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Help with Credit Report


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We currently want to refinance and take some cash out to do some home remodeling. We currently owe 51,000 mgt @ 8.75% and a 14,000 he loan at 4.75%. Our house is currently appraised at 210,000. We are only looking to pay off the above mortgates and then refinance for about 100,000. We want a loan for 15 years.

The problem is that we dont have great credit. We have a charge off for GMAC for a car lease that we owed but I paid that off several months after it was due and I have a letter from GMAC or the collection agent it was paid in full for the full amount. I also have a MCI charge of for $ 40.00 which I did not realize was out there that I am going to pay. The main problem is many lates- most of them for the mortgate. I know this is really bad. They are only for 30 days most of them, but there has been alot of them in the past, and 3 of them this year. I have really started paying everything on time. I also had 3 large balances on and very hihg interest rate credit cards, but I took a 2 year loan out through credit union and paid them off. The CU loan will be paid off in May.

I have about 4 or 5 other cards with very low credit limits, and I think my utiliation is probably about 50%

My Equifax credit score is 603, Experian is 585 and Transunion if 617.

Myfico is which comes up as Experian in 612.

When I called quickenloans to see what they could do he told me becaue of my lates he could not do anything.

Is there any help for me- do you think I could get a decent loan- I know I wont get the best interest rate, but something decent would suffice.

Should I just wait several months to see if my score will increase.

I have been reading this forum but I really decide if I should dispute some of these lates, even thought I know they probably were all really late.

My husbands score is 585 so I would probably only want to use my credit history.

What do you think I should do, please help.

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Try the goodwill approach with your current mortgagee, see if they will delete any of the lates.

Don't bother with Quicken Loans or eLoans or anyof the the other mass marketers. They want pristine credit. Yours isn't bad, but not on their list.

I am in a similar situation as you. Try a local broker, someone you can see, meet and who can meet you. They will work harder than a banker or the mass marketers. Go to the Mortgage section and get some advice. Good luck

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