Need some help figuring out what to do next

Mar 032011
 

In the early 1990′s as a college student I racked up alot of CC debt and couldn’t pay it all.  I also had student loans, and just put them into forbearance until I got caught up, then pretty much went off the credit grid, paying cash for everything.  In 2006 I got a default judgement against me from a previous debt that was last active in 1996.  I had been served and just didn’t know what to do, and didn’t show up to court.  My wages were garnished as a result, and It was paid in full in Aug 2009.  I have letters from the creditor’s attorney stating the debt is paid, as well as copies of the over payment checks they sent to me later.  I am now at the rebuilding stage, but I also am looking at trying to get a mortgage in the next 6 months to a year.  I just am not sure what I should do to better my score to get a mortgage.  Listed below is everything showing up on my credit report:

 

Auto Loan…will be paid off in next 6 weeks..high balance 18,500, current balance 1200…late 30 days 3 times, most recent in Oct 2009

Student Loan..in forbearance, will start repayment in April per schedule…current balance 13K…late 120 days from Nov 2009-March 2009

 

0 inquiries on reports

0 collections on reports

1 public record/judgement from 2006, paid in off in 2009…shows up only on TransUnion currently.  Was on both, disputed with Equifax in 2010 and it was removed, disputed with TransUnion in 2011 and not removed.

0 credit cards over past 15 years

 

I know I need to continue payments on time for score to move..but every score simulator says getting a new credit card would improve my score..but a hard inquiry will hurt my score.  I also know that credit inquiries will hurt your mortgage chances as well.  I just don’t know what the best course of action to improve my score up to get a mortgage would be.  I just got a pre-selected CC offer, but am not sure if that’s a good thing or not?  I would appreciate any and all advice!

 

Also I live in Louisiana, so laws here are slightly different

 

 

TU 616 2/1/11

EQ 641 1/28/11

EX????

Improving Credit – Where Should I Start?

Feb 122011
 

It’s been a while since I’ve been on here, and I need to get my credit score where it should be. Looking for advice on where I should start next. I have three credit cards which I just paid off, and I’m using the AMEX to show activity. Here’s a rundown of what I have.

 

Length of Credit History: 4 Years 9 Months

AAoA: 2 Years 11 Months

 

Installment Accounts

Student Loans (Date Opened)

  • 10/10 – $2,750 – Subsidized
  • 6/10 – $2,250 – Subsidized
  • 11/08 – $3,500 – Unsub – Current Balance $3,930
  • 2/08 – $1,750 – Subsidized – Current Balance $1,614

Auto Loan

  • 12/06 – $17,075 – Balance $6,867 (No Late Payments)

Revolving Accounts

AMEX – 03/07 – CL $2,000 – High $2,385 – Current $100 (No Late Payments)

BofA – 05/06 – CL $500 Secured – High $735 – Current $0 (No Late Payments)

C1 – 07/07 – CL $300 – High $419 – Current $0 (2 30s, 5/10 & 1/09)

 

Negative

Verizon Wireless – $736 – Currently working on a PFD

 

Thank you for any advice and assistance!

 

Mike

 

 

Exactly what constitutes a revolving account?

Jan 232011
 

Are collections accounts on a credit report counted as “revolving” lines of credit?

2 out of my 3 CRs state that “AMOUNT OWED ON REVOLVING ACCOUNTS IS TOO HIGH” in the section where they provide you with your strengths and weaknesses.

(All in caps just like I quoted it, too :smileysurprised:)

 

This is peculiar to me because I only have open one small personal loan with a current balance of about 200 dollars.

In fact, it also states (same place) that another negative factor is that I have no open CCs!  

What is this madness?  lol  

 

I apologize for peppering this board with so many questions, but I need to get to the bottom of this.

Thanks in advance for any insight.

 

 

2 collections

Jan 102011
 

Helping my girlfriend with her collections

 

She has a medical collection assigned back in January 2006. Original balance $600 Current Balance is $840. I’m assuming this is from when she went to the emergency room back in 2006.

 

How should I attack this one?

 

Her other collection is from a Cox Communications bill. Assiged September 2009 for $223.

 

What steps should I take for this?

 

Both collections look unpaid. Also how do I get the contact information for these collection agencies? All I see on her myfico.com reports are “180YC00000″ & “831YC01142″

 

Thanks in Advance.

points to hit on in PFD

Nov 192010
 

I am undertaking the difficult task of negotiating with Barclays to try and clean my stuff up.  Being that they are the largest source of negative information on my report, while also my biggest revolving debt, it behooves me to at least try this now that I have secured the money to PIF.

