Credit Repair Firms

[Tooliebell]

Would a credit repair firm be able to help me with accounts that are paid off charge offs?  I have about 8 that I have paid either in full or a paid settlement and of course paid them prior to finding this forum and asking for a PFD.  We have started building a home with our savings and are in need of obtaining a construction loan to finish the rest of the house.  Basically, I feel desperate.  I am willing at this point to pay a service to get these things deleted.

I emailed most of them goodwill letters last year after I paid them off.  I got responses back that said they would not delete as the information is correct and it would be immoral to not report correct information.  I haven't tried to GW them again as they already told me no.  I would like to get financing in the next 2 months.  We have a mortgage and an auto loan that have all been paid on time for 12 months now.  Scores are still in the low 500s.

[llecs]

Try mailing GWs. Try calling too. Try planetfeedback. IMO, it isn't immoral. And it's not illegal to change it. It's an excuse.

You may not always want a paid CO deleted. In some cases (happened to DW just recently), deleting a paid CO can cause your FICO score to drop if the deleted account is old in relation to your AAoA and oldest TLs.

[sjt]

You might want to do some research on Credit re-aging (the good kind) which is basically a goodwill adjustment. Use it as a base for good will adjustment request.

[tntexans72]

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@Tooliebell wrote:

Would a credit repair firm be able to help me with accounts that are paid off charge offs?  I have about 8 that I have paid either in full or a paid settlement and of course paid them prior to finding this forum and asking for a PFD.  We have started building a home with our savings and are in need of obtaining a construction loan to finish the rest of the house.  Basically, I feel desperate.  I am willing at this point to pay a service to get these things deleted.

I emailed most of them goodwill letters last year after I paid them off.  I got responses back that said they would not delete as the information is correct and it would be immoral to not report correct information.  I haven't tried to GW them again as they already told me no.  I would like to get financing in the next 2 months.  We have a mortgage and an auto loan that have all been paid on time for 12 months now.  Scores are still in the low 500s.

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A PFD would work in your favor had you negotiate with the OC or CA before paying them off. You would of have leverage than. Now that the CO are paid off, it's very unlikely they will delete the CO from your CR. I would try to contact the OC or CA to have the CO listed on your CR stating "closed" or "paid". Your score will eventually rise as the CO aged, make timely credit payments, have no deragatory, late payments etc...and keeping your UTIL on your current CC's below 9% after the statement cut.

Paying a LAW Firm won't help your score. I would go over the report again and fix any negatives, late payments off your report. Those are what bringing your score down.

A quick fix would be to pay down your UTIL to Zero before each statement cut every month or before the CC company report your balance to the 3 CBs. OP can chime in on this but if you can get someone to add you or your husband as an AU on a CC that has a high Revolving CL, your score will go up. Just make sure that person don't max out their CL once you are added as an AU cause that will increase your UTIL % and make your score drop. If these two cannot be done, than you would have to wait it out....let the CO or negatives on your report AGED and your score will slowly rise.

[Tooliebell]

Thank you for the replies. 

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@tntexans72 wrote:

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A PFD would work in your favor had you negotiate with the OC or CA before paying them off. You would of have leverage than. Now that the CO are paid off, it's very unlikely they will delete the CO from your CR. I would try to contact the OC or CA to have the CO listed on your CR stating "closed" or "paid". Your score will eventually rise as the CO aged, make timely credit payments, have no deragatory, late payments etc...and keeping your UTIL on your current CC's below 9% after the statement cut.

Paying a LAW Firm won't help your score. I would go over the report again and fix any negatives, late payments off your report. Those are what bringing your score down.

A quick fix would be to pay down your UTIL to Zero before each statement cut every month or before the CC company report your balance to the 3 CBs. OP can chime in on this but if you can get someone to add you or your husband as an AU on a CC that has a high Revolving CL, your score will go up. Just make sure that person don't max out their CL once you are added as an AU cause that will increase your UTIL % and make your score drop. If these two cannot be done, than you would have to wait it out....let the CO or negatives on your report AGED and your score will slowly rise.

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  We have no revolving credit right now.  And I don't even want to start applying either.  We made the mistakes once with cc's, I won't go there again.  I did find that I was a AU on a couple of my husband's accounts that were COed.  I disputed those as not mine today.   There are 3 of them, so I am hoping for a small jump when those are removed.  If not, I guess we wait it out.