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2 years ago
Fri May 20, 2022 5:57 pm
jmdatty
Visitor
jmdatty has been gardening for over 2 years.
Hi. I signed a purchase contract on a new-build townhome in September 2021. Due to COVID, material and labor shortages, and typical delays inherent with new home construction in general, the Certificate of Occupancy (COO) I need to Close Escrow (COE) has been bumped several times, with a realistic and anticipated COO/COE this coming June 2022. FHA was not an option given the price of the home, and though the market is rapidly cooling down, the FMV of this new home is approx. $140K above my purchase price.
After a horrible and contentious divorce (with kids) that took 3 years, I was able to file a Chap. 7 BK on October 16, 2018, successfully discharged on February 1, 2019 (3yr 3mo ago). With a thin credit file, and the Chap. 7 BK, I researched and found one lender willing to grant me an Extenuating Circumstances (EC) exception to the normal 4 year look-back period for a conventional Fannie Mae loan. I have a long time, stable job with a large salary, and little to no debt given the Chap. 7 BK, so relatively low DTI at the moment. My EC conventional lender (the only one I found after many inquires/applications, requires a 700 middle score (had that in Jan. 2022, but not ATM), and 6 months of reserves (I have, along with 5% down payment and unknown re: closing costs given skyrocketing rates)
My first post BK credit was a secured credit card (Alaska CU) with a $2,500 limit opened Feb. 26, 2021 (good standing), followed by a high interest installment car loan (Copper State CU) opened June 11, 2021 (good standing, orig. loan amount $24,457, reporting $20,886 balance, new balance to report 5-29-22 of $19,680, which will be approx. 80% util. or pay down).
Starting September 2021 mortgage ficos were: EQ5 695, TU4 674, and EX2 674.
Given my thin credit file, and not wanting to start an age of newest account, my mom added me as an AU on a Nov. 1982 opened Chase Freedom CC w/ a $20,000 limit. I started Experian Boost and tried (rent, tele and other utilities reporting apps like E-Credible) to squeeze in any extra new points any where. I got pretty decent bump at this time:
October 19, 2021: EQ5 697, TU4 707, and EX2 695.
Because my post BK credit file was still pretty thin (2 CCs and 1 installment loan), my mom added me to a second, great CC as an AU, or an Aug. 1987 Discover CC $13,500 limit). In addition to this extra AU card, and using the AZEO method ($0 on Chase AU, $0 on Discover AU, and $64 on AKA Secured CC in my name, representing 3% utli. on that card), my middle mortgage score was 701 (EX2) on:
Jan. 6, 2022: EQ5 702, TU4 699, and EX2 701.
No idea why TU4 has dropped so much, but I'm stopping the utilities reporting apart from Experian Boost, because they likely do not help mortgage ficos. My mortgage scores are now as follows with the following CC reported amounts that given lag, different report dates:
May 13, 2022: EQ5 699, TU4 69, and EX2 701 ($0 on Chase AU, $22 on Discover AU w/ 0% user
interface util., and $20 on AKA Secured CC in my name, with 1% util. reporting as to EX).
I bought a EQ and TU CR from MyFico a few days later after the AU cards had balances on them, resulting in no changes, possibly due to the different AU vs. cards in my name reporting algos:
May 18, 2022: EQ5 699, TU 697, and EX2 (701) - ( $981 on Chase AU, 5% util., $22 on Discover AU w/
0% user interface util., and $20 on AKA Secured CC in my name, with 1% util.).
Generally, I have 8 inquiries reporting on EQ and Tu, and 10 on EX.
I have approx. 10-12 Baddies (approx. 11, 60 day late pays and BK) on all 3 CRs. Generally/approximately:
Oldest account: 29yr, 8mo (AU Chase Freedom CC)
Average Age of Accounts (wide variance) EQ 8yr 5mo, TU 7yr 7mo, and EX 8yr 3mo
Newest recently opened account: 11 months (car loan)
Time since most recent late pay: EQ & EX 3yr 7mo, TU says 3yr 5mo
I think the Hard Pull credit pull from January 2022 is the main factor in the slight drop in my middle FICO from EX2 701 to my present frustrating EQ5 699.
My plan is two fold: (1) recreate the exact AZEO ratio I had in January in early June via rapid rescore or otherwise (0 on two AUs, and 3% on personal secured AKA CU CC); and (2) add two more AU CCs with long, great payment histories (Chase, 15K limit, about 20 years old, stmt. date approx. June 2, & AMEX CC w/ 7,500 limit open since 2015) by early June. The two new AU cards will report zero balances. I don't have the funds to pay down my car loan to below 9%
I have two inquires that should be 12 months old in June (relating to car financing), so hopefully the negative impact of those 2 hard inquires if any will subside, and the age of my newest account should tick to 12 months old in June (Copper State CU).
I can't try any credit repairs, etc. given my time crunch, and the fact that I can't have any disputes showing when my lender pulls my final 3B tri-merge after I get my middle up to 700 or above in early June, if I have any luck. Any advice or help would be appreciated more than you know. Thanks very much.
