Help me increase my score

Feb 092011
 

I am looking into buying a house in about 1.5 years. My current scores are TU 703 and EQ 681. Both bureus have the same info except the EQ has 2 inquiries. I would like to get my scores as high as possible so that I can get the lowest rates available. Please let me know what you think I should do to get a 750 or higher. I think the biggest things that are hurting me are; I have a collection that is falling off the first few months of next year, my AAoA, and my oldest credit line. My AAoA is only 2 years and my AAoA is 3.3 years. I also don’t have any installment loans on my report. Would getting a car loan help me out enough in a year? I do need a newer car. I think when my collection falls off I should get a huge boost in score because it is my only derog. I have no missed payments at all. My util is only 2%.

 

Orchard – 3.4 years – 0/$300

Wells     – 3 years     – 83/$3200

HSBC    -  1 year      – 0/$1500

Amex     -  .5 years   – $0/Charge

Started rebuilding process today

Jan 282011
 

I started the credit repair process today and  thought i should start a log so here goes. Today I sent out a gw letter for first premier for a paid charge off even though it seems as there are not alot of people who have had success with them, a pfd to suncoast schools fcu, and cmrrr dv letters to continental finance,pinnacle financial group,and online collections.Also if anyone wants to chime in im wondering why my equifax could be so low the accts on there are as follows:

 

 

Paid auto loan no missed payments (5800)

Paid as agreed lease (2340 a month for 2,5yrs)

5 credit cards no more than 7%balances (had 3 cards for 2yrs and other 2 for 1yr)

paid student loan no missed payments(the loan was only 6000)

auto loan pays as agreed(just got truck 1 yr ago)

paid charge off for $200 (2 yrs since dola)

collection $634 (dola 12/2006 just started reporting 2/2010)

charge off  for original balance of $1443 ( i have paid off $500 since it was charged off.also it reports as open)

 

Credit Discrepancies

Jan 042011
 

Hi All,

 

As my info over <-----there states I'm a newbie. Please bear with me.

 

I pulled my scores from myFico today, and I’m really glad I did. I’ve learned quite a bit in the short time (read: all of one day) I’ve been reading and posting.

 

Anyway, back to my scores. They’re in my siggy, but right now I’m at 629 with TU and 667 with EQ. 

 

A 38 point difference? For real? UGGGGH!

 

So I comb through the reports page by page to see what’s different. On page 2 of the report they both have the following:

 

1. “You have a public record and a serious delinquency on your credit report.”  Yep, sure do. BK filed 4/09, discharged 7/09, lates before then because I became quite silly with my credit. I own that.

 

2. “You have multiple accounts showing missed payments or derogatory descriptions.” Yeeeeep. See above. 

 

Here’s where they differ:

 

#3 (TU) “You have a recent public record on your credit report.” I mean….didn’t I kinda already get dinged for that? BK discharged 18 months ago, though the little box under this area says “1 year 9 months ago.

 

#3 (EQ) says “You’ve made heavy use of your revolving credit.” I have one credit card post-bk; $700 limit; zero balance as of last week, both bureaus show it at $256, which was the balance I paid off. TU has this as their #4. 

 

It gets tricky, too, on length of my credit history. EQ dings me for it being too short (I’m at 16 years 4 months) and TU gives me points for having an “established credit history.”

 

Heeeeeelp! 

 

Why is this so?

 

Will the difference between $0 balance and $256 balance on a $700 limit really affect my score that much (when I used the score simulator it didn’t seem like it)?

 

Is there one score that lenders look at more than others (want to get approved for a FHA loan this summer)?

 

Thanks for any tips! :)

 

Student Loans and Credit reports.

Nov 062010
 

I have pretty much cleaned up my credit report. I have 1 paid blemish right now that I’m trying to get off, but I have a ton of student loans on my credit report from Sallie Mae and US department of Education(federal loans). Theres about 14 different loans from the same company(Sallie Mae), I was wondering if anyone would know if it was a good idea to consolidate these so that it will show on my credit report as one big loan. Instead of multiple loans. Would this help my credit score? Right now they are not in the default, no missed payments, but they are deferred right now.

Late’s on TU- please help!

Oct 152010
 

I have read a ton of posts on the forum, but it seems I am at a loss as to what to do. 

