Starting the rebuilding process!

Feb 092011
 

First off I want to say thanks so much to everyone here, y’all have been so helpful thus far.  So We are trying to build a new home I pulled both of our scores via an online free credit report and thought we were fine for a mortgage loan as the bank requires a median score of 680.  However, when the bank pulled our scores they were EXTREMELY different from what I had seen.  Needless to say, we are very disappointed but highly motivated to make it right.  I want advice on where to go from here.  Please, any advice is greatly appreciated!!

 

My scores are Eq 624, Trans 623 Xp 644

My report contains:

-2 student loans (not in repayment yet)

-real estate land loan (current no lates) est 4/07

-rv loan (current no lates) est 6/06

-auto loan (current 2 lates from 07) est 9/06

-5 medical collections (PIF last week)

-home depot cc $0 (2 lates in 09) est 6/03

-brcly cc $0 (3 lates in 09) est 5/07

-old navy $0  (1 late 05) est 6/04 closed

-lowes $0 (3 lates in 09) est 9/07

-kohls $0 (1 late 5/10) est 11/07

-VS cc $0 (1 late 05) est 2/03 closed

-Zales $0 (1 late 05) est 6/04

 

Everything else is in good standing.  Several years ago, I paid all of my cc’s off.  From what I hear now that wasn’t the best thing to do because now I have no cc’s that I currently use.  How much can I expect my score to increase with the medical collections paid in full (they all agreed to delete)? Also what is the best way to know what is happening with my score? I’ve heard over and over not to continue to pull your score so I’m scared to do it again.

 

Now my husband his scores Eq 580 Tr565 Xp707

On his report:

-mobile home financed (current no lates) est 99

-real estate land loan (current no lates) est 4/07

-RV loan (current no lates) est 6/06

-auto loan (current no lates) est 10/08

-2 medical collections (PIF last week)

-yard card CC $3048 (5 lates 09, 12/10) est 7/08

-old navy cc $0 (1 late 05) est 6/04 closed

-best buy cc $0 (2 lates 09) est 5/07

-credit union loan $0 (1 late pmt 05) est 05/04

 

 

Sorry everyone I know that this is a lot of info, I just really need help. I am so clueless when it comes to this and we are really wanting to build our home.  As I said any advice is greatly appreciated.  Thanks so much in advance.

 

 

 

Question RE: Charged Off Account and Judgement (2 part question)

Feb 092010
 

First I have to say thank you SO much for this forum.  I can really see there is a light at the end of the tunnel, and the tunnel does not look so long anymore.

 

Two part question:

 

1.

 

I have a secured auto loan at my credit union that was charged off in 2006.  I will have the money to pay it next week, and would like to ask for a PFD.  It shows a 0 balance on all 3 CR, and has not gone to CA.  (They never tried to repo the car.)

 

In 2007 received a letter from CU stating “You have a charged off loan of $XXXX.XX and an expensed off draft balance of #XX.XX.  Please remit these promptly.

Is there any advantage to the CU in me paying this debt since it has already been charged off?

 

I still plan to pay it, regardless, but want to know if I have any leverage in asking for a PFD.  They were always so nice to me at the CU but I just totally screwed up.

 

2.  I have a judgement for an exorbitant amount of money.  It was from self employment but was a sole proprietorship.  I believe they had to file with the court for their own accounting purposes.  The judgement has never shown up on any CR.  It is from 2005, and at the time it was doubtful I would ever be able to repay the money, and the creditor knew this.

My situation has changed slightly, and I can see a possibility of being able to repay, though it might take me 20 years to pay it off.

Does anyone know if a person suing you can request that a judgment not be reported?  Or does it have to do with it being self employment?  Again, these people were very kind to me, and I totally screwed up, so would like to somehow make it right.  But am also worried about this HUGE sum showing up on my CR at some point.  I am not at the point where I would feel comfortable contacting the OC and asking them this.

 

Thanks in advance for any advice!

 

 

Message Edited by laundriewoman on 02-08-2010 11:03 PM