Rebuilding for First home

Mar 222011
 

My wife and I have been paying off our collection accounts for the past 2 months. We are trying to purchase our first home.  A realtor advised us to get our collection accounts to a zero balance. We recently checked our credit too see  if there was any progress. And my wife score dropped. She figured it was because of her 50,000 student loan that have 30, 60, and 90 latest. She contacted Direct Loan and they honored a deferment to start form the first day of being late. Will the action help her in any way. Or at least move up her score

Does a CA updating an account they bought paid in full hurt your score?

Mar 222011
 

While I have learned a lot on this forum I still have a ways to go.   Not sure if I potentially hurt my score or not. I had a Cap 1 charged off account from 2007.  Was purchased by a CA. The CA hadn’t reported on my Credit report so thought would be safe to just pay it. Got the thank you/receipt letter and it said that  account would be reported as paid in full by federal law.. Scared that a new collection being reported, even one paid will hurt my score.. So the question is, if they report this will it lower my score?

New line of credit to rebuild credit ?

Mar 222011
 

I am in process of rebuilding my credit, but I do not have a line of credit open. I am trying to get my credit where it needs to be so I  can buy a home. I have applied for a credit card but was denied. Is there any alternatives.

 

 

 

 

 

Could this be a GEMB/Walmart GW success?

Mar 222011
 

I recently paid off some collections that were due to credit cards my sister opened in my name and failed to pay.  After I paid them off, I sent GW letters to the OCs, explaining what happened and asking them to remove the negative remarks since I paid the collection.

 

Today I got a phone call from GEMB/Walmart.  The automated message said they received my letter and they would have the issue resolved within 14 days.  No more detail than that.  Do you think that means they are going to remove the negative marks from the CRAs?  Has anyone else had a similar experience with receiving a phone call like this after sending in a GW?

Need a bit of advice

Mar 222011
 

Moved to Understanding FICO Scoring

Score Dropped 20 points after closing card

Mar 212011
 

I wanted a tv a year ago and Video Only approved me for a card with a $1000 limit. I paid the tv off last month, and I honestly had no other need for the card so I closed it. I was just alerted my score dropped 20 points, was closing the card a bad move? My experian credit profile said I had to many revolving accounts so I thought it was a good decision. In all I had three revolving accounts.

Another credit union conversion

Mar 212011
 

Just in case anyone needs a little more evidence that (most) CUS is awesome:

 

I was approved today by my little local CU (Pacific NW FCU) for cc $ 3,500 limit (which I’ve asked) best April (9.75%), no BT fees, no cash advance fee, no annual fee. They also offer to refinance my car loan (which I refused because I have 0% APR).

 

Before this I had only a low level, high-April cards with limits ranging from $ 500 – $ 800 (except Care Credit with a $ 2,500 limit), all opened in the past 18 months. I always PIF except Care Credit, which currently has a balance of $ 400 is a 0% promotional rate.

 

I have two small collections, and paid a small collection of unpaid since 2006 still on my credit report, and a number of overdue student loan payments from 2006 to 2007 (and I mean much because every semester credit reports on a second account, so several lates have multiple accounts). The present results are FICO EQ 681, TU 689 I assume they pulled EQ, but I’m not positive.

 

I really just wanted this card so I can use it whenever I go (hard to book hotel rooms with a small restriction map), and now it seems to me to sit down and do some gardening and not longer applied in the cards until the last drop of my bad guys a few years where all new accounts are old, and I’ll be in good condition. I also want to cancel only AF-Card, Capital One before AF is estimated in December.

 

It was definitely a different process to apply online and get an instant decision (or the dreaded 7-10 days notice). I had to give references and my application for a loan to be approved by a committee. But it’s nice to know that there were real people searching for on my credit report instead of a computer, and that they were able to see and appreciate the progress I have made in recent years.

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