08-30-2010 11:16 AM
I am trying to work hard on my credit for a home loan. Here is the deal. Current scores are 600(TU), 593(EXP), 571(EQ). I need a median of 620 for home loan. I have five collections listed below. I have GW all and have got all 5 back saying they will delete them. What kind of increase should I expect. I know a lot depends on other credit so I have also listed them below. Also any other ideas would be fantastic. I have until March 2011. I also have SW. Thank You!!!!
Collections High Balance Date Open Date Rep.
Report Inc 144 0 8/09 3/10 Will be removed in 9/10
Report Inc 36 0 8/09 3/10 Will be removed in 9/10
Opt Rec 101 0 6/09 5/10 Will be removed in 9/10
Opt Rec 479 0 6/09 5/10 Will be removed in 9/10
Opt Rec 9 0 7/09 10/09 Will be removed in 9/10
HSBC/ TAX 575 575 1/07 PFD DENIED
Reg. Accept. 7424 3924 9/02 DOLA 12/03 REPO CHARGE OFF
Ford Motor 8608 0 3/02 DOLA 1/08 30 (30 day) late payments. Divorce but in my name. Didnt know until to late. Tried GW but no go!!
MCM 805 893 2/07
Car loan 12229 9756
Car loan 11627 9244
Student Loan 13332 7542 this is totals from 6 accounts
fingerhut 100 0 NEW ACCOUNT
Exxon 200 55 NEW ACCOUNT
08-30-2010 12:36 PM
Pay off midland then gw ... add that to the list of deleted collections...
Try to pfd the reg/accept if you can't ya still will be required to pif in condition to close same thing with hsbc.
Depending on how much of a mortgage you take up ... you could still end up having to settle with reg/accept after dec this year to june next year because it will still be on your credit file.
That's all I got.
Search the forums for midland success so many ppl have had it it's not even funny i'm surprised you don't already have that on your list.
08-30-2010 01:17 PM
To get a mortgage you will most likely be required to pay off any collections, even if they are still reporting. With that in mind you might want to wait a few months for the Reg. Accept. repo to fall off. Do your reports say a date that they will fall off? TR and EX often show dates, I've never actually seen EQ showing a fall off date. If they don't show dates, assume it will probably come off November of this year. In my experience, the fall off date is usually 6 years and 11 months after the default date. I'm not sure if that means it will be gone as of November 1st, or be gone after November, but I would expect it to be deleted by December.
That leaves you with just Midland (daboss is right, if you pay this off they should GW delete it for you) and HSBC to actually pay. Looking at your overall credit report, once those GW's actually delete I would expect your scores to be above 620. The other thing you can do to make sure they are is pay your revolving credit down to 1% - for some reason this scores better than if it's at 0%. It looks like you have just $300 in revolving debt (Exxon and fingerhut) so pay your Exxon bill down to $3 and you'll optimize that part of your score.
09-01-2010 05:25 PM - edited 09-01-2010 05:30 PM
Thanks for the advice. The reports do not give a date for fall off for the Reg Accept. I planned on paying midland and hsbc. I have seen on here with some GW working and some not. But I will try and see what happens. Thanks again!
PS- I will update with score increases asap.
09-08-2010 10:18 AM
I have not pulled my report and Score Watch doesn't tell me why but my score on Score Watch just went up to 621 from 571. This was my low score! I can't wait to see what the others are and which CA came off.