12-30-2012 09:56 AM
I joined several months ago and have used all the wonderful advice that y'all have given me. Before joining, I borrowed $20K and paid off ALL my past debt & collections. I now know that was not necessary in some instances, but what is done is done. My credit score was 547 and now it is a 593. It appears that my score is going up 10-20 points a month. Of course, I'm anxious to reach 620/640 so that I can secure a VA or FHA loan. I have purchased 2 secured credit cards and pay off the balance before the bill is printed so they are reporting well on my credit. i have a car loan with a perfect payment history for 12 months. I sent proof of payment and removal of tax liens to the Big Three and they have completed their "investigations." It's hard to tell exactly how that may have helped in some cases, others are more clear. My question is: what do I do now? Do I just sit and wait for my score to go up while I pay bills on time? Does anyone know how quickly I may reach that coveted 620?? I truly appreciate any help and hope that everyone in the community is excited as I am to see better credit in the new year. I finally feel like i am not the scurge of society. Does that make sense?
12-30-2012 09:59 AM
Since you stated those debts are now paid, have you sent GW letters to see if you can get the negative information removed?
12-30-2012 10:03 AM
I have not sent GW letters and I'm not sure who to send them to. I had 23 collection accounts all from one hospital. I was a fireman and was hurt to the point of medical retirement. Most of my bad debt was from being out of work and not being able to pay. Also, I can not seem to find the page where I set my credit score goal. Can you help? Thank you!
12-30-2012 10:12 AM
The key to seeing more substantial score increases is usually getting all major derogs deleted, and thus moving into a "clean" credit file categorization.
Derogs, and thus their scoring impact, are not removed based on payment of the delinquent debt. GW requests for deletion are the usual path.
Tax liens can be particularly damaging, as their 7 year reporting period does not begin to tick until paid. Were they federal?
12-30-2012 05:50 PM
Thank you for your help. I had three tax liens and they were all State of Georgia. They have been released and I did send the Court paperwork to the Credit Bureaus. Do you recommend that I send GW letters to all creditors who left derrogatory information, or just to collection accounts? For example, I realize that I can't ask to have a judgment removed even though I paid it off, right?