I am pretty much in despair as I write this but not for sure where else to turn in hopes of getting some good advice to weight my options.
I have been trying to repair my credit and have made great strides over the course of the last year. I have learned a lot but continue to have issues putting what I have learned into practice. I am fairly horrible at keeping track of my damn medical bills. The biggest issue is the entire process I have to go through to get the medical bills paid. I pay each week for medical insurance. One of the five of us in my family go to the doctor and insurance gets filed, then insurance gets denied, and I don't follow up, which results in collections. I don't experience any issues paying anything else - utilities, credit cards, current mortgage, etc... I know I am at fault and haven't been diligent in this area.
I have an opportunity to get out of my primary residence. I loathe where I live and the house I live in. I was going to do an even swap with a family member and move on from there but I don't have the credit score. Transunion is showing 630+ but Experian is 550+ - I tried to go through Chase home finance(my current lender) but they said my score needs to be above 620 and they take the middle score which was from Equifax around 580.
The total of my bad debt is less than $1,200.00 but that's all it takes to screw me up. Does anyone have any advice about how to manage these bills, clean my report, or seek another lender?
I have considered seeking another lender and/or contacting each credit collection agency and beg for a pay for delete.
1. Pay off the debt.
2. Goodwill for deletion.
3. Keep your DTI low.
4. Check with other lenders, without giving them permission to pull your credit.
PFD or HIPAA if they are all medical collections. Google 'HIPAA MEDICAL COLLECTIONS" and follow complicated advice - it works though. PFD is much faster IMO.
I feel your pain. I have 10 paid medical collections on my reports. Like you, I was terrible at following up with copayments and any ins. issues. What i have done now is organized a file for EOB's and letters from docs and I spend 1 hour each week calling and sorting - Also helps to be sure to OPEN ALL MAIL!!
(Try to PFD the most recent and work backwards as the most recent are hurting your scores the most). Do you have anything good reporting? Loans, CC's etc?
Thanks for the advice.
Yeah I have two CC"s that are in good standing and a home loan also. I haven't been late on any of that. Damn medical collections!!!!
The problem I have is my family member is expecting to make this swap in Feb so I have missed my opportunity.
Well that's no excuse. if you don't take care of it now, you will be kicking yourself when the next opportunity arises. You are SO LUCKY to have found this forum before you dealt with all of this - I am stuck with paid medical collections bc I didn't know about PFD. I encourage you to do this now and also begin your strategy to prevent further damage.
Oh - you must have misunderstood me. I am not going to give up now - I am upset with myself for missing out on this opportunity but I will be ready if something comes up again. I am going to work on getting everything collection pfd.. However, I do need to make a decision about my house. I am thinking about letting it go and renting. Yes - the area I am in is that terrible and just doesn't work for us.
I read online yesterday that Wells Fargo was getting people FHA loans with credit score's of 580. I'm not sure how true it is but might be an option for you. To be quite honest I don't know what is good enough to get a mortgage these days. I've never had a mortgage threw a bank. I've never even had credit before, good credit any way! I was kind of excited because I pull my Fico score's yesterday and they were TU- 625, Ex- 629 & Eq- 619 which I think will pass me for a mortgage with USDA but only to find out it's still considered "bad" credit. I've been reading and doing what I've read on here and I've climbed up from a 584 in about 5 mos. Good luck to you and hope you can find what you need! Jeff
After doing more research it looks like the medical collections on my account are old collections but with new data.
In an attempt to get my score better I sent PFD's but never heard anything back...