user20969866's Advice

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user20969866 wrote:

How much should my credit score increase?

Answer
5 old collection accounts settled with a zero balance, 3 accounts current (1 loan and two credit cards - one with a balance less than 30% of it's limit, the other with a balance around 10% of its limit), 9 accounts current and closed, two charge-offs totaling $5,389, and a foreclosure from 10/2012. I am looking to refinance in 12/2014 after a years plus worth of payments on my newly opened credit cards and my mortgage payments will be current for a year at that point.
September 23 2013
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What types of loans can I refinance into?

Answer
I've spoken with a few private lenders that I was referred to by a loan officer at Wells Fargo. I guess I should probably give the loan officer from Wells Fargo a call tomorrow and see what she has to say.Thanks
September 22 2013
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What types of loans can I refinance into?

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It's actually a private mortgage loan I took out. Not a conventional mortgage. Would I still qualify for the back to work program?
September 22 2013
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What types of loans can I refinance into?
I am currently taking out a balloon mortgage with the full payment due in three years and 30% down. If I bring my credit score above a 620 after a year what type of loans can I refinance into? I am a 100% disabled veteran, who had a foreclosure in October 2012 due to the fact I was waiting on my disability benefits and couldn't obtain a job or maintain gainful employment.
September 22 2013
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How much should my credit score increase?
My Fico score is a 475. I have four medical bills in collection totaling more than $20,000. I am having the VA pay them and the collection company and hospital agreed to remove them from my credit report. How much should my score increase by?
September 22 2013
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I have bad credit due to medical bills, but am collecting $45,084 annually from the VA and SSDI.

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It was a 550 in January and a 547 about two months ago, but since I applied for a couple of mortgages and had some incorrect information post to my account as of yesterday USAA told me it was 475. They could have told me they had a minimum credit score of 620 for any loan before I went through a 30 minute loan application process over the phone just to have my score drop from the hard credit inquiry. Besides the intelligence or experience of the people who work answering phones for them, I only have good things to say about the bank and will probably use them to refinance my loan in two years or so.
September 19 2013
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I have bad credit due to medical bills, but am collecting $45,084 annually from the VA and SSDI.

Answer
I just got pre-approved for a hard money note. It's a balloon mortgage, with the full term due in 3-5 years, which gives me plenty of time to fix my credit and get my medical bills and errors off of my credit report. It's a 20 year amortization at 12-15% interest with 25-30% down. The lender wants to look at the property first before he tells me the exact terms, but the property already brings in $1050 a month rental income and is a triplex. If I move there and pay what I pay for rent as an extra payment and use my $42,000 disability backpay towards the principle it should be paid off very quickly.
September 19 2013
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I have bad credit due to medical bills, but am collecting $45,084 annually from the VA and SSDI.
I am looking at buying a rental income property for $110,000 that brings in $1050 a month of rental income. If I put 25% to 30% down, what type of interest rates and terms for a balloon mortgage am I looking at?
September 19 2013
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What can I do to get more (or better) quotes for my loan request ZR-MDYBCKH?
I am 26 years old. Had a foreclosure a year ago and subsequent bad credit due to the fact I couldn't work and was waiting on disability. I now make $43,824.00 a year on un-taxable disability income from both the VA and SSDI. I have over $27,000.00 in the bank and am expecting another $40,000.00 or so in the next month or so. The home's asking price I am looking to buy is $39,900. Can anyone direct me towards a possible lender?
September 16 2013
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