I'm new, looking for FICO score guidance!

[Anonymous]

Hello! I’m a recent college graduate, home buying hopeful. My Equifax fico score is currently a 611, about a 100 drop from where I stood last year. I’m hoping to see a score of 700 again in the next 6-12 months. Due to a recent job switch with less pay, I relied heavier on my credit over the past 3 months, but as of this week I paid off my credit card ($500 limit) and line of credit ($500 limit), and am hoping to see a jump in score next month from paying those off.

I’ve heard many success stories about challenging items that appear on the credit report, so I’m hoping to get help understanding what steps to take. Right now a 30 day late payment (aug 2011) appears for VW credit, and a 60 day late payment (jan 2012) appears on my bank of America student loan (which is completely false, btw). I also have a collection for a $30 doctor co-pay. No accounts are currently delinquent, and I did pay the collection earlier this year.

How can I challenge these items that appear on my report? Please be gentle…I’m new to this entire process!!

[madmann26]

With the late payments, start by mailing/emailing out some GW letters. The utilization was hurting you a lot but since that has been taken care, never allow more than 10% to report to the CRA month-to-month.

[Anonymous]

Thank you! The 60 day late payment for bank of america is false, as my loans were in deferrment at that time, so should I send a different letter? Can anything be done about the collection? Thanks again!!

[madmann26]

With the BOA one, have you tried to call them? If they won't here it, dispute it with the CRA's.

[Shogun]

Send the GWs for the lates and the paid collection.

[Anonymous]

Ill give them a call, and prep the VW GW letter! Thank you for your help!!!!