ShortBus

One year later ShortBus buys house; hangs up credit repair spikes.

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It's been one crazy year. It started off with Orchard Bank sending me an unsolicited CC app in the mail. I figured "what the heck?" and sent it in. I was shocked when I was actually approved for a $300 limit. This is was spurred me to finally face my credit ("hey, mine can't be too bad, right?") and begin the journey we're all on here. I also convinced my girlfriend to let me work on her credit as well.

In the past year I've sent more DV and GW letters than I can count. I've made many phone calls and sent even more emails. I filed a FDCPA suit against a JDB in small claims court and negotiated with their lawyer. I've gotten a redeemed repo, a judgment, and more misc junk removed than I can remember. I've gotten *all* derog info removed from my girlfriend's CRs, boosting her FICO from the low 500's to mid 700's. My FICO has gone from the low 500's to 629.

Between the two of us, we also have about $30k in revolving credit lines now too. In fact, she just got a letter from Sterling Jewelers yesterday telling her they boosted her CL from $5k to $7.6k (apparently for no reason, she's only used the Jared card and only once, a while ago).

It's been a long, tedious process. I bet I can use the automated postage machine to send a CMRRR letter while blindfolded. But it finally paid off in spades yesterday. We just closed on our first home:

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4 bed, 3 bath, 3287 sq ft. Sits on an acre of wooded land with a huge backyard that backs up to a state-owned hunting preserve.

It was also a foreclosure that we got a really good deal on and is in excellent condition. We're paying for it with a 30-yr. fixed, FHA-insured mortgage at 5.375%.

My point is that all the stress and waiting (and waiting some more) that is part of credit repair is 100% worth it. So stick with it. I took a couple of breaks that lasted a month or so, but the two biggest reasons I was successful are: 1) dogged persistence and 2) everyone her at CIC. So: THANK YOU TO EVERYONE! I say that even to the newbies who ask more questions than they answer. I probably learned more from other people's questions than my own.

The rest of my baddies are going to fall off within the next 2-3 years, so I'm officially retiring my credit repair process. I'll probably still be around from time-to-time, but just not as active. I have learned an amazing amount about both buying a house and credit repair over the past year. However, if I had to give just a single piece of parting advice, it would be this:

Don't start your credit repair until you are on a firm financial footing. It's not a cheap endeavor, but more importantly, it's impossible to dig yourself out of a hole when someone keeps dumping more dirt on you. If you don't have a good job or know how to properly manage your money, trying to repair your credit will be utterly frustrating: one step forward, three steps back. So take it a step at a time, stick with it, but work on the money thing first.

:PartyTime:

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Congrats!

It was great to read this, especially this morning when I'm wondering "how long before I can buy a home ugghhh" ;)

You mentioned having some baddies still left on your report so I'm assuming that they didn't effect your ability to get approved for your FHA loan. That was exactly what I was searching the threads to find out.

The house is beautiful and I hope you and the GF enjoy it! Even more so after all the work you put in to get it.

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Thanks. Oh, yeah, I forgot to mention that we're getting married on Halloween. FedEx delivered our rings to my office yesterday when we at the title place, signing our life away. lol :p

My CR has a paid collection, and a $1000 unpaid collection that is past SOL. Plus some late pays, but those are all over two years old. EX has some more dirt on me (both legit and non-legit), but they're on ice. One lender wouldn't even talk to me without having the ability to pull a tri-merged file. However, the other two I was working with didn't have a problem with it. The only bad thing is that they have to take the lowest score, rather than the average of the three. However, a FHA mortgage isn't FICO-dependent. You can have judgments (so long as their satisfied) and even a BK or foreclosure (so long as it's more than two years ago).

I've read that FHA loans are being retooled in 2009 to account for risk, so I don't know if/how things might be changing. But right now, I know that as long as you have had both steady employment and no credit issues for at least two years, you should be golden. (Obviously dependent on how much debt you have, the price of the house, etc).

