Advice on increasing scores closer to the 700's

[oracleicom]

Hello all,

I am in desperate need of improving my score from the low 600's to the 700's.  Right now my scores are as follows TU 609, EQ 608, EX 600.  I have 3 credit cards (balance/limit) Orchard Bank (497/600), Capital One (-5/200) and First Premier Bank (0/400). I know I know, I will be paying the Orchard Bank card off in a next week.  Additional info: I have 2 accounts that went into collections about 6 years ago a BoA card and a Verizon Wireless account that are due to fall off my credit files in late 2008 and 2009 respectively.  I also have 1 collection paid right now that I believe is inaccurate.  Comcast opened a collection against me stating that I never returned equipment but when I found out about this acccount by checking my credit files it was already paid. I was never aware of this collection. I tried disputing this but without success.  Any advice? Also I really want to break into the prime cc market so any advice on that as well?

[antredd67]

  I j ust found out that if you have a Collection acc ount smaller than 200 dollars, mortgage companies won't look at it.

[oracleicom]

Yeah the account co account is for 133.00 bucks but it's still reporting negatively on my credit file.  It's very frustrating to have an account that is inaccurate reporting bad when it's not my fault.

[Tuscani]

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antredd67 wrote:

  I j ust found out that if you have a Collection acc ount smaller than 200 dollars, mortgage companies won't look at it.

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Who told you that?

[antredd67]

My loan officer told me that any collections under $200, the banks won't look at it to be p aid off. When  I refied my house last year, the mortgage company didn't bring it up and I told them that it was a phone collection that I had proof that I paid.  I am just waiting on it to naturally fall off of my credit report in 3 years.

[Anonymous]

At the time we bought our current house in 2003, my wife's CR had two collections items from 2001 - one for $30 and one for $44. Our lender never even mentioned them.

I expect that each lender has their own rules and sets their own cutoff amount (if any). I don't think anyone should assume the $200 minimum would be a universal industry standard.

Message Edited by Revike on 05-13-2007 08:49 PM

[Anonymous]

Yeah, below a certain level, the mortgage company probably doesn't get a big enough kickback from the original creditor to make forcing you to pay it off worthwhile.

[Tuscani]

It definately depends on the lender.

Message Edited by Tuscani on 05-14-2007 06:30 AM

[Anonymous]

Yeah, I wouldn't want to make that a general assumption. Frankly I don't want to sheepishly explain to a mortgage company why I'm looking to buy a house but I can't pay a cable bill. I don't want to be put in the position of sounding like an 8-year-old when I say "but....but....I paid that!" I'm working on all of mine with equal fervor, big or small. A derog is a derog is a derog as far as I'm concerned.

Message Edited by devhip on 05-14-2007 11:12 AM