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jackie100

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  1. Thanks FirstSource! Can you give me the name of the mortgage lender that doesn't require any tradelines to be open, just in case? I will try to save of course so I can have a lot of liquid reserves even after putting the down payment. I actually want to put in 20 percent at least as a payment so that the house is more "mine", so I can pay it off faster. I would try to put down as much as I could save while still having enough liquid so I don't look to high risk. I am not in a huge rush to buy a house but I guess I should get started on cleaning the credit up, because if I don't then it's going to take longer to get cleared up I think.
  2. thanks so much for all your help Skyfox2020! I didn't know you used to work in the mortgage industry. I'm new to this so I'm still getting used to the lingo. Maybe I should wait until a year and a half because most of my bad credit falls off towards next year, except for one item which is due to fall of in 2 years. This is as far as I can tell with TU though, because the TrueCredit report I got from TU doesn't really show the "date of last activity" for Equifax or Experian. I already applied for a secured credit card from my bank so I'm waiting for that to get here so I can rebuild my credit a bit. I don't think the ARM deal sounds good to me at all, for sure I want a fixed mortgage because I really want to build equity. I don't see a point in buying a house unless I can build equity, I think that's the whole point... Also California is very expensive, but I like it here I would never move anywhere... hehe So we will probably end up getting a small condo so that the financial burden won't be too great. As long as I'm building equity instead of throwing money away renting then that's good I think. I have to work on those 3 positive tradelines. And besides the collection accounts I also have some bad accounts with the original creditor for Maceys and Nordstroms and I'm gonna pay those off today and see what impact that makes on the score. I never even knew that you could buy points to make the interest rate that's very interesting. Is the interest loan the same thing as AMR? That doesn't sound good at all if you could end up owing more in the end. Thanks for all your help! I don't mind you stalking
  3. It is incredibly hard to remove paid accounts. I have gotten lucky with a few. But if you pay, DV won't work and you will be stuck with bad credit. I understand you want to pay but the system is backwards. It will punish you instead of helping you. Of course I'll try to do a "pay for delete" first or ask them kindly to delete it if I pay. I was also wondering why it's considered not so good to call collection agencies? I was reading the tips on the front page of the site and it said to not ever call them but to only send "pay for delete" letters in writing. Personally I would rather call because it's faster... Is it really bad to call them?
  4. Yea I'm just a sole proprietor and have to pay taxes quarterly and do everything under my personal ssn. I have health insurance but not disability insurance, I'll look into that for sure. I haven't been incorporated because I think you have to pay corporate taxes that way and it just makes it more complicated I think. I'm not really sure though. I probably have to talk to an expert about that in the future. Thanks a lot for all your help.
  5. Yea, I really want to pay off the collections and bad credit accounts... It's not just collections but I have some bad accounts too (charged off) but I just want to pay everything and a lot of it is collections. I feel weird dv'ing, I think I would be more comfortable with just asking them to delete the accounts for payment and if not then that's fine too, as it would be an accurate reflection of my credit (it really is a paid collection). I realized credit is really important though, I really learned my lesson. When me and my boyfriend applied for the apartment we are currently in they accepted him even though he was UNEMPLOYED at the time with no income at all and barely any credit (but at least it wasn't any bad credit), and denied me when I was the one with income but just atrocious credit. I've learned that I can still get into an apartment though if I put in an extra month's rent as a deposit. The car I really want is a SLK 280. After that it's all saving and no more splurging but working on building assets like a home and working on investing and things of that nature. My car is really old now too and giving me problems, I just want something nice to drive in Or maybe another model Mercedes, but I can't afford anything too expensive (more like the more affordable c-class or a used e-class) , the best deals are on carsdirect.com I think they are lower than what you can negotiate at the dealer.
  6. If that's the case, then a high credit score doesn't really matter, anyway. I hate to burst your bubble, but your chances of buying a new car with a collection on your report won't be very good, unless you're paying in full. What if I pay all the collections off though? Then I have a 50/50 chance right? Just with a higher interest rate right? If everything shows paid and in order. Regardless if I'm buying the car or not I still want to clear this mess up and pay it all off... Most of the stuff will drop off next year, but one of the suckers won't drop off for 2 more years. I don't want to wait that long I just want to take care of it now so I can start rebuilding my credit.
  7. Even after putting down 20k down I still have a lot left over for emergencies, more than 6 months living funds... I run an internet business so even when I don't work at all I still have checks coming in because of the sales that are being generated because of all the pages that are out there already. Plus I have recurring income too from those sales even when I'm not working. I know wanting a nice car is not the best financial decision, but I feel like I only live once and I want something nice. I know that's what gets people in trouble in the first place INCLUDING ME but I feel like my income is high enough now that it's ok. The bad credit happened when I was not making as much and also because I was lazy back then, but now that I realized how IMPORTANT credit is I don't think I will mess up again. I don't feel that putting 20k down is too much because it takes me around 2 months to make it, but then I also have to save a lot of it to pay quarterly taxes... But still, I'm just so tired of driving an ugly car, I really want a nice car... lol I think I agree with you, I would rather pay the debt first and then dispute/dv...
