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Posts: 2,660
Registered: ‎04-25-2011
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Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!


guardmama04 wrote:

Thank you! I saw you got Lvnv removed from your report, what steps did you take?


I filed a case with the BBB.. I will send you a PM with more details..

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
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Posts: 505
Registered: ‎11-05-2012
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Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!

7 year that is for the time to drop off on your credit report . Nobody can reset the clock for this,clock restart when you making a payment , Or accept or agree or accept to pay.send them PFD not restart the clock, clock reset that is for debt collector try to sue you to cover the debt, 7 year +180 days that is the rule ,again nobody can change can reset,

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!


TrishN wrote:

7 year that is for the time to drop off on your credit report . Nobody can reset the clock for this,clock restart when you making a payment , Or accept or agree or accept to pay.send them PFD not restart the clock, clock reset that is for debt collector try to sue you to cover the debt, 7 year +180 days that is the rule ,again nobody can change can reset,


The clock can be reset on this if you agree to start on a payment plan, and then stop making payments, as you reset the DOFD.

 

The clock for a debt collector to try to sue you is NOT 7 years +180 days, the clock for a debt collector to sue you is the SOL set by your state for the type of debt.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!

You look like you don't understand what I saying,or you don't read closer

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
0

Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!


TrishN wrote:

You look like you don't understand what I saying,or you don't read closer


Then please.. decipher what this means because I did not follow:

 

"7 year that is for the time to drop off on your credit report . Nobody can reset the clock for this,clock restart when you making a payment , Or accept or agree or accept to pay.send them PFD not restart the clock, clock reset that is for debt collector try to sue you to cover the debt, 7 year +180 days that is the rule ,again nobody can change can reset,"

 


You stated 7 years is the drop off, and no one can reset this. Not entirely true.

You stated clock restarts when you make a payment. Not true if you make one payment to settle or satisfy the debt, the DOFD is the same.

You stated clock reset (is I think what you are saying) is for the SOL of the debt, for them to sue. This is true, but you can restart the DOFD if an account becomes current and then you go back into default.

 


I apologize if this is what you were saying and I misunderstood.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!


rckstrscott wrote:

TrishN wrote:

You look like you don't understand what I saying,or you don't read closer


Then please.. decipher what this means because I did not follow:

 

"7 year that is for the time to drop off on your credit report . Nobody can reset the clock for this,clock restart when you making a payment , Or accept or agree or accept to pay.send them PFD not restart the clock, clock reset that is for debt collector try to sue you to cover the debt, 7 year +180 days that is the rule ,again nobody can change can reset,"

 


You stated 7 years is the drop off, and no one can reset this. Not entirely true.

You stated clock restarts when you make a payment. Not true if you make one payment to settle or satisfy the debt, the DOFD is the same.

You stated clock reset (is I think what you are saying) is for the SOL of the debt, for them to sue. This is true, but you can restart the DOFD if an account becomes current and then you go back into default.

 


I apologize if this is what you were saying and I misunderstood.

 

-scott


+1  SOL determines how long they have time to bring suit

 

CRTP is the 7 to 7.5 years that a  NEGATIVE can remain on your report

unless you restart the clock by making payments and then saying the heck with it.


PFD is always the best way to go with a CA and always get it in writing!!!

 

 

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!

[ Edited ]

So who can reset DOFD? Answer nobody can reset this

When you make payment. You will bing bad debt to current debt, if you miss payment again the clock will reset!

Send PFD not reset Clock if you don't tell them that is your debt. is this clear for you now?

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
0

Re: 550 Credit score...looking to get a morgage loan and need advice on what steps to take!!


TrishN wrote:

So who can reset DOFD? Answer nobody can reset this

When you make payment. You will bing had debt to current debt, if you miss payment again the clock will reset!

Send PFD not reset Clock if you don't tell them that is your debt. 


Okay cool, we're on the same page. My mistake

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
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