 

I recently filed bankruptcy, and have since worked on cleaning up the report. TU is constantly placing accounts that were in BK as 30 day lates. Yet when you go to look at the report from their perspective- there are 0 lates. From their site:

negativeThe date of your most recent missed payment or derogatory indicator is too recent or unknown 
There is evidence of a late payment on your file as recent as 1 months ago.Most FICO High Achievers, about 93%, have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.

 

Yet I sat on the phone withe people from India, and they could not tell me any account that was late. What am I supposed to do to fix this? EQ is fine, they show everything correctly and my score is 90 points higher.

 

The only thing I can think of is some of my accounts are ‘derogatory’ and the status keeps updating every month- but those accounts were part of the BK….

 

UGH!!!?! help, thanks! 

Mortgage Loan with Low scores?

Oct 132010
 

My boyfriend and I have both been trying to rebuild our credit scores to buy our first home. We were planning on trying to find a cheaper place to rent for another year or two while we save money for a down payment and work on our credit, but a great house has presented itself. An employee at his step mothers business has a house for sale, it was appraised for $99,000 but he is willing to sell it to us for $68,000. I know our payment would be a lot less than what we’re currently paying in rent for a duplex. but the problem is, my score is 548, and his is 561. His is mostly due to the ONLY credit he has is an auto loan (he has a few late payments) he has no other credit. He had another auto loan that was paid off (no late/missed payments) Mine is because of credit card mistakes when I was a little younger, a few late student loan payments, and a judgment for one of the credit cards (I owe just under $2000)

 

My question is, are there any companies that may consider us? I know as a rule of thumb most only work with people with a score above 620. Or is t here any quick way to increase our scores? I was hoping someone here may have some advice. 

 

Thanks in advance!

CFNC and Deployment

Jul 302010
 

Hi all,

  From 2007-2008, I had to leave school to deploy to Iraq.  During this time, I missed payments on two student loans I had through CFNC.  Actually, to be fair, I thought I had suspended billing during the deployment.  Now I have graduated, and today found out that I have two 90+ late payments on my EQ report from March 2008.  Obviously, I want to get these reports removed.

  I am at a loss for how to word the GW letter.  Also, during the past two years at school, I have not been making payments on any of my loans.  They have been in continuous deferrment which ends May 2011.  Later this year I expect to pay off a sizeable portion of the student loans with my re-enlistment bonus.  Would I have a better chance of success if I paid off most of the loans first, and then tried to get the negative statements removed?

  From what I have read on this forum, success with CFNC has been hit or miss.  Any past experience or suggestions would be appreciated.

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New… Trying to rebuild

Apr 012010
 

Well it started off as soon as I turned 18 I got a credit card with chase. 500 limit made good payments they rose it up to 5000 with another chase card and the 500 one to 1100. Im currently in the Army National Guard we were just getting ready to deploy and had to do about 3ish months of training. I missed payments on both cards for those months no internet or phone service where we were at. Once we got settled in Iraq I started to pay online. I check my EQ score it was at 521 after about a few months of making payments on time and lowering the balance on 5k card. Check my EQ again and it was 502. Dropped 19 points for making payments on time and lowering balance? Im 20yo right now just trying to rebuild my credit any tips on how I can rebuild. BTW Im trying to look into pulling a Loan to buy a car. Any tips would really help. Still have another 6 months of Iraq till Im home!

 

Thanks

"Pays as Agreed" help/questions

Mar 102010
 

I have a credit card that i have several lates and missed payments on. I paid the debt off as a settlement about a month ago, and yesterday the status on my report changed to “Paid as agreed” But its still showing as a negative account, is that because of all the lates payments?

 

 

Also, I settled the debt for 30% of the original balance. Is it possible to call them and offer them the 70% as a instant lump sum to have them remove all negative information on my credit report?

Message Edited by ineedahome on 03-09-2010 04:26 PM

Old collection question

Feb 282010
 

Hi, I have a question I hope someone can help with. I was thinking about buying my first house and recently purchased my FICO score and it was 632. I went into collections on 2 accounts in 3/2003(Capital One) and 5/2003(Emerge Credit Card). They have both been paid off since then. I haven’t missed a payment on any accounts since 2003.(No missed payments showing on FICO)  These 2 collections are the only negatives other then high CC balances which I paid off last month with my taxes.

 

Anyway, I guess I would like to know how to remove the 2 collections. Any help would be greatly appreciated.

 

Thanks very much for your time,

John

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