Buying a House, Credit Frustrations!

For just about anything you want to get off your chest about credit cards.
6 posts
fl_226_2
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Buying a House, Credit Frustrations!

Postby fl_226_2 » Tue Apr 02, 2013 4:07 pm

Hey everyone! I am trying with everything I have to make a home purchase for my fiance, myself and our child. My rental lease is up in 4 months. I wanted to get pre-approved, as step #1 in buying a home so I mentioned it while making a deposit at my bank and since then I have been getting calls from the loan guy, but I have been dodging the calls until I can straighten out a thing or three...

Please help me if anyone can think of or spot something that I can clear up before I apply. PLEASE anything will help.

Before I post the details of the reports, let me say- yes there a 2 credit cards I defaulted on in March of 2007. Something happened in my life and I did not make my payments. When I got around to making the payments I was hit so hard with fees that I did not pay them. Please keep in mind- they were both secured cards, so they had my money on them for the credit limit, and, well, I guess that was my justification to just let them go- it was my money i deposited anyway. Not responsible, but that's the truth. And if I paid them now I would essentially lose the money I deposited (secured) for the credit limit, AND if I understand right it would also reset the 7 year period before it comes off my report as a late pay.

Anyway, Here is my situation:
Transunion: 654, Equifax: 601 :(

On the Credit at a Glance Section
  • 60 days+ delinquency: TU 1, EQ 2
  • Collections: TU 6, EQ 4
  • Only EQ says I have multiple accounts showing missed payments or derogatory descriptions (2).
  • TU says I have "limited the use of available credit" (18%)
    EQ says I have "made heavy use of available revolving credit" (19%)
    Don't understand either of those as I pay my CC balances in full every month?
  • Both say I have recently paid bills on time.

On the "Accounts" Section:
Transunion .
Old CC.............. Opened 9/2005.......... Balance $162.......... Charged off as bad debt.......... Neg Indicator
Current CC#1..... Opened 8/2012.......... Balance $0...............Paid or paying as agreed........ Not Neg
Current CC#2..... Opened 12/2011.........Balance $0...............Paid or paying as agreed........ Not Neg

Equifax .
Old CC.............. Opened 9/2005.......... Balance $162.......... Charged off as bad debt.......... Neg Indicator
Old CC#2........... Opened 10/2008........Balance $725.........120+ days past due................Neg Indicator
Current CC#1..... Opened 8/2012.......... Balance $0...............Paid or paying as agreed........ Not Neg
Current CC#2..... Opened 12/2011.........Balance $0...............Paid or paying as agreed........ Not Neg

This (above) is what I am confused about.
On the Transunion report- Old CC#2 is NOT listed in accounts section, but it IS listed in the "collections" section....
But on Equifax----------------Old CC#2 IS listed in accounts section (120+ days past due), but NOT in the collections section?
Is that saying one of the reports says that the account is still open and the other says it is a closed account?

Also, I defaulted on both of the old CC's on the same month (March 2007). Why does CC#2 say "Opened 10/2008"?

Those are my main questions....

Beyond that:
There are 3 Emergency Medical balances- the most recent one being May 2007.
Cable Company- $380 - April 2010 (Had cable in my name, moved out, roomates continued to enjoy cable, forgot to turn off, Couldn't collect $ from them, no excuse though, my fault.

That's all there is. I have provable, stable income of about $46,000 (decent for my area) and have been at the same job for over 12 years.

With the magnitude of how important this is in mine and my family's life, I Thank You so much for any advice you can offer me!


craigm1
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Postby craigm1 » Tue Apr 02, 2013 7:02 pm

Talk to your loan guy, they are on your side if the loan doesn't get closed he doesn't get paid, the likely hood is high that you will have to deal with the debts or your won't get approved for a loan. At the least your going to have to settle with the your creditors some will take 50% of what you owe. I was in a similiar situation I just closed a loan on refinance in October I owed 6k to an insurance company and I got them to take 2k and they deleted from my credit report and I owed $120 from a doctor I just paid that, my understanding is you need to be over 720 to get a decent rate and over 740 for the best rate your scores and on the low end you may have trouble getting approved my scores were before I settled with my 2 debtors.

Equifax 692 Experian 697 and transunion 723

they jumped to Equifax 774 Experian 750 and Transunion 773 keep in mind my items were deleted like it never happened.

I feel your pain don't duck the loan guy he wants to help you mine gave me the advice to bargain with the insurance company and I paid a third of what I owed. consider what owe I would pay them off completly so it says fully satisfied but with major credit cards it still going show negatively for 7 years. But as long as there satisfied you can pursue a loan.

I showed 180k of income last year and I had a loan of 260k with a home value of $450k and they put me through the ringer!!!

craigm
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fl_226_2
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Postby fl_226_2 » Thu Apr 04, 2013 12:47 pm

Ok, I won't duck the bank anymore and i'll see what he has to say or what kind of advice he offers.

I like the idea of paying and asking for it to be completely *deleted* after settling. Is that difficult to arrange with a collection company?

And what is this I am reading about JackAttacks and so forth... Is that "method" reliable?

craigm1
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Postby craigm1 » Thu Apr 04, 2013 3:41 pm

use paying it off completely as leverage, get it in writing that they will delete, it's a few buttons for someone to hit for that to happen.

craigm
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fl_226_2
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Postby fl_226_2 » Fri Apr 05, 2013 12:45 pm

  1. Is there a chance they would be scumbags and not actually delete it after I paid whatever we settled on?
    If so, what would I have to do if I managed to get a company document that they would delete it? If they didn't delete would I show that document to the CRA?
  2. Seeing as how these two cc's went delinquent just over 6 yrs ago, and the two amounts are $725 and $162, what should I offer to pay?
  3. What about this Jack-Attack method or something similar? Does that actually work?

fl_226_2
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Postby fl_226_2 » Fri Apr 05, 2013 1:54 pm

Also, I just put up a copy of the reports on Dropbox. You can find them here
https://www.dropbox.com/sh/zg7qy2nl5ifunjv/xJeD2pSpXl

I am wondering why they are listed differently:
TU
OldCC#1 - "accounts section" $162 - Charged off as bad debt
OldCC#2 - "collections section" $725

EQ
OldCC#1 - "accounts section" $162 - Bad debt/ collection
OldCC#2 - "accounts section" $725 - 120+ days past due

Is that saying that the account is still active the way it's listed? It just doesn't make sense to me. It seems like to me that they should both be in "collections section" on all reports.
Both accounts went delinquent in March, 2007. Did one get re-aged?

And what is up with it being listed as a "factoring company?"



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