1 AU $500 Limit $0 - 6 lates as above however, Card was/is restricted w/ no option to be unrestricted. Paid off 7/17/20 - Current

OpenSky AU $1,000 limit $39 (Lender advised I open 2 secured cards to show payment history, this is one) - Current, never late.

First Progress AU $500 limit $0 (2nd secured card I acquired from lender recommendation) - Current, never late.

Self Lender Loan AU - $840 amount $617.53 balance - Current, never late. 

Self Lender Load AU - $580 amount $482 balance - current, never late. 

 

Student Loans USDOE/GLELSI - AU - $15,915 balance - Positive - never late

 

BMW FS - AU/CO/REPO - $10,673 - Settled for less on 7/15/20 - Late 30/60/90+REPO

 

BMW FS -  AU/CO/REPO/ - Repossion; redeemed - traded vehicle in 05/2017 - late 30/60/90-REPO;REDEEMED

 

 

Milestone CC - CO - $937 Balance - Settled 7/15

Merrick Bank CC - CO - $916 Balance - Settled 7/15 

First Premier CC - CO - $725 Balance - Settled 7/15

Lead Bank - Closed - $545 Balance - 1 late - negative remark

Avant loan - $2,500 - Closed - settled for less 7/15 - 5 lates

Fingerhut CC - $480 - CO - settled for less 7/15

Credit One CC - CO - $879 Balance - settled 7/15

Sprint - $1,031 - CO - settled for less 7/15 

Cashnet USA - CO - settled for less 7/15

 

 

Inquiries: 

 

MAI - not entirely sure - 5/15/19

 

Premium CB - C denial - 6/3/20

 

DARCARS - Auto loan denial - 4/15/19

 

CAP One - CC denial - 11/5/19

 

BofA - CC denial - 10/8/19

 

CREDCO - Home Loan - 7/16/20

 

CPS - Auto Denial - 4/22/20

 

CROSSRVR - Auto Loan Denial - 10/22/18

 

CREDITPLUS - Home Loan - 7/18/20

 

SYNCB - CC denial - 12/5/18

 

SYNCB/PAYPAL - CC Denial 

 

CB INDIGO - CC Denial 

 

 

EQ: 571

Everything Same 

 

Cap1 AU $500 Limit $235 - 6 lates, now current.

Cap1 AU $500 Limit $0 - 6 lates as above however, Card was/is restricted w/ no option to be unrestricted. Paid off 7/17/20 - Current

OpenSky AU $1,000 limit $39 (Lender advised I open 2 secured cards to show payment history, this is one) - Current, never late.

First Progress AU $500 limit $0 (2nd secured card I acquired from lender recommendation) - Current, never late.

Self Lender Loan AU - $840 amount $617.53 balance - Current, never late. 

Self Lender Load AU - $580 amount $482 balance - current, never late. 

 

Student Loans USDOE/GLELSI - AU - $15,915 balance - Positive - never late

 

BMW FS - AU/CO/REPO - $10,673 - Settled for less on 7/15/20 - Late 30/60/90+REPO

 

BMW FS -  AU/CO/REPO/ - Repossion; redeemed - traded vehicle in 05/2017 - late 30/60/90-REPO;REDEEMED

 

 

Milestone CC - CO - $937 Balance - Settled 7/15

Merrick Bank CC - CO - $916 Balance - Settled 7/15 

First Premier CC - CO - $725 Balance - Settled 7/15

Lead Bank - Closed - $545 Balance - 1 late - negative remark

Avant loan - $2,500 - Closed - settled for less 7/15 - 5 lates

Fingerhut CC - $480 - CO - settled for less 7/15

Credit One CC - CO - $879 Balance - settled 7/15

Sprint - $1,031 - CO - settled for less 7/15 

Cashnet USA - CO - settled for less 7/15

 

Inquiries: 

 

MAI - not entirely sure - 5/15/19

 

Premium CB - C denial - 6/3/20

 

DARCARS - Auto loan denial - 4/15/19

 

CAP One - CC denial - 11/5/19

 

BofA - CC denial - 10/8/19

 

CREDCO - Home Loan - 7/16/20

 

CPS - Auto Denial - 4/22/20

 

CROSSRVR - Auto Loan Denial - 10/22/18

 

CREDITPLUS - Home Loan - 7/18/20

 

SYNCB - CC denial - 12/5/18

 

SYNCB/PAYPAL - CC Denial 

 

CB INDIGO - CC Denial 

 

 

Any assistance would be greatly appreciated! Thank you in advance. 

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welcome to CB!!

 

STOP WORRYING ABOUT INQUIRIES!!! Don't try to dispute them.

 

for the derogatory items, make sure you are using PAPER reports mailed to you by the big four CRAs.

 

Note that PAYING a bad account will not make that account positive (although paying will probably be required by any mortgage underwriting process).

 

All those "settled" accounts will continue to hurt your FICO scores. Were these out of SOL?

 

for the open accounts with lates, have you tried GW letters?

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2 hours ago, hegemony said:

welcome to CB!!

 

STOP WORRYING ABOUT INQUIRIES!!! Don't try to dispute them.

 

for the derogatory items, make sure you are using PAPER reports mailed to you by the big four CRAs.

 

Note that PAYING a bad account will not make that account positive (although paying will probably be required by any mortgage underwriting process).

 

All those "settled" accounts will continue to hurt your FICO scores. Were these out of SOL?

 

for the open accounts with lates, have you tried GW letters?

Thanks for the bit about the inquiries, I'll leave them be. 

 

I got PAPER reports today, however I didn't realize there were four...? Did I read that correctly? 

 

Yes, as I found out, paying those accounts won't make it positive - I had a moment of regret for just dropping all that money at once but, as you said, it'd be required for the mortgage underwriting process anyway so I still feel like I made a step in the right direction. 

