ybrew

Cleaning up my wife's reports. Need a bit of help.

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We're buying a home soon. Closing in July.

When we started the home search, my scores were 590, 570 & 535.

My wife's numbers were 660, 651 & 631.

My scores are on the rise, and I've done some work with my wife's account. She had 5 negs (at least 3 totally bogus) and I've removed two of the bogus ones thus far. Of the other 3, one is neg because of late pays in 2002 (car) but that's listed twice on the report. One listing is a positive listing. The other two negs are two charge offs. One listed as charged off bad debt (I know this was paid in full) and the other listed as paid after charge off).

I feel fairly confident I can get those 3 negs removed.

With only positives on my wife's reports, I expect her scores to improve dramatically - possibly to the 700 club, but hopefully for sure over 680 (magic number for no-doc - see my thread in the mortgage forum later).

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My wife has a number of satisfactory accounts. Possibly too many.

She has 3 Cap Ones, (1100 limit total for all 3),

Chase NA (7000 limit - closed by credit grantor)

Exxon - $400 limit but likely doesn't have the card anymore

Foleys - probably $200 limit - high balance is $137

Exxon (again) $200 limit

Mervyns (store - $200 limit)

Kohl's (store - $1000 limit - $200 balance currently)

Palais Royal ($800 limit)

Car - $32,323 high balance, paid as agreed - $0 balance

Bank of America ($3500 limit - $0 balance - closed

Transamerica Bank - $2100 limit - $0 balance - paid as agreed, transferred to another lender)

So she has about 13 positives listed.

The ones that are currently being used - all 3 cap ones and the Kohls. We can't close/remove any of those.

I'm thinking I should probably dispute/remove some of the other cards since she seems to have quite a few, so it doesn't look like she has that much available credit.

The car - $32K, was updated 8/2003, so it'll be there awhile.

The oldest is Bank of America - 08/1996..

Not sure what, if any, of the positives I should get removed. Appreciate any advice.

She might be in the 700 club without touching any positives, just based on getting rid of all the negs. Also, she has quite a few inquiries. I'll be working to get those removed soon.

thanks.

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The items you listed as "positive" aren't actually positive... they just are not derogatory. All that first column means is that you've never hate a late payment on those accounts.

Her biggest problem is probably having too many open accounts with balances. Here is what you and her need to do:

1) Do not open any new accounts, no inquiries until the house purchase is complete

2) Pay OFF in full, to a zero balance, all department stores and subprime accounts. (do not close the accounts, just pay them off and put the card away in your safe)

3) If you must use any credit cards, use universally accepted cards. I recommend using for example one Visa and one Mastercard. Make sure you have a decent limit and try to stay under 45% of your limit. Meaning if your limit is $1000 try not to charge over $450.

The thing you're most overlooking is the avaliable credit ratios though. Paying your bills on time plays a huge role, but you're looked down upon if you have TOO MANY accounts and TOO MANY obligations. Kinda could make it seem like you have 15 accounts that you're living off, not very appealing to someone looking at your record to see whether to lend to you or not.

Hope this helps. :!:

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try to see if you can get those closed accounts noted as " closed by consumer".

If someone tells you to close out some of the accounts, think carefully. You will want to keep older cards, even if you don't use them, as length of credit is importand in the scoring. For example, if the Exxon is from 1993 and the Foley's is from 2002, close the Foley account.

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Only 4 of the cards have balances - the 3 cap ones and the kohls. The others have zero balances. By the time we go to underwriting, those 4 cards will have balances of no more than 25% each. They could be paid in full but not sure if they should be.

I'll need to look at which other ones we could possibly get deleted. Those 4 with balances are really the only open accounts now.

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I'll probably pull scores on her in a month or two.

but I was able to get 9 out of 12 hard inqs removed (I only disputed 9 of them so really 9 for 9), and got 3 negs removed. There are only two negs still showing up - both for paid chargeoffs.

I'll probably go after them again in about 60 days.

(probably not closing till august. They haven't broken ground yet - still got time)

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