Yawo64

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About Yawo64

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    Still Learning

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    Pennsylvania
  1. Hello Folks, Thanks very much for your encouraging. I went ahead and paid the following 6 cards with the $5K refund: Barclays, Cap1A, Cap1B, AmazonChase, WellsFargo & Khols. Now, I will remove these cards from my wallet and place them in a safe-celebratory box. My next strategy would be to focus on the BestBuy and DCU cards. I did check the Discover card and yes, as you rightly guessed, no BT offers. cheers, Yawo64
  2. Hello, I have 5 cards now, with the following limits, most of which are about 90% maxed (mainly from post-mortgage shopping, moving, home repairs, kids going to college, etc), hence a very high utilization across the board: Discover: $5000 Limit Chase Amazon Visa: $2500 BestBuy Citi Mastercard: $2000 DCU Visa: $3000 BarclayCard: $1000 about 4 other store cards (Macy''s, Khols, JCPenny, Lowe and HomeDepot) with limits raning between $300 and $100 I have no lates (within the past 3 years), and waiting for some old charge-offs to drop off later this year and next. Thankfully, I have a part-time job now, so it is helping meet my expenses without resorting to the credit cards. I have $5000 from my tax return to distribute on these cards. I intend to put $3k on the Discover, and $500 each across all the 4 other cards (Amazon, BB, DCU and Barclays). Is this a reasonable way to pay out the cards? I want to gradually reduce my utilization and increase my socres, and would appreciate inputs into a strategy that helps achieve this. Thanks
  3. Hello, I am in the mortage market, and need to clarify some questions about the income documentation required. My total yearly income is as follows: Full Time Teaching Job: $68,000 [For the past 7 years] Part-time Teaching (extra classes - all year - same college): $36,000 [For the past 1 year] Contract Job (1099s) - varies yearly: $10,000 / Year [For the past 2 years] Now, my loan officer is asking me to get an employment contract showing the extra pay for the extra (part-time) classes. I am unable to get this since part-time work is optional and not written into my contract. So will this income be disregarded? How about the 1099 contract work - it varies, but it has been stable over the past two to three years. Cheers,
  4. thanks, Since there has been no activity on the account since June 2006, doesn't it mean that the SOL has expired. I live in NJ and the debt was contracted in PA. If the SOL has expired, it means they can't report it to the CRAs. Right ? But they can attempt collection through other means, right? What is the implication of this in terms of a mortgage applicaiton? cheers, Yy
  5. Hello, Good Day All. I recently began the mortgage process. My broker pulled my credit. A week later, I got a call from "Contract Callers" regarding an utility (PECO) bill dating back to 2007. The debt is about $1300, and it is valid. The OC (Peco Energy) still owns the debt, but only assigned it to the CA. They have not reported it yet to the CRAs, and I have not received any dunning notice. Only 1 call about two weeks ago. What are my options now. I don't have $1300 outright, but can attempt a settlement offer. Should I? 1. Call the OC and see if they can recall the debt ( given its age, I'm not sure they will want to - in fact when I spoke with the OC about the call and the balance - I was told to contact the CA) 2. Call the CA, and make an offer to settle for less (in exchange for not reporting)? -- how much will be reasonable - $600, $700? 3. Assuming I want to pursue an offer to settle - should I send it to the the higher ups (President of) at Contract Callers? Thanks very much, Oy PS/ And in case someone is wondering - I DID opt-out about 6 months before beginning the mortgage process - but still got contacted - so there are limits to opting out.
  6. @ WhoCares1000 Thanks very much for the thoughtful suggestions ... As you and others suggested, I have decided not to rush into any bad mortgage decision merely out of convenience (of staying in the place I am already renting, if the seller insists on selling over the appraised value. It sure will be a big financial mistake to pay too much for the house. So I will wait it out, and start looking around for a new home in mid summer, save more money for down-payment and closing costs - so I am not necessarily dependent on seller generosity. Above all, the fact that the mortgage has hit my credit report is also good in that any, skeleton in my credit closets - is likely to be picked up by fantom, bottom-feeding collectors, giving me time to deal with it. Sure, your advice is a treasure ! Happy thanksgving - - Oyiwaa
  7. Thanks very much - I will speak with the landlord again this weekend. He appears to still have his head in the sand regard the real market value of the property. I will urge him to consider paying or splitting the cost of the appraisal or at least the CMA fee. In the meantime, I am keeping my options open - only problem is we have a lease that expires on August 1, 2014. So short of breaking the lease or voluntary release from the landlord (which I doubt he would do), I will have to postpone any home purchase until next year, if we are unable to agree on a realistic price. Will update the board of any developments... thanks for all your input ... Happy Thanksgiving !
