Bad Credit Recovery

[Anonymous]

Hello Everyone,

I am new to the fourms community. I have been thoroughly researching and reading many topics, so I have decided to post my own. So here it goes...

1st I am trying to get on the road to credit recovery, currently my FICO scores are EQ-559 TU-564 EX-540. I am trying to hopefully boost my scores enough so I can apply for a mortgage. I am a military service member which means I am eligible for the VA loan. I am trying to boost my middle score to 630 by December 2015 (if this sounds impossible, I know!) Currently I do not have any open revolving credit, just 2 installment loans and students loans which are both current. I am an authorized user on a Capital One card. I am going to apply for an OpenSky secured card on July 1st. I am hoping this will give me a quick boost, maybe 30-50 points, realistic or not?

I have 4 collection accounts being reported to my credit report. They are:

1) National Credit Sys (apartment) $1500

2) NCC Business Svc (apartment) $750

3) NCC Business Svc (apartment) $4331

4) Enhanced Recovery Co (old Sprint acct) $1694.

Should I try a Pay For Delete for any of these companies? I've read horror stories about each one. Or should I just settle for less? What are my possible avenues of approach to tackle these collections? I have been working with Veterans United and their lighthouse program and the counselor told me that I could have no more than $4999 in collection balances for an approval. I am hoping this is the case?

What kind of realistic timeline am I looking at to achieve at least a 620?

 If anyone can really help guide me in the right direction, it would be greatly appreciated!! Thanks

[Anonymous]

Since you are already an AU on the Cap One card I would not anticipate a large boost from the OpenSky card. The boost from the second account is usually much smaller than the first one.

How old are the collection accounts?

Are they being updated each month?

Any late payments being reported?

[Anonymous]

thanks for the response.

NCC Business SVC $750 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

NCC Business SVC $4331 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

National Credit Systems $1501 date opened 6/2014 reporting a DEL date of 4/2015 date reviewed 4/2015

Enhanced Recovery Co $1694 date opened 6/2014 reporting DEL date of 1/2015

[Anonymous]

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@Anonymous wrote:

thanks for the response.

NCC Business SVC $750 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

NCC Business SVC $4331 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

National Credit Systems $1501 date opened 6/2014 reporting a DEL date of 4/2015 date reviewed 4/2015

Enhanced Recovery Co $1694 date opened 6/2014 reporting DEL date of 1/2015

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I'm not familiar with that format - where are you viewing your reports at? "DEL date"? Date reviewed sounds like the date the report was pulled.

[Anonymous]

this was from my report pulled when i applied for a mortgage loan. it was an equifax mortgage score. the DEL date is the date of deliquency I was told. all of these reports are so confusing to my spouse and myself

[Anonymous]

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@Anonymous wrote:

thanks for the response.

NCC Business SVC $750 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

NCC Business SVC $4331 date opened 7/2012 reporting a DEL date of 3/2013 date reviewed is 4/2015

National Credit Systems $1501 date opened 6/2014 reporting a DEL date of 4/2015 date reviewed 4/2015

Enhanced Recovery Co $1694 date opened 6/2014 reporting DEL date of 1/2015

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OK, what we need to see is the actuall DoFD. You need to go to annualcreditreport.com and pull all three reports from there - its free and you get reports from there once a year. Your EQ report will show the Date of First Delinquency, and the other two reports will show the estimated removal date. They will also show the date reported. Those are what I would like to see.