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Hello all,
My husband and I are freaking out because we have a contract on a house and were about to have our broker submit our app when our scores are just below 620! My husband's report shows a HSBC/Best Buy charge off, last reporting on 05/2006 with a balance of $1506 on his TransUnion report . He paid this balance to LVNV, a CA, in Feb 2008 and they are showing a $0 balance. Will updating the balance from $1506 to $0 through the bureaus (via satisfaction letter) increase his score???? If not, what will? We are running out of time, and he has no revolving accounts to pay down. He has another charge-off and collection reporting status: 120 days past due. Should we fix that? HELP!!!!!
Do you have any CC's you can add him to? That will help if your cards are in good standing with low balances. Other than that, I am not sure. You should take this to the credit repair forum. It really is about that, more than the loan.
Good Luck!!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Is the original line for Best Buy showing the balance? It is my understanding that this would kill his utilization because it is showing like $1500-ish balance on a zero dollar credit limit. If that is the case I believe getting the balance corrected would help. But it seems to me this is a better question for the General Credit Issues board or Rebuilding Your Credit or something (sounds like you had it there before it got moved?).
On the other hand, having a collection account corrected probably won't help since paid or unpaid collections hurt your score the same amount. Please check before getting the info updated since I believe they can change the date of last activity or something like that which makes the ding seem more recent and possibly hurting the score more.
Anyway, I'd say go back to another board and get clarification on the details of what actions will raise his score and more importantly, what not to touch at this point. Seems like you're already well aware that a mid-score under 620 can be a problem getting a mortgage. Good luck!