Help a young guy out.

Mar 072011
 

Hello all,

 

I am 22 years old and would like to purchase my first home in the near future. I have never had a house or auto loan. I am trying to fix my credit first because I am scared that I will not qualify as of now. I have a few questions to ask.

 



I have a personal loan inquiry from Wells Fargo that I do not remember doing. Will it help me to dispute that to remove that off of my report?


I have 2 30 day late payments on my report. How bad are those hurting me?

 

 

Here is a collection account that I paid last week. The lady assured to me that she would take it off of my report. I don’t know if it was a dumb move for me to pay first or not but it is done. Do you think they will actually remove it? It was for DirectTV. It is labeled “KD”. . .

 

Account Name:CBE GROUP 

Account Number:XXXXXXXX 

Acct Type:Collection Department / Agency / Attorney 

Acct Status:Closed 

Monthly Payment: 

Date Open:9/1/2010 

Balance:$499.00 

Terms:1

 

Month  High Balance:  Limit:  Past Due:$499.00  Payment Status:Seriously past due date / assigned to attorney, collection agency, or credit grantor’s internal collection department  Comments: 

 

 Please advice as to what this yougster should do! ;)

     

Paid charge-off lowered score

Feb 132011
 

Hi, this is my first post and I searched to see if this had been covered but I couldn’t find anything.  I subscribed to myFico about 6 months ago and I have been working to rebuild ever since.  I had an account with a creditor that had defaulted in 2006.  I paid it off late 2010 once I started rebuilding.  My credit has since gone up, but I just received a score watch alert saying my score went down. 

  Previously reported Newly reported
Balance: $1 $0
Past due: $0 $0
Status: Bad Debt; Placed for collection; Bad Debt; Placed for collection;
Last activity: 9/1/2006 9/1/2006
Description: Charge off account
Account closed by credit grantor
Amount in high credit is original charge-off amount
 Paid charge off
Account closed by credit grantor
Amount in high credit is original charge-off amount

So the report says the charge off was paid but it lowered my score 15 points.  Can anyone help me with this?  I can’t find any information anywhere that explains why my score would go up, then go down once they reported it paid. 

Thanks, Jordan

Continued Credit Repair – Where to Attack Next?

Feb 082011
 

Thanks to some good advice on the forums I have brought my FICO from 563 to 618, but I need to get it a little higher.  Of the following information, what can I do to increase my score past the 650 mark?  I am looking to get an FHA loan, and the only thing holding me back is my credit score.

 

Income: $90k

Loan Amount: $160k – $200k

Downpayment/closing: $20-25k (lower if I PFD collections)

DTI Ration: 10%

 

Transunion – 1/17/11 (563)FICO – 2/1/11 (600)FAKO – 2/8/11 (618)FICO

Equifax – 1/17 (523) – 2/1/11 (600)FAKO

Experian –  2/1/11 (600) FAKO

 

Bad

Gordon’s/CBSD – $0/500 – Account closed by credit grantor – 30 days late 1 time(Aug 2007) – They are removing this, it just has not shown on my report yet.

ACS/JP Morgan Chase – paying as agreed – 60 days late 2 times(Aug 2010, Jul 2010) – I am in the process of begging for a GW removal.

Chase – paying as agreed – 60 days late 1 time(May 2007) – they did have 3 60 day listed, but they fixed 2 of the current ones.

Chase – paying as agreed – 60 days late 1 time(May 2007) – they did have 3 60 day listed, but they fixed 2 of the current ones.

 

Good

HSBC Bank – $32/400 – paying as agreed

Toyota Motor Credit – $10,267 – paying as agreed

 

Collections                                                         Open Date          Removal Date

Financial Control Svc       $98.00                   Feb-05                  May-11 <- Falling off soon, not concerned

IC Systems Collections   $2,498.00             Nov-05                 Jun-11   <- Falling off soon, not concerned

Financial Control Svc       $278.00                 Mar-05                 Jun-11   <- Falling off soon, not concerned

Financial Control Svc       $294.00                 Sep-05                  Mar-12

Healthcare Collections   $496.00                 Oct-07                   Jun-13

Medical Data Systems    $3,021.00             Mar-07                 Jun-13

Healthcare Collections   $284.00                 Jun-10                   Sep-13

Medical Data Systems    $579.00                 Jul-07                    Sep-13

 

Things that are causing my score to be lower

Delinquency – 3 accounts (ACS and the 2 chase accounts) – Working on removing the most current delinquencies

Collections – 8 collections – Recent Collection (11 months)

Total Amount owed on non-mortgage accounts

Length of credit history

 

What I am doing and think I should do

I know the late payments are killing my score.  I have tried a GW letter to ACS and Chase without much luck.  I have also called them up only to be met with a big no.  I am now begging and hoping my persistence will eventually get them to remove these.  I have already got a GW letter conformation of the Gordon’s account, just waiting for the update.  I don’t think this will help much being almost 4 years old, but it never hurts.

 

The collections are also a sore spot.  Three of them will be gone in 4 months or less.  For the other ones, I can easily try for a PFD on the smaller collections, but the larger one will be tougher.  Am I correct in thinking these will not be considered since Medical Collections cannot prevent you from a line of credit?

 

I am not sure what to do about the total amount owed on non-mortgage accounts.  I have a about $8k left on my student loan, and a little over $10k for a car I purchased 11/2009.

 

I had a good length of credit, but the account responsible was an error and had like 3 120-Day late.  I disputed it and had it removed and in return my score went up, but now I do not have more than 7 years of credit history.  Would getting an AU tradeline with 10+ years of good credit help or hurt my score?  I could probably get my mom (Fico in the 800 area) to add me as an AU to one of her older accounts.

 

 

I am basing the information on my Transunion report/FICO, but I am making the changes on all my reports (the others have not updated the disputes yet).  Any input is greatly appreciated, and any advice on what will increase my score the most is appreciated!

 

Thanks,

Luckybob

 

 

Experian will not respond to "method of investigation" request

Oct 042010
 

I asked EX to provide method of investigation.

They replied with “we have already investigated this information and the credit grantor has verified its accuracy”.

Really? Since when is a CA a credit grantor?

If I requested the information you provided under 611(a)(2)(B), where it it exactly?

 

Any idea how to pursue?

 

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