Advice needed

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  • #71949
    butterflysky
    Participant

    My appointment is next month. I had some charge offs that were within the last 2 years that I paid. No collections.

    3 credit cards with 2 of them being below 30%

    1 credit card I’m working on paying the balance down.

    2 of the cards have late payment more than a year due to company switching from Sychny Bank to Capital One. I’ve been paying on time all the open cards.

    I have a student loan that is currently deferred. Do I need to get set up on a payment plan?

    Any other recommendations before my appointment. I have a letter of explations for the negative items.

    I also have money saved around about 7K.

    I’ve been Naca approved before in a different city but since moving to a new location things turn for the worst temporarily. Daycare expense itself was 1200 a month along with a 1400 rent. I was robbing Peter to pay Paul and still owed Paul. Using my credit cards. All my cards are chopped in pieces.

    #71952
    Nelsont
    Member

    Get LOEs for your charge offs and late payments. Try to pay off all 3 of your cards. Get a letter from your student loan servicer to state what the payments would be if you had to start paying today.

    #71965
    Damien Smith
    Participant

    Greetings @Butterflysky,

    I hope this email finds you doing well! For all that you do, always upload your documents showing you paid off items in case your credit report does not yet reflect the zero balance amount as well as your LOEs. Your students loans are counted in your debt/income ratio so arranging the lowest monthly payment possible helps you! Continue to keep saving and do not stop as interest rate buydown is the absolute best part of the program! Follow your action plan and stay connected to your MC! Congratulations and I wish you well as you Achieve your Dream of home ownership! I hope this helps!

    Damien Smith
    Online Communications, NACA

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