 

The specifics:

 

Apple Mastercard/Juniper Bank (Barclays): opened 2004

 

closed by Juniper 2006, never charged off or sent to collections

 

original ‘loan’ amount: $3000

 

current balance: $4232 (haven’t paid since late September and am approaching my payment date for this month)

 

Derogatory:

90 days late Aug 2006

60 days late Feb 2006, Feb 2007

30 days late 10 different times from 2006-Jul 2010 (eek, and again now)

 

To date have paid: $3900 over 6 years

 

So, recommendations on points to stress in the letter?  Perhaps that I’m nearing bankruptcy or how much I’ve paid thus far in relation to the initial debt?  I’d like to write one from scratch unless this presents too many challenges in legal wording.  Lastly, might it be worthwhile to include a conditionally endorsed check?  I’m confused about which state laws govern these (I live in NY but the mailing address Barclays has for me is in California, which could of course be changed).

QUESTION: Just before joining here I settled and paid a CA….

Sep 252010
 

As I’m reading some of these threads, I’m learning that paying off the CA is not a good idea if the agency hasn’t reported in a while. This particular account that I settled and paid was gaining interest. It was assigned to them on 3/28/2008, but last been updated on 9/11/2010. The orginal balance is $545,  the “current balance” is $700.

 

I’m just learning about DV and PFD’s. 

 

Will my score take a nosedive even with a last report date from the CA was on 9/11/2010?

 

Thanks in advance for the feedback.

Looking for the light…

Jun 282010
 

Okay, here are my details… I’m hoping someone can offer me some advice on how to bump my scores high enough to qualify for a first-time home purchase.

 

I subscribe to MyFico (obviously) and the Experian site. They give me different scores, but I understand Experian uses a different scoring model. My various scores are listed below:

 

 

 

Credit Scores

 

Equifax: 483 (2/2010)/545 (current)

 

Transunion: 585 (current)

 

Experian: 585

 

 

 

 

 

Over the past ten (10) months, my payment history has been very good – no late payments at all; however, I have some collection and/or charge offs that continue to haunt me from 2-3 years ago. I’m hoping someone here can provide me some suggestions on how I should move forward with a few of these items.

 

 

 

HSBC (bought by CA: Atlantic Credit & Finance)

 

Original Debt: $4483

 

Current Balance: $3707

 

Date Assigned (CA): 7/22/2008

 

Date Reported (CA): 4/12/2010

 

 

I opened this account with HSBC in Jan 2007, but the CA now reports it as when they received it and they keep reporting ‘Last Activity’ date as current, which will keep it going on the CRs. CA continues to call on a monthly basis and has offered a settlement amount close to 60% of the balance. I can’t afford to pay all of the settlement offer right now, so I’m trying to weigh my options and choose the best route to get this one resolved.

 

Should I call HSBC and try to work out a PFD with them directly or should I take the settlement offer through the CA and just be done with it? CA has been diligent in telling me they will not PFD!

 

 

 

 

 

AT&T

 

Original Debt: $165

 

Current Balance: $165

 

This one is with a CA, but I can’t tell which one from my reports. I’m thinking a PFD with the OC would be my best route….anyone have luck with AT&T and with whom should I communicate?

 

 

 

I’m currently in forbearance with my student loans, so currently everything looks fine.  However, I missed the forbearance request deadline last year and I have a 90+past due on the CRs now.  Do I have any chance with a government-funded agency…GW?  I’ve already tried DV and they came back in full force…no luck there…

 

For the past 3 years, I’ve been with the same employer and I’m making good money ($100k+).  I’m ready to buy a home, but can’t seem to get my score north of 600, much less 620.  Should I open another credit card account (I’m really tired of paying Premier Bank so much money)?  Are there other credit grantors that might consider extending credit with my current scores?

 

Any suggestions or wisdom as to what I might do to get my score moving upward would be greatly appreciated…I’ll even invite you to the house for barbecue once I’m approved and moved in!

 

 

 

 

 

 

So mad I could just SCREAM!

May 182010
 

I have been desperately trying to lower the 5 credit cards that I have to get my debt on the cards down lower than 35% usage on each card.  I’ve been WAITING for my credit score to pick up.  So today I log onto my chase website and see that 4 of the 5 cards dropped the limits down to just over my current balance!!!  So this is now reflecting that I am at my credit limit on those f**king cards instead of showing that instead of having a 10,000.00 limit and only using 3,500 of it, I now have a $4k limit wand owe $3,500.00 on it!  WTF?????  Sorry for the words but I am BEYOND mad.  It’s like they are maniupulating my credit score to stay low!  They were not willing to work with me in any way. 

 

Kim

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