  8. if I take over payments, then whose house is it really - at the end - when the house is fully paid?
  9. I suspect he owes more than its worth - in that case what should be my strategy?
  10. Hello, I am currently renting a house that I want to buy. My current landlord bought the house about 6 yrs ago during the bubble - for about $290,000. for some inexplicable reason, he still believes he can sell the house close to what he purchased and wants to negotiate down from there. But house prices in the area has fallen - and most houses of the type are selling around $220,000.00 How can I negotiate with him - I asked him to check the current home prices, to help him determine how much his house is worth. There is a real estate broker who is willing to give us a BPO (Brokers Price Option) - a sort of an evaluation of the home price. Is it worth it? I understand however that most loan programs (I'm going with FHA) will also conduct their own evaluation (appraisal) before the loan is funded, and they will not fund a home whose cost is greater than the appraised value. If that is the case, then is it not better to go with one of the appraisers that does this sort of work ? cheers, Yy
  11. Hello, This is a baby step - but thought i would give feedback. I got pre-aproved yesterday for an FHA loan ($250K). Incidentally, my middle score was much better from the lender pull - - here they are for comparison: MyFico (Nov 1): EX=634 / EQ=649 /TU=666 Lender: (Nov 25): EX=682 / EQ=649 /TU=687 Next week, I might approach another lender for a second opinion (hope the second credit pull will not be detrimental to my scores). In the meantime, my landlord and I have to agree on the asking/selling price for the home - please see my other post on this issue thanks to all for your support ... rgds, Yy
  12. @willingtocope @admin Thanks again. I went to see my loan officer, and indeed, he run my credit and the scores are much higher than the myFico I bought.... Here are they for comparison: MyFico (Nov 1): EX=634 / EQ=649 /TU=666 Lender: (Nov 25): EX=682 / EQ=649 /TU=687 Big difference - particularly re the middle score - 649 vrs 682. rgds, Yy
  13. Thanks - I removed all old addresses - even the one connected to the PR (MSW Capital) - but Experian still refuses to delete after several disputes.....
  14. Hello, I plan to apply for mortgage in early Jan/Feb 2014. I have cleaned my reports to the best of my ability, and paid off all credit cards - utilization is just about 2% (only $10 balance reporting on one card, all the other two are 0 balance). My most recent myFico scores (as of 11/2013) are: EX=634 / EQ=649 /TU=666. Obviously, I am at the margins of FHA qualification. I thought that the effect of the old history (up to 2010) should have waned by now, but it appears something is still holding the scores down. So, I am looking for suggestions on what else I can do to increase my scores. Please find below my ugly guts - summary of each TL, as currently reported - kindly let me know if there is something I can do about some of these TLs to increase my score - cheers, Yy: Public Records -- MSW Capital: Satisfied - 12/2010. Reported on EX. TU and EX deleted after disputes. -- MD State tax: Released - 09/2011. Reported on EX and TU. EQ deleted after disputes. Bank of America Credit card: -- Oldest TL - opened in 10/2004 -- A number of 30 - 90-day lates between 2006 and 2009. -- Closed in 2009 with a balance of $5K. BOA put me on a hardship/payment plan of $100/month. Finally paid off entire balance in January 2013. -- 3 recent lates: 10/2012; 11/2012; 12/2012. Bank did not (and i forgot to call them to) extend the automatic payments. -- Several disputes, GWs have not helped to remove the recent lates. Suntrust Bank - Car Loan: -- Second oldest account; opened in 10/2004 -- A number of 30 - 90-day lates between 2006 and 2009. -- The final balance of $3K charged-off -- Settled for less than full balance in 8/2010 Capital Bank (Secured - $300 Limit) -- Opened in 3/2010 -- 3 (30-day) lates: 7/2011; 7/2012; 9/2012 -- Current since 2012 -- Trying to GW/Dispute the lates, but no luck so far. Comenity Blair (Store Card) -- Opened in 10/2008 -- Several 30-90 day lates between 2008 and 2010 -- Paid of the balance in 2010 (last activity). Account remained dormant -- GW attempts to removed it failed -- Closed it in March 2013 (maybe I shouldn't have) HSBC Bank (Orchard, now CapitalOne) -- Opened in 3/2007 -- Several 30-90 day lates between 2008 and 2010 -- Settled the balance in 2010 -- GW attempts to removed it failed PNC Bank: Credit Card -- Opened in 8/2008 -- Several 30-90 day lates between 2008 and 2010 -- Charged-off in 4/2010 -- Several PFDs, GWs did not help. -- Paid of the remaining balance in full in 3/2013 -- Strangely, currently reporting as "Paid in Settlement", and that account was charged off in 3/2013 -- Trying to dispute with PNC Bank to correct or remove the TL Positive TLs. -- Capital One Credit Card (Secured - Limit of $700 (opened in 6/2010, no lates) -- Wells Fargo Credit Card (opened in 6/2012 as secured - limit of $300). No lates. Recently graduated into unsecured. ======
  15. Thanks very much for all the advice. Sorry I didn't make this clear - but the tax liens are paid and released, as well as the other public record (a judgement) is fully paid as well. The only other issue is the savings - when you say 6 months of expenses does that mean rent + utilities multiplied by 6? cheers, Yy