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What a success story! Congrats!!! You are proof positive, once again, that "credit repair" determination can make all the difference in one's quality of life! You have purchased a gorgeous home-all the best to you and your soon-to-be wife! I wish you both the best of everything!:BigDance:

:DiscParty:

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Shortbus, Congrats!!! That is a beautiful home. It really gives me hope that I can turn this all around. I totally agree about not starting on repair until you have your crap straight. xdancex

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The house looks like brand new construction! Good work! Congratulations on all. I guess Sad Cookie isn't so sad anymore.

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SB,

Thank you. You definitely were helpful with one of my issues in the credit repair process and I definitely tip my hat to not just your help and advice, but to your deserved success as well.

I hope you aren't too much of a stranger, and if you are, I hope to be not too far behind you. 11/27/08 is the anniversary of my rebuild (when I got my Macys card), so it is my hope that I'm not terribly behind you in homeownership. But I'm thinking summer '09 is when I'll be both ready AND still have a buyer's market.

Much continued success, congratulations on both the house and wedding, and please...don't be a stranger.

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Contratulations on your home and upcoming wedding! Yay! I am one of the newbies that ask more questions than I can answer (only been doing credit repair for 11 mos), hence.. newbie... lol. But I have learned alot here and have only 1 more baddie (need to pay it) to go on DH's CR and hope to be where you are next year. The loan we decided on requires no baddies at all. Except BK falls off next year, and tax lien is released and we have paperwork showing it's paid.

Congrats, congrats, contrats!!! Oh, no strangers allowed. We still need your input.... and your experience will help us all.

Thanks to everyone!!

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EXCELLENT Progress my friend, and WOW what a house....

Your Girl if lucky...keep making wise decisions and stay away from as much debt as you can...

Good Luck and congrats to the happy couple....please post some Wedding pictures, especially when you carry her over the threashold...

Well you could post a few of the honeymoon too if you'd like...LOL

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That is a gorgeous house! Also a nice piece of land, beats the heck out of those uptight communities.

Sounds like you should invest in some bullet-proof windows for the back though! (I'm not kidding)

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Congratulations!!!!!!!!!!!!! That house is beautiful!!!!!!!!!!!!!!!!!:) I'm *so* happy for you both!!!!!!!

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You have a beautiful home and a new marriage (almost) to celebrate!

Congratulations! You did an awsome job - thanks for showing us your home

::allhail::::allhail::

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Thanks.

As luck would have it, a week after I closed, I woke up one morning with significant swelling in... the groin area, let's say. I made a doctor's appointment for a few days later. The next morning I woke up with more swelling in that area and my eye starting to swell as well. I freaked out thinking I had an infection of some sort and went to the ER. The doctor told me my white blood cell count looked ok so I probably had an allergic reaction. I got an IV with benadryl, and script for Zyrtec and a steroid, and a bill for $500 (insurance deductible is $2k 'cause I never use it). :roll:

A few days later it dawned on me that those vines I was removing in my new yard was poison ivy. It was the first time in my life I got it and I got it bad. When I was married a few days later, I could neither fit my wedding band on my swollen hand nor consummate the marriage. :p

And to add insult to injury, two days later I was laid off. So now I have $13k in new CC debt (it was a foreclosure and needed all new appliances and some work), a $2k/mo. mortgage and no job. C'est la vie, I suppose... Between the cash gifts from the wedding, my severance, her paychecks and my unemployment, we should be able to pay the mortage and the min payments on the CCs (as much I hate doing that) for about six months.

So my mornings are filled with job hunting online and my afternoons have been spent doing drywall work and painting. Just keep trucking...

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Oh geez...sad cookie sad again!!!

Hang in there - I know things are bleak in MI, but you've come this far. All will be well. Keep us posted. :wink:

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When I was married a few days later, I could neither fit my wedding band on my swollen hand nor consummate the marriage. :p

Say it isn't so! :shock:

I am so sorry Shortbus. You think you'll find something else pretty soon? In the meantime try to enjoy your downtime as much as you can. I know that's probably tough but try to enjoy fixing your house up. : -)

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