Rebuilding Your Credit

[Slab]

I have a foreclosure that will fall off Feb. 2013. Once it falls off will there be a significant bump in my credit score?

[annielorie]

what else is in your file both good and bad?

[Slab]

I have 7 credit cards with 3% utilization. Car payment and travel trailer payment. Nothing late since foreclosure. I have a charge off for 861.00 that will fall off Nov. 2013.

[annielorie]

A foreclosure is a major baddie like a judgement you should see nice bump.  Is the chargeoff out of SOL and how long is total credit history. An answer yes you should see a nice bump.

[Slab]

I appreciate the encouraging news. The CO is 6 years 11 mos old but they say it will stay on for 7 years 6 months. I have tried to settle with the utility co. that charged off the 861.00 after I lost the house but they will not delete if I pay. Every time I dispute with them they make it look like the CO is new. I have not disputed in nine months so, on my FICO it looks like my last missed payment was 9 months ago where in fact it was 6 years and 11 months ago. Sort of like they are playing games.

Also, how do I show my scores and goals in the proper format? If you don't have time to tell me about this question, I understand. You are great!

[Slab]

I missed part of your question, my credit record is 11 years, average 3 years.

[annielorie]

Believe it or not I dont know how the others do the formatting I just type, what is the chargeoff reporting each time you dispute date of last activity if so it doesnt matter for FICO purposes. The CO itself is holding you in a different bucket.  Lastly call them on the phone get supervisor explain out of sol and your willingness to pay a portion for delete one last try otherwise are they reporting any information incorrectly if so send dispute you have nothing to lose except it. If you decide to pay it it will hurt your score more than leaving it alone. If you feel morally obligated to pay try to wait till falloff.  Oh did you try CEO of utility company ie sending a compelling letter via post or email?

[annielorie]

By my math that means it will fall off in 6-7 months that is june or july not november are you looking for a major purchase in future if so what and about when

[annielorie]

You mean the siggy at end click your user name than go to settings and there is a box signiture than type

[Slab]

Thanks annielorie, I have tried the compelling letters with no effect. No, I will not pay without an iron clad guarantee that it will be deleted and we know that is impossible. I will let it fall off and after that is gone, I will be set hopefully. So, even though the foreclosure is 1 month shy of falling off, it is still having a dramatic affect on my score?