 

There were not out of SOL, no. VA is 6 years and only 2 of them are approaching that mark, within the next 4-5 months. Everything else is within the lat 3. 

 

I have not tried the GW letters as yet. I've lived quite a few places in the last 10 years (MD, VA, CA) so I'm pushing forward with Why Chat's guide to removing addresses. 

 

I'll looking more into the GW letters today!

 

Thanks so much for taking the time out to respond, really means a lot. 

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1 hour ago, jmckenzie90 said:

Thanks for the bit about the inquiries, I'll leave them be. 

 

I got PAPER reports today, however I didn't realize there were four...? Did I read that correctly? 

 

Yes, as I found out, paying those accounts won't make it positive - I had a moment of regret for just dropping all that money at once but, as you said, it'd be required for the mortgage underwriting process anyway so I still feel like I made a step in the right direction. 

 

There were not out of SOL, no. VA is 6 years and only 2 of them are approaching that mark, within the next 4-5 months. Everything else is within the lat 3. 

 

I have not tried the GW letters as yet. I've lived quite a few places in the last 10 years (MD, VA, CA) so I'm pushing forward with Why Chat's guide to removing addresses. 

 

I'll looking more into the GW letters today!

 

Thanks so much for taking the time out to respond, really means a lot. 

#4 IDS: https://www.innovis.com/personal/creditReport

 

good luck!

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1 hour ago, hegemony said:

 

From a practical standpoint, it might be a good time for a refresher on why (& when) one should be concerned with Innovis.  I ask, because it's not entirely clear to me.

 

I understand that it's important to be aware that you Innovis file exists.  Further, if you clear information from EQ/EX/TU, but it remains on Innovis, there's a potential for it to still haunt you at some point.

 

However, in the limited context of cleaning up credit with an aim at obtaining an attractive mortgage, I'll admit to not giving my Innovis file a single thought.

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54 minutes ago, hdporter said:

 

From a practical standpoint, it might be a good time for a refresher on why (& when) one should be concerned with Innovis.  I ask, because it's not entirely clear to me.

 

I understand that it's important to be aware that you Innovis file exists.  Further, if you clear information from EQ/EX/TU, but it remains on Innovis, there's a potential for it to still haunt you at some point.

 

However, in the limited context of cleaning up credit with an aim at obtaining an attractive mortgage, I'll admit to not giving my Innovis file a single thought.

While it is not a CRA that is used to score consumers, IDS does sell products designed to identify people who may have "cleaned" the obvious 3 CRAs. Moreover, all Fannie and Freddie mortgages are required to report to IDS. Last, it is part of the e-oscar data clearing house (along with EX, EQ, and TU).

 

I would not say IDS is a huge priority but since it is so easy to get it to delete, I see no harm is suggesting consumers address the data it sells. Also, me suggesting IDS should be addressed gives the stalker a chance to display her snarky reactions.

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So you’re an AU on all the open accounts, but were the primary cardholder for all the closed/settled accounts?

Do you not have any open accounts where you are the primary?

Also, you list AU for the repo. Seems more likely you were a co-applicant. 
Some of this needs clarification.

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2 hours ago, hegemony said:

Also, me suggesting IDS should be addressed gives the stalker a chance to display her snarky reactions.

 busted!! 🤪

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2 hours ago, hegemony said:

the stalker a chance to display her snarky reactions.

The way you depicts it, quite amusing!

 

Just to add, when I applied the card, Cap One pulled all 3 plus Innovis (IDS). I found it through ID process verification. Cap One points out that these three reports (EX,EQ,TU) incorrectly correspond to Innovis.

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On 7/23/2020 at 7:47 PM, DPB said:

So you’re an AU on all the open accounts, but were the primary cardholder for all the closed/settled accounts?

Do you not have any open accounts where you are the primary?

Also, you list AU for the repo. Seems more likely you were a co-applicant. 
Some of this needs clarification.

Hi There! 

 

My apologies, my understanding of the terminology was bit off. I was the Primary (And sole person) on everything, none of these have a co-applicant or primary other than myself. 

 

Sorry, again! 

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On 7/23/2020 at 6:09 PM, hegemony said:

While it is not a CRA that is used to score consumers, IDS does sell products designed to identify people who may have "cleaned" the obvious 3 CRAs. Moreover, all Fannie and Freddie mortgages are required to report to IDS. Last, it is part of the e-oscar data clearing house (along with EX, EQ, and TU).

 

I would not say IDS is a huge priority but since it is so easy to get it to delete, I see no harm is suggesting consumers address the data it sells. Also, me suggesting IDS should be addressed gives the stalker a chance to display her snarky reactions.

Thanks so much for that followup! I've got nothing but time currently so I don't see why I can't take this steps and follow up with IDS

 

Thank you both for that exchange, helped me understand quite a bit. 

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On 7/23/2020 at 4:44 PM, hdporter said:

 

From a practical standpoint, it might be a good time for a refresher on why (& when) one should be concerned with Innovis.  I ask, because it's not entirely clear to me.

 

I understand that it's important to be aware that you Innovis file exists.  Further, if you clear information from EQ/EX/TU, but it remains on Innovis, there's a potential for it to still haunt you at some point.

 

However, in the limited context of cleaning up credit with an aim at obtaining an attractive mortgage, I'll admit to not giving my Innovis file a single thought.

For what its worth...when I worked a case involving one of our clients who was big in the mortgage fraud that led to the meltdown in '08, I had the opportunity to review the credit files of MANY of the straw purchasers (this was all information obtained from the DA's file).  There were reports generated BY IDS in each one of those purchases.  I don't recall if there was an actual IDS credit report but the mere fact that they were involved in the compilation services would be reason enough to make sure IDS was just as clear as the other three...

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