Credit Repair Advice, Please...need to raise my score!

[Anonymous]

Hello,

Was recently turned down for a home loan because of my middle credit score, Equifax 617.  They said it needs to be higher than 620.  Sooooo....my goal is actually 700 by Fall of 2010.  Transunion score is 647. 

My question is that I have two items creating negative marks on my credit report.  One is to First Premier Bank..$0 balance...date of last activity is June 2006...it is being reported as a Paid Charge Off.  The information is correct...I was just wondering if a GW letter is an option and what would I say?  Has anyone had luck with First Premier Bank on this subject?

The second ding is to Merrick Bank.  Reporting is Charge Off/Bad Debt and the amount owed is $485.  Date of last activity is June 2007.  I am in the financial position now to pay the amount...just wondering if I should offer PFD and how would I approach the company with this? Also, has anyone been successful with this company? 

Thanks so much in advance for any advice. 

[Anonymous]

All you can do on a paid collection is to GW them. Always know what the DOFD is. The DOFD sets the drop date not DOLA.

What is the DOFD with Merrick bank?  Did you last use or make a payment in 2007.

If the DOFD is in 2007 then it is new and you can try a PFD with the OC but they may not accept it. Most OCs will not accept a PFD.

What does the UTIL on your CCs look like?  The fastest way to raise scores is to pay them down under 10%  IF they are higher

I do not know very much about mortgage loans but I was told that they add all 3 FICO scores & divide by 3......that gives you the middle scores. But I could be wrong.

[BungalowMo]

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@Anonymous wrote:

Hello,

Was recently turned down for a home loan because of my middle credit score, Equifax 617.  They said it needs to be higher than 620.  Sooooo....my goal is actually 700 by Fall of 2010.  Transunion score is 647. 

What was your EX score???  Ask your loan officer to email your report to you.  They are all electronic these days.  ANY time you have access to your real EX FICO...get it!!!  We cannot buy them any more.