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????

Charge off considered past due balance?

Jul 042010
 

Hello FICO folks,

 

I noticed on the myFICO reports I pulled, it lists a $865 charge off I have to Verizon Wireless, which I’ve been PFD’ing them like crazy for. That said, in the “Accounts at a Glance” section, it notes this $865 as a past due balance. On the FICO score simulator, it also notes that I have $865 past due, and gives me a score estimate if I was to pay it off.

Everything I’ve read on here says not to pay down that stuff without a PFD agreement, because it won’t help your score, but it seems this is telling me the opposite in this case. Am I missing something? Should I go ahead and PIF?

LVNV Showing on CR as Credit Account

Apr 082010
 

Hello Everyone, I am a newbie to this and am trying to rebuild my credit. I am in need to assistance and some questions answered. Any help is appreciated.

 

I pulled my report and the scores are as follows: TU=521, EX=621. This is weird as to how much of a difference it is. But anyway, I tried the score simulator and it shows that the 2 LVNV collection accounts I have show up as revolvinv credit line balance of $3384. When paid in full it does not change the score at all,, but when selected as paid every month for 24 months it raises the score. Can anyone help me as to what to do to raise the score? Would a PIF for PFD work in this case to raise the score?

 

My goal is to reach 700.

 

Chris

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Which to pay first?

Mar 172010
 

I have 3 credit cards and one charge off on my credit and I’m wondering which to pay first to improve my credit score quickly.  I have to buy a new car in the next few months because mine is getting old and costing me more than it’s worth.

 

Card #1 – owe $230 at 9% interest

 

Card #2 – owe $235 at 9% interest

 

Card #3 – owe $561 at 11% interest (this card is closed)

 

Charge off – owe $521 (no interest, obviously).  This shows up under the “accounts” section of my credit report, not under collections.  The description is “charge off/bad debt” and they ARE reporting my current balance and payments

 

 

My current score with Equifax is 679.  I’ve done the FICO Score Simulator with the credit card debt, but I haven’t been able to find any advice/information on what paying off a charge off will eventually do to your score.  I know in the short term it could hurt me, but will I be able to recover in 4 months, which  is when I plan to buy a car.   So right now, I am making payments on all accounts and have been current on all accounts since September 2007.  Should I put more towards the credit cards or the charge off?

 

 THANKS for any knowledge you can impart!