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Ok, first of all, THANK YOU MYFICO FORUMS for all of the great advice and how-to's for helping me repair my credit!!!! Secondly, I just got GREAT NEWS. I had a short sale earlier this year that closed in April. We hired an attorney to negotiate with Chase to agree to waive all deficiencies on the short sale which they agreed to (yay!). Well, the account had TONS of lates and derrogatory comments, but was reporting a zero balance...until October when it magically appeared as having a balance of almost $30,000 that was noted as "transferred to recovery"! I freaked out and used the advice I found on myFICO forums to GW the executive office and try to get them to fix this mistake. Long story short, for almost 2 months now, they kept resolving my disputes (both with them directly and with the CRA's) as being reported accurately. I was furious and talked to my attorney who handled the short sale and she finally emailed a certain someone who is really high up in the short sale division at Chase and finally got some action. This person admitted fault on Chase's part, saying that when they closed the short sale out, the clerk "keyed it in incorrectly". I talked to someone today at Chase who said they were so sorry for the mistake and that the entire tradeline is going to be deleted!!!!!!!!!!!!!!!! I AM SOOOOOOOOOOO HAPPY!!!! It's going to take 7-10 business days, so by December 30th this tradeline will fall off of my credit report. Whew, what a relief. This is a testament to hard work and persistence. Now, I usually cringe when people ask how much their score will go up, because it almost seems obvious to be patient while awaiting the results, but of course I am now in this position and I'm dying to know...lol. Does anyone have any idea how this might affect my score?
A short sale this recent with a balance coming off of your reports should help you a lot. How much is hard to say, but I would expect a "sizable" increase in your FICO scores.
@stilettos_and_spitup wrote:
Thank you...and Merry Christmas to you too! Funny you should mention buying a house, because we just got preapproved and made an offer on a house a couple days ago! Our closing date would be January 18th (if they accept the offer... crossing my fingers!!) so I have time for Chase's mess to fall off before closing. We should be able to have them give us a better deal with our new scores. I'm thrilled! And btw, this house is much cheaper and were are getting a FIXED loan not an ARM, so we will never be in over our heads again! )))))
Good luck with the home purchase. Getting approved for a new mortgage less than a year after a short sale with lots of late payments would be a remarkable accomplishment. Just remember that even though your short sale might not appear on your credit reports, you still have to disclose it on your loan application.
Sorry it took so long (you guys know how it is)... just got my husbands current Equifax report and OUR ENTIRE MORTGAGE ACCOUNT WITH CHASE HAS OFFICIALLY BEEN DELETED!!!!!!!!!! Yay!!!!!!!!!!!!!! What a relief! Now his score is at a 708 (less than a year after a short sale). Just wanted to share this great news and inspire others to believe that it CAN happen with hard work. Great day for us!!!