I need help! Tried but I can't give up.

[Anonymous]

I need help rebuilding my credit and I'm trying my hardest to stay away from credit repair companies. I have done a little research and have been doing some of the rebuilding myself. Alone, I have been able to delete approx. 15 collections accounts. I now have 2 left that will not go away. I may resort to making an offer for deletion. The amounts are very small; $700 and $200. My credit score is horrible, but my report doesn't reflect that , IMO. I have an auto loan which I am current one and a small credit card which I am current on as well. I did have a period of 3-4 months where I was 30-60 days behind. Capital one is adament that the can not delete those marks and I havent tried with my auto lease. I think I may call and try and/or send them a good will letter. Anyway, the problems I see is that my credit card utilization is high and i'm working on bringing that done.. but my major prolem, I believe is my student loans. The balance is $50,000 and they are listed individually as 16 different accounts. 

this story...

I filled for deferrement back in 2014, and there was a lapse from my last payment and the deferrememt. so there is a 30 day mark on all 15 of the loans, so it shows that I have 15 derogatory accounts even though I am now current. One of the loans not included in that almost went into default. This was my fault and I missed it when I was deferring since they are all listed individually. I was able to get that corrected. The one that almost went into default was issued a backdated deferrement, so it should be updated