@LynetteM wrote:
@raine22 wrote:
I tried in the past with Palisades. They don't have it scheduled to fall off my CR until 2/2012. DOL is 2/1/2004. Did you mean date of first delinquency (DOFD)? It is the DOFD that will determine when this account falls off. It will be 7 1/2 years from the DOFD. If you have ever pulled your free reports, which come directly from the three credit bureaus, those reports will tell you either the DOFD or the date the account will drop.
@I'm going to give it a shot again before applying for Construction Loan. I would think it would come off in 08/2011 even @ 7.5 years. I certainly think it's worth hitting them with a GW again. Be nice, humble, take responsibility, and let them know it is keeping you from getting a mortgage. It takes persistence.
I thought about sending Verizon a GW to try and get it removed, a step I have never taken. It's obviously hurting my score with great impact because they are still reporting open account - paid - but in status it shows 120+ days past due (could dispute this with EQ to remove the 120+ past due since it has been paid since May 2006). It has never showed as a collection - shows as an instllment account. Again, it wouldn't hurt to try a GW. Did this ever go to collections? Was it ever charged off? Is the original creditor (OC) reporting all that is on your reports with this debt?
The other account is Chase (was formerly Bank One) auto loan and I sent them a GW and they informed me they do not do GW's. It was a vehicle that was a total loss and they kept charging obsured lates while wating on the insurance check to pay the loan off. I was informed at the time that I didn't need to worry about the payment since it had been a total loss and they would deal with insurance company. My stupidity!! Live and learn :-) This is an example of why I think everyone should have credit monitoring. You could have caught this the first time it reported and maybe have nipped the problem. Is this still reported from the OC? Or, did it go to collections?
@I need to be @ or above 680 for FHA Construction. Is the 680 the minimum level for your bank? I've seen a lot of folks have to have 620 as a middle score. You might want to call a couple of other lenders and see what they use for minimum scores.
My score will inscrease substantially once I pay down the CC utilization I should still be well over 680 on TU and EQ. I just have no idea about Experian as I only have their Plus score or FAKO scores to compare too. They are the worse CR I have. If you have high utilization and can conquer that, you may be home free. Be aware that the TU we can buy here is the TU 98, and many lenders use trimerge reports that use TU 04. The TU 04 is a score that consumers can't buy. Just one more frustration in the FICO score process.
I'm planning on going to apply for Construction Loan in July so trying to work on all this now to prepare and get numbers in order. This is good thinking. Too many people don't learn about the surprises on their credit reports until they sit down with their mortgage lender.
Is why I was so confused on how my EQ score took a nose dive by 9 points when the only thing I could see was that I brought down the utilization by 1%.
Derogatory #1 - factors hurting my score;
Yes, sorry I meant DOFD is 2/2004 which TU and EQ are reporting to fall off Jan, 2011. I told you wrong EX doesn't have the fall off date listed until Jan, 2012 which is incorrect. Palisades is the CA for the OC which is Verizon North (landline) but only Palisades is reporting on my CR. This is debt #1 reporting 120 + past due and as an open account which even though is paid obviously still hurting my score the way it's reporting. Is there a problem with sending GW to the CA and the OC both?
Derogatory #2 - factors hurting my score;
Chase - is the OC on the account and never went to CA. It was paid by insurance company to Chase Bank and I paid the balance all the the crazy fees they added to it and they report the account as: Charge off; Installment - Auto Account Info: Settlement Accepted on This Account; Charged Off.
I did send Chase a GW Letter a couple of years ago and still have the letter they sent me in response saying "Our research shows that the history of your account is correct and no related corrrections aer necessary" dated Sept, 2008. EX is showing my drop off date on this as Oct. 2010 (no idea how they got that date, but is ok) EQ and TU drop off date is Mar. 2012 which is correct for the 7 year time frame. I was very kind in my GW Letter to them but obviously it can't hurt to try again since it's been two years and maybe I'll get a nicer person :-)
680 is the minimum score for FHA Construction Loan. They will do 620 scores if it's a standard existing home purchase loan. I do know I can acquire a construction loan with 653 mid-score but that is for a conventional loan which requires the 20% down.
"Be aware that the TU we can buy here is the TU 98, and many lenders use trimerge reports that use TU 04. The TU 04 is a score that consumers can't buy. Just one more frustration in the FICO score process."
I was not aware of this, thank you for the info. Do the scores vary much from the TU 98 versus the TU 04 that you are aware of?
My Debt Utilization will go from 65% to 0% in the next couple of months I will be paying the CC debt off in total since DH is back to work and our plans to apply for the construction loan thereafter. I want my scores to be as high as I can due to the fact that I will be at 42% DTI and the cut off is 41% unless the scores are solid. I would think going from 65% to bascially 0% would give me quite a few bonus points on my fico score. It sure can't help to try the GW letters again for the #1 reason listed in whats hurting your score described above. Hopefully I can get rid of those before applying as well!
I'm going to try and get a credit report from each agency directly. I can't get the free credit report online due to fraud alers on my credit file so I will have to have them mailed to me.
It just all in all drives me crazy when I cannot figure out a reason for a score drop and it makes no sense to me why I lost 9 points.
I agree totally about the credit monitoring, I will never be without it again!
Thank you for your time and information, I appreciate it very much!!