After a horrible and contentious divorce (with kids) that took 3 years, I was able to file a Chap. 7 BK on October 16, 2018, successfully discharged on February 1, 2019 (3yr 3mo ago). With a thin credit file, and the Chap. 7 BK, I researched and found one lender willing to grant me an Extenuating Circumstances (EC) exception to the normal 4 year look-back period for a conventional Fannie Mae loan. I have a long time, stable job with a large salary, and little to no debt given the Chap. 7 BK, so relatively low DTI at the moment. My EC conventional lender (the only one I found after many inquires/applications, requires a 700 middle score (had that in Jan. 2022, but not ATM), and 6 months of reserves (I have, along with 5% down payment and unknown re: closing costs given skyrocketing rates)
My first post BK credit was a secured credit card (Alaska CU) with a $2,500 limit opened Feb. 26, 2021 (good standing), followed by a high interest installment car loan (Copper State CU) opened June 11, 2021 (good standing, orig. loan amount $24,457, reporting $20,886 balance, new balance to report 5-29-22 of $19,680, which will be approx. 80% util. or pay down).
Starting September 2021 mortgage ficos were: EQ5 695, TU4 674, and EX2 674.
Given my thin credit file, and not wanting to start an age of newest account, my mom added me as an AU on a Nov. 1982 opened Chase Freedom CC w/ a $20,000 limit. I started Experian Boost and tried (rent, tele and other utilities reporting apps like E-Credible) to squeeze in any extra new points any where. I got pretty decent bump at this time:
October 19, 2021: EQ5 697, TU4 707, and EX2 695.
Because my post BK credit file was still pretty thin (2 CCs and 1 installment loan), my mom added me to a second, great CC as an AU, or an Aug. 1987 Discover CC $13,500 limit). In addition to this extra AU card, and using the AZEO method ($0 on Chase AU, $0 on Discover AU, and $64 on AKA Secured CC in my name, representing 3% utli. on that card), my middle mortgage score was 701 (EX2) on:
Jan. 6, 2022: EQ5 702, TU4 699, and EX2 701.
No idea why TU4 has dropped so much, but I'm stopping the utilities reporting apart from Experian Boost, because they likely do not help mortgage ficos. My mortgage scores are now as follows with the following CC reported amounts that given lag, different report dates:
May 13, 2022: EQ5 699, TU4 69, and EX2 701 ($0 on Chase AU, $22 on Discover AU w/ 0% user
interface util., and $20 on AKA Secured CC in my name, with 1% util. reporting as to EX).
I bought a EQ and TU CR from MyFico a few days later after the AU cards had balances on them, resulting in no changes, possibly due to the different AU vs. cards in my name reporting algos:
May 18, 2022: EQ5 699, TU 697, and EX2 (701) - ( $981 on Chase AU, 5% util., $22 on Discover AU w/
0% user interface util., and $20 on AKA Secured CC in my name, with 1% util.).
Generally, I have 8 inquiries reporting on EQ and Tu, and 10 on EX.
I have approx. 10-12 Baddies (approx. 11, 60 day late pays and BK) on all 3 CRs. Generally/approximately:
Oldest account: 29yr, 8mo (AU Chase Freedom CC)
Average Age of Accounts (wide variance) EQ 8yr 5mo, TU 7yr 7mo, and EX 8yr 3mo
Newest recently opened account: 11 months (car loan)
Time since most recent late pay: EQ & EX 3yr 7mo, TU says 3yr 5mo
I think the Hard Pull credit pull from January 2022 is the main factor in the slight drop in my middle FICO from EX2 701 to my present frustrating EQ5 699.
My plan is two fold: (1) recreate the exact AZEO ratio I had in January in early June via rapid rescore or otherwise (0 on two AUs, and 3% on personal secured AKA CU CC); and (2) add two more AU CCs with long, great payment histories (Chase, 15K limit, about 20 years old, stmt. date approx. June 2, & AMEX CC w/ 7,500 limit open since 2015) by early June. The two new AU cards will report zero balances. I don't have the funds to pay down my car loan to below 9%
I have two inquires that should be 12 months old in June (relating to car financing), so hopefully the negative impact of those 2 hard inquires if any will subside, and the age of my newest account should tick to 12 months old in June (Copper State CU).
I can't try any credit repairs, etc. given my time crunch, and the fact that I can't have any disputes showing when my lender pulls my final 3B tri-merge after I get my middle up to 700 or above in early June, if I have any luck. Any advice or help would be appreciated more than you know. Thanks very much.
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Score data
EQ8: 683 / TU8: 657 / EX8: 706
Mortgage: EQ5 699, TU4 697, EX2 701 - Classic 8 Scorecard DIRTY/PUBLIC-RECORD/RECENT
- Mortgage Scorecard DIRTY/PUBLIC-RECORD
- AoOA 29yr 8mo
- AoORA 29yr 8mo
- Date of Last Inquiry and/or New Account Opening January 7th, 2022
