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Advice on how to improve credit score and on how to get LVNV off of my credit report

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doggiesinabowl
New Member

Advice on how to improve credit score and on how to get LVNV off of my credit report

Hi everyone, thanks in advance for all the help.  Also, thank you to this forum as it has provided me wit a lot of info already.

 

I recently got married and we are wanting to buy a house and start a family.  When applying for a home loan, we were denied and the lender said that  I needed to up my credit score from 604.  I pulled my 3 credit score report from Experian (who the lender went thru for the loan) and noticed that LVNV appeard on it twice with 2 different accounts that I had previously (back in 2004 and 2005).  I was immatuere and irresponsible back then and didn't have the money to pay the credit cards I had.

I noticed that they appeared 9 months ago (I didn't receive anything in the mail saying that they were trying to cllect any money)  so was confused when I saw the 2 potentially negatives affecting my score.   The balances stated on the report is something that I can pay now  (less than $3k total)  but the the OC had already charged off the debt awhile back.

What advice would you all provide for me?  Call them and ask them to delete if I pay it?  Send a DV letter first?  If I should send a DV first, does anyone have a templete/example?

There is soooo much information on here it is getting hard for me to formalize a plan of action, I appreacite any help that you all can provide as I'm hoping to get these marks off my report in order to help me clean up my repost and up my score.

Would you all reccommend me trying to open a couple of credit cards since I haven't had one in the past 6 years?  With my score currently where it is, I don't think I'd be really lucky so any recommendations on that front is welcome as well.

 

Thanks again in advance for any all help!

 

 

 

Message 1 of 6
5 REPLIES 5
guiness56
Epic Contributor

Re: Advice on how to improve credit score and on how to get LVNV off of my credit report

If your bottom line is to take care of the debt for a mortgage and you know it is yours, you can skip the DV and go straight to a PFD.

 

Do you currently have CC?  If so, what is your utilization?  That is the fastest way to improve your score.

Message 2 of 6
doggiesinabowl
New Member

Re: Advice on how to improve credit score and on how to get LVNV off of my credit report

guiness56

 

Thanks for the speedy reply!  Do you know if  LVNV will do PFD?  I've read hit and miss stories in here...some of the example letters on here suggest a partial payment while other suggest paying off the entire balance.  From what I read, writting letters are the way to go...Would you be able to provide some insight into the process?  

 

I do not currently have a CC, just a debit card.  Only bills that I have are cell, car/motorcycle insurence, and utility bills.   My wife has a couple that she always pays off, would it help me to be added onto her's?  Do you know if it would adversly affect her if she did add me?  I suppose that I could apply for a secured credit card if that would help start things off.

 

 

 

Thanks again for the help guiness56

 

Message 3 of 6
guiness56
Epic Contributor

Re: Advice on how to improve credit score and on how to get LVNV off of my credit report

LVNV is hit and miss to say the least.  You can always call and feel them out without acknowledging the debt.

 

I would not use some of the letters here.  They are demanding, threatening and hardcore.  A PFD is a type of GW. 

 

Something along the lines of  "I found this account_____you say I owe on my credit report.  I neither acknowledge nor dispute the account, however, in the spirit of compromise I am willing to pay____________for its deletion from my credit reports".

 

I would try to get a secured CC or 2.  It isn't really how many you have but, rather how they are managed.  Say, you have 2, let one report a 0 balance and the other at 9% or below.  This is for optimum FICO scoring.  YMMV so you can tinker with the % you let report.  FICO has no memory of utilization so if what reports one month is high, the next month you lower it, that's what FICO sees.

 

AU can help but if you are applying for a mortgage they may or may not use the AU.  Since its your spouse they may.  But, yes, AUs can be very beneficial.  No it won't hurt her score.  She should do the same with her cards as far as reporting 9% on one of them.

Message 4 of 6
doggiesinabowl
New Member

Re: Advice on how to improve credit score and on how to get LVNV off of my credit report

guiness56

 

thanks again for the information! Smiley Happy

I really appreacite it, I'll write something up now and then call tomorrow if they say it is is something that can be done.

 

Any suggestions on secured credit cards?  i read that the capitol one cards are decent.  I'll be sure to let the wife know about the 9% usage on her cards.  She currently doesn't have any balances at all.  

 

Thanks again

 

 

Message 5 of 6
guiness56
Epic Contributor

Re: Advice on how to improve credit score and on how to get LVNV off of my credit report

If you are a member of a CU or can become one would be a start.  Even your bank may offer a secured card.  IMO, those are the best.

 

Maybe BoA if they still offer them.  You don't have to be a member.  At one time they offered one that grew with you.  Not sure if it is still around.

 

I would use Cap 1 if I had to but not the other rebuilders that require an enormous fee.

 

And, it is only one card that should show a %.  FICO likes you to use your credit but wisely.

 

Any more questions, don't hesitate to ask.

 

 

 

Message 6 of 6
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