Getting to 620!!

[How2increase]

Hi guys!! I want to thank each and everyone on this forum, Reading all your post has been so helpful and has given much needed knowledge.

Im new to this forum so please forgive me if I confuse you
My husband and I are currently in the process of buying our first home. We are actually under contract for a shortsale home that we absolutely love.
Now for the problem! His credit score needs some help.

Exp(fako)565
EQ(fico)536
TU(fico)581

Our mortgage broker said we need to get it to at least 620.

Here is what's currently on his credit report:

POSITIVE ACCOUNTS:
Capital one 300.00limit/7.00balance
Td auto finance
Capital auto finance
Sallie Mae

NEGATIVE ACCOUNTS:
Boa credit card, sent to collections, PIF back in 2009 but showing 90 days late for feb/march 2011 ??? Weird?
Kay jewelers card, sent to CA, PIF 2009, it's still reporting open and get THIS it's still being sold to different CA! Not only that but everytime they sell the account it updates as 90 days past due. I spoke with a rep at the OC and he basically said he couldn't help me.
Hunter Warefield(CA) balance 1123.00 sent to collections 4/2011
Parking ticket(CA) balance 55.00 sent 5/2011

We have any where from 3-6 months to get to where we need to be. What steps should we take to get these issues resolved? Do you think we could make it?

Any advice is well appreciated!!!


Trans

[How2increase]

Sorry one more negative account

Medical collection balance 650.00 my husband has insurance so I know this is also incorrect. We never recieved notices about the debt.

[bridgetkaryn]

Hi,

It is going to take some work but you could get there....  Keeping organized with your efforts is critical... I suggest making an excel spreadsheet of everything you are working on and what you want removed... That was you can delete what goes away (it also helps out your other repairers as your successes can be our successes) and you generally know what worked...

Be persistant... It didn't take 3-6 months to get to the 500's, so it will take a bit to get out of it but you can do it!

Good luck and read, search, read some more then start sending those letters!! :-)

[annielorie]

As per the medical collection : Call original doctor or hospital and let them know you never received any notice slipped through cracks blah blah blah, Of course you want to pay your bills, Ask if they can pull back from CA or at least speak with CA and help with a pay for delete. 

[How2increase]

Thanks brigetkaryn, I am trying to get everything as organized as possible.
It's so stressful though being that we are in a bit of a time crunch. Do you think once/if the mistakes are corrected I will see a nice increase on his scores?

[annielorie]

BoA call and explain what has happened . If no luck I hope you have papers that you paid in full.  Then you can send that to BoA and ask for  delete since they had screwed up if account was paid in full and closed they will have to update be nice nice nice it works~! Kay jewels are would DV and see what happens but if you have papers re paid in full and closed by all means send copy with letter to CRA that they are reporting inaccurate info delete The other two PFD did you receive n otcies at address or have you moved  and never got notices...grounds for PFD. Hope that helps

[annielorie]

Oh and your scores should definately go up if you eliminate all derogs from your report but as always YMMV

[How2increase]

I called boa and surprisingly the rep was more then happy to remove the incorrect info. He also said he is sending out a letter stating that it will be removed.
Kay jewelers has been A LOT more difficult, it's been sold to 6 different agencies since I paid it and the reps were nasty and said she won't remove anything. So I will be sending out DV letters.

We did move about a year ago, I updated my address with the post office but of course some of my mail were lost along the way. So we never recieved not one notice.

[How2increase]

Btw I do have proof of payment to both boa and Kay jewelers.

[courtney091082]

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@How2increase wrote:
Hi guys!! I want to thank each and everyone on this forum, Reading all your post has been so helpful and has given much needed knowledge.

Im new to this forum so please forgive me if I confuse you
My husband and I are currently in the process of buying our first home. We are actually under contract for a shortsale home that we absolutely love.
Now for the problem! His credit score needs some help.

Exp(fako)565
EQ(fico)536
TU(fico)581

Our mortgage broker said we need to get it to at least 620.

Here is what's currently on his credit report:

POSITIVE ACCOUNTS:
Capital one 300.00limit/7.00balance
Td auto finance
Capital auto finance
Sallie Mae

NEGATIVE ACCOUNTS:
Boa credit card, sent to collections, PIF back in 2009 but showing 90 days late for feb/march 2011 ??? Weird?
Kay jewelers card, sent to CA, PIF 2009, it's still reporting open and get THIS it's still being sold to different CA! Not only that but everytime they sell the account it updates as 90 days past due. I spoke with a rep at the OC and he basically said he couldn't help me.
Hunter Warefield(CA) balance 1123.00 sent to collections 4/2011
Parking ticket(CA) balance 55.00 sent 5/2011

We have any where from 3-6 months to get to where we need to be. What steps should we take to get these issues resolved? Do you think we could make it?

Any advice is well appreciated!!!


Trans

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First off I would GW absolutely anything that you've already paid. New FHA rule as of April 1st is anything over $1,000 in collections will have to be paid, and I'm guessing you're going for an FHA loan. Try PFD on the collections that are still outstanding that you've not paid on. Does BOA or Kay Jewelers fall off anytime soon? You might try to find your DOFD for those. You do have quite a few points to get, but it isn't impossible. Hopefully the removal of the new 90 day hit from BOA will give you a few points. I wish you lots of luck!