Rebuilding Your Credit

[TonyaLynn]

I  got hubby's credit scores this morning and found them to be 527(experian 3 credit bureu report).

I have already made arrangements to pay off the four negative accounts, 3 will be paid off through the original debtor.

There is 2 open positive accounts(loan, badcock furniture store), then there is 2 closed positive accounts(paid off car loan, a medical bill paid off), and

then there is a Bank of America Credit Card that seems to be sitting in the positive closed, which it use to sit as negative, not sure how things can move from

negative to positive, but hey.

So my questions is after those four negative accounts are paid and if they are pull from collections will they be removed from they report in return bringing up the

credit score?

Any advice or such with any of this is greatly appreciated!!

[Booner72]

If you get a pay for delete then yes it will be removed.

[starting_over30]

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Booner72 wrote:

If you get a pay for delete then yes it will be removed.

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What do you mean pay for a delete?  How do you do that?  I'd sure like to pay to have some things removed on my CR so I'm interested

[jervusboy]

It's sending the CA a letter basically stating your intent to pay in full in exchange for the TL to be removed. To us it makes common sense and there should 100% success rate, but some CA's dont think that way. 

[Booner72]

I hadn't heard of pay for deletes either until it was toooo late.  Everything paid.  Now the only thing I can do is try to get a "goodwill" adjustment from the CA by them agreeing to delete the account out of the kindness of their hearts.  It has worked for me - but PFD's work better, IMO, because you have leverage.

[Booner72]

PS:  Use the search box to find example PFD letters.  Make sure you know what you are doing before sending the letter.  And make sure you have the $ to back up what you are saying.  And make sure you don't send a check bc then they get your bank account info.  And make sure you get it in writing from them.  Sometimes doing this can wake up an old collection account and cause troubles.  Also OPT OUT.  This means that bottom feeder collection agencies can't look at your report and find out you are working on your credit.  OPT OUT on all three bureaus - you can do it online and it lasts for 5 years, or you can write to them and OPT OUT permanently, unless you decide to OPT back IN.

There should be some sort of red alert around here that says "the first thing you should do is OPT OUT".

[kjm79]

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TonyaLynn wrote:

I  got hubby's credit scores this morning and found them to be 527(experian 3 credit bureu report).

I have already made arrangements to pay off the four negative accounts, 3 will be paid off through the original debtor.

There is 2 open positive accounts(loan, badcock furniture store), then there is 2 closed positive accounts(paid off car loan, a medical bill paid off), and

then there is a Bank of America Credit Card that seems to be sitting in the positive closed, which it use to sit as negative, not sure how things can move from

negative to positive, but hey.

So my questions is after those four negative accounts are paid and if they are pull from collections will they be removed from they report in return bringing up the

credit score?

Any advice or such with any of this is greatly appreciated!!

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For starters, the score you metnion above is not DH's FICO score. It's a FAKO.  Ignore that score but utilize the report for the data in it.  BUT as you work on removing the derog info on the reports, his FICO score will go up.  You'll have to pull real FICOS to see where he's at and where he ends up. 

Sounds like the BOA account had a late payment or two that fell off and now made the account positive instead of negative. 

Unless the OC has agreed to remove the derog info, it'll remain even after you pay them.  Getting the collections removed is great.  After paying the OC you can try GW letters to remove lates, etc...