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So, I've been "repairing" my credit now for the last year, and I can't seem to make any progress...kinda
I'm a member of PSECU, so I have been monitoring my Experian FICO during this time and found that it started at the 580s and now can't seem to break 620. It seems like my score can fluctuate between 590 and 620 based solely on my % utilization.
I have made some progress though. In 2007, I bought a car and needed my dad to cosign with me just to get my APR down to the 8% range (on my own I was in the 16% range). Last month, I bought a new Toyota Prius and was able to qualify for their 0.9% APR special. This was available to Credit Tiers 3 -> 1+. The dealer said that 620 was the cutoff on the low end. When they financed me, they said that I was Tier 2. I know this doesn't really count since it is the Auto Enhanced score and I had 2 cars previously on my report without any missed payments.
Right now, I'm trying to break through the 620 ceiling and hit 640 to qualify for an FHA loan, but I'm confused about what to do next.
Currently, I have the following credit cards:
Capital One Platinum
$500 CL
No AF
Opened in 6/10
Capital One Rewards
$750 CL
$39 AF
Opened in 10/10
Barclay's iTunes Rewards
$500 CL
No AF
Opened in 2/11
I just closed my Orchard Bank card that was opened in 5/10. They weren't willing to remove my AF or increase my CL so I cancelled to avoid the $59 AF.
Here are my negative accounts:
I have 6 SL accounts that were defaulted and rehabilitated. Here's the negative info on them:
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SAMS CLUB/GE MONEY BANK
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I had moved and forgot about the account. I paid the CA as soon as I realized my mistake.
BEST BUY/HSBC
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I believe the Best Buy is past the SOL since the first 30 day late occured in 2003 or early 2004. It is only reported on my Experian report.
MERCHANTS CREDIT ASSOCIA
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I never visited this doctor's office, and this collection only shows up on my Experian report.
NATIONAL RECOVERY AGENCY
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This one is on all 3 CRA reports. If you look, the NRA group is listed as the OC. How can the OC be the same as the CA????!!!
REMIT CORP
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This one is on EX and EQ but not TU.
BANK OF AMERICA
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This shows up completely differently on EX, EQ and TU. EQ lists it as a positive losed account, TU lists 120+ day lates in 2008 and the EX is above. I called BOA today to try to figure out why they are so different and they basically said that they couldn't verify the account history from that far back. I asked if they could remove the incorrect information from my report and they told me to pound sand and dispute with the CRAs.
I have tried PFDs with all 3 CAs with no response.
I have sent a GW letter to GEMB with no response.
I have sent GW letters to BOA and spoken with the Executive Customer Relations for the Office of the President and CEO with absolutely no help. They told me that it is their policy to report correctly.
What am I doing wrong?? What's my next step??
Give as much time as you can between the car + CCs and the mortgage. You might have taken a score hit for the car and Barclays, though most of the points will return within 6 months and the rest by a year.
On your three remaining CCs, get 2 of the 3 to report $0 for max points and get the remaining to report a balance of under 9% of the CL. Don't close any more CC before your mortgage. Don't ask for any more CLIs before your mortgage either (due to risk of inquiries).
For the SLs, send a GW asking them to remove any lates. If federally-backed, then it'll be a challenge to remove any lates.
Sams/GEMB - Send a GW. If that didn't work, then send it again. Be persistent.
BB - I personally wouldn't do anything. It is scored as a CO, but it hasn't updated in 6 years. If this is your oldest revolving, then likely the age of this TL helps your score more than the 6yo CO hurts.
Merchants Credit ASsociation - I would do some homework first. Look on the OC's website or look up on the web to see what doctors practice there. Maybe a former doc moved to that practice or that practice bought out your doctor? Who knows. If still convinced that it isn't yours, and a dispute didn't work, then contact that doctors' practice. Google the OC's name for the contact info. If they say that you aren't a patient, then explain to them who is reporting and maybe they can recall the debt. If they are being pains in the rear end about it, then I'd start with a complaint to the BBB citing both the practice (since they furnished the info to the CA) and the CA. That might get the ball rolling.
National Recovery - send a DV
Remit - Either 1) send a DV and if verified, send a PFD, or 2) pay the balance to the OC and follow the HIPAA process.
BofA is tough. Keep sending GWs. IMO, if they haven't helped after sending a GW, then you haven't sent enough GWs.
Thanks for the advice!!