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HELP Trying to catch Up, do I have enough TIME???

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cocomadd
Regular Contributor

HELP Trying to catch Up, do I have enough TIME???

For those who have a minute  P L E A S E help me!  I would greatly appreciate the advice/opinion.

 

May 26th 2013- Signed contract for a new construction home (not built)

May 28th LO pulled our FICO scores and to our surprice my husband's scores tanked!!! by 20 points( they were in 650's previously)

May 31st found out that an old Kohl's claim started to report as new with EQ causing the decrease!!! ( I think it was due to a dispute??) Be careful with those guys!!!

June 1st LO suggested we pay 2 old collections- My husband's 2008 Kohls card & my 2008 medical bill that was about 2,200 out of our pocket.

June 2nd Paid Kohls bill in full

June 28th paid old medical in full

June 30th pulled scores again via my fico and Fako.  Me: EQ 642 EX 666 & Fako TU 672 Husband: EQ 601 EX 667 TU 647

June 30th FYI My husband's EX score went from 650 to 617 and now 601

July 5th sent email to LO letting him know status, I told him that his advice to have my husband'd kohls bill paid caused his score to tank farthur  and he has not responded yet!

July 6th called EQ to see if my paid Medical bill has posted and they said no!

July9th called collection agency to see why they have not told EQ and they said it can take up to 45 days!!!!!

July 9th - We still have some things like old medical bills on credit profile, but LO only wanted the above mentioned pay

July 9th- We have to apply for this loan between now and next month.

July 9th- savings has been hit used funds for deposit for home and paying off these old bills.

July 9th- this is a USDA(plan A) or FHA (Plan B)

 

The home will be finished in early October.  We need to apply.  Do you think we will make it???  When, what, how,.....confused as to what to do.  I am sure builder will contact us soon for status.,,,,,Help please!!!

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Message 1 of 6
5 REPLIES 5
cocomadd
Regular Contributor

Re: HELP Trying to catch Up, do I have enough TIME???

Sorry a bit more info out DTI is great only have a car loan, income is $80,000 plus, no recent collections.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Message 2 of 6
foofighter74
Established Contributor

Re: HELP Trying to catch Up, do I have enough TIME???

Well, once you pay the collections, you have no leverage to get them deleted.  Paying them simply changes the status to paid, but I doubt you'll get a credit score bump.  What scores do you need to be at? Assuming your lender pulled scores are around what you've posted here - and that's a big assumption - then you should be fine if you both need mid scores of 640. There is some time for everything to age, though not much. Regardless, time usually helps minimize the impact of negative items on your scores.

Message 3 of 6
1LNurse
Established Member

Re: HELP Trying to catch Up, do I have enough TIME???

Hmmm..I've read that paying the collections will actually cause the scores to drop. Even disputing the charges can take a turn for the worst. At this point as the member stated above, It's difficult to negotigate with the CA after payment is received. Did you send a PFD with payment? Call and ask to speak to a supervisor. Tell them you are aware that all agencies have the privilege of reporting to the credit agency at any time and you would appreciate a timely update on the account. Call everyday and send letters via fax and mail. I hope everything works out!

Message 4 of 6
cocomadd
Regular Contributor

Re: HELP Trying to catch Up, do I have enough TIME???

So because they were paid I am able to get them deleted?  I was under the impression they had to stay on for 7 years?  I know some have come off.  I just dont want a dispute cause that is what caused this whole mess with my husband's card to begin with.  If we would have left it alone we would have not this issue today.  

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Message 5 of 6
HoldingOntoHope
Valued Contributor

Re: HELP Trying to catch Up, do I have enough TIME???

What the previous poster was saying is that your best course would have been to negotiate a payment in full for deletion of the reporting negative. We refer to it as Pay for Delete or PFD. Now that you have made the payment you have lost the leverage of offering the money in an exchange. What you can do still is to call and write and request a Goodwill deletion of the reporting. They are under no obligation to do this, and in most cases will not. They will tell you their reporting is accurate and they can not change it.

 

Look around the forum, especially in the Rebuilding Forum for examples of successful goodwill. Basically you are selling them a story and asking for a favor. Lines such as "I really want to establish a future relationship with your company" are good. Don't dwell too much on what created the problem but more on how sorry and disturbed you are that it became a problem between you and them. Try phoning whatever contact numbers you can find and sending letters to their executive offices.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 6 of 6
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