  8. Thanks for your advice... I don't want to go through a car dealership though, I really want a new car and was thinking of going through carsdirect.com so I don't have to negotiate with a salesperson. I would want to get through financing independently though, like perhaps with Capital1 Auto Financing or something similar. I don't mind putting down 1/3rd or even higher down payment, and I don't care too much about high interest rates, because I know I can pay off the car really fast. I just don't want to pay it in one payment, but I know I can pay it off in a year or so...
  9. I didn't do the dv way yet, just disputed it with the CRA's directly. When you say "dv" you mean contact the collection agencies and directly and asking them to verify the debt with a sample letter like this? http://www.creditinfocenter.com/forms/sampleletter9.shtml I thought it would be easier to just pay it off because it seems like a lot of work to mail everything out to the collection agencies. I prefer disputing it with the CRA's because I can just do it on-line with TU and Experian so it's much easier and convenient. If worst comes to worst I guess I'll have to dv. I was hoping that paying it off would make a difference in score for me like it did with Skyfox2020.. Even if it's a hundred points that's a big difference I think.
  10. If I paid in cash the most I would probably want to pay though is around 20k or so... My dream car, the one I really want is 40k and it's probably better if I get it financed and put around 15-20k down because I don't want to pay that much in cash... If I saved a bit longer then I could but I really don't want to because I also want to save up for a mortgage in the near future... I haven't been saving super hard though to be honest. I am careful of what I spend, but I think I'm only able to save this much because of my income has gone up and I have a lot of residual income even when I don't work so I'm very lucky... But my saving and financial skills are probably not the best... lol
  11. I did dispute it already a long time ago. Some of it was deleted, but mainly I want to pay them off because they are my debts and I do actually owe them so I just wanna get it over with. I don't want to dispute them anymore because technically there's nothing inaccurate about them, I screwed up a long time ago but I'm making a lot more money now and I want a nice car so I thought paying it would help my score. I don't know really, that's why I'm asking. I thought at least it would look a bit better than unpaid CLA and reflect so in the fico score.
  12. I've been reading your posts here on the board and I have a question for you. Me and my boyfriend want to purchase a home together in CA within the next year or so. I'm the primary earner. Last year I made around 70k and this year I'm expecting to make 150k. I saved up around 40k so far (for a down payment). If I wait one more year I think I can get it up to 80k or so for the down payment. The thing is my credit is crap. I have a bunch of collections (which I intend to pay right away but they still will be paid collections). My TU score is is 577 Exp is 514 and Equifax is 532 My bf income is around 15k a year but his credit is much better than mine. I don't know his score exactly, but I know he has no lates and no derogatory accounts, his credit is fairly new, around a year, but I know for a fact it is a lot better than mine. When we applied for an apartment together they actually accepted him even though he was unemployed and had ZERO income, and denied me even though I was making around 7-8k a month back then due to all my bad credit from many years ago. What kind of loan type and loan amount could we qualify for? Is there a way for us to use my income but his credit ? My income is a lot higher than his but his credit is better than mine. Do you think we can qualify for something in the 400-500k range? Also, I'm self employed so I'm not sure how that goes. I'm assuming I'll have to show tax returns and bank statements for proof of income?? Will it be a problem if last year I made 70k but this year it will be around 150k? It's not set in stone so it can fluctuate because I work for myself.
  13. Thanks a lot.... If paying it off can increase my score by around 100 points thats a lot. Right now my credit score is between the low and mid 500's with all three bureaus (I just pulled a merged file). I want to buy a new car so I want my credit to be in order. I could afford to pay for the car in cash, but I'd rather get a loan so I can rebuild my credit since it's messed up right now. Most of the bad credit will fall off late next year, but I'm eager for a new car and to rebuild my credit so I think I will pay it off anyways. I'll try to get the CA's to delete it of course, but if they won't I would still pay for it if it helps significantly... 100 points is a lot, it can bring the credit from "unacceptable and high risk" to "fair or average". Thanks a lot for your advice, that's very encouraging.
  14. I have some collections which I want to pay off, I was wondering by how much my score would improve if I paid them off... I know that no one exactly knows the exact amount that my score would improve, but just say for example if I have 5 derogatory accounts, collections and charge offs... If I pay them all off would it make a significant difference or just a small difference? I understand that if the items are not deleted on a goodwill basis, it will just stay as a "paid collection" instead of collection, but does a paid collection make a big difference over unpaid? I know that their both negative anyways, but what difference does the paid collection make in terms of scoring? Like by how many points approximately could it increase my score?
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