Hi Everyone,
This forum is a wealth of information and help. I am in the process of working on my credit so I can purchase a house and have a couple of questions. I hope to purchase mid to late 2013.
I've pulled my credit reports and I have about 10-12 accounts (depending on which report you look at) that are showing paid (all showing zero balance) but charged off between 2007 to 2009, most in 2009 (5-7) and a couple in early 2010. My credit scores are in the 590s to 630s. I have tried many GW letters but to no avail. Do I have to wait until they fall off to really see a change or is there a length of time where their negative factor reduces?
Also, when an account is transferred or sold, how many different times can it show up on your report? I have one account that looks like it was transferred 4 times and is showing negative all four times for the same account. Every number I call on my report refers me to another number (ugh). I've asked the credit bureaus to verify and it keeps coming back validated.
I have started to rebuild my credit with an auto installment loan and a couple of store cards (which I got last year) with no lates and keeping utlization low. I'm scared to death to have any inquiries on my report so I'm not trying to app for any new credit.... I have 2 Sallie Mae loans that are current, but there was a 60 day late last year (over 12 months). I have 2 other accounts that are closed and being paid and will be paid off within the next 2 months. I'm also saving as much as I can for the down, but I think my scores will hold me back unless I can get them to the 640s for a mid score. I haven't even started and I'm so stressed that I will have to wait another few years before I can purchase a home.
Any insight into this would be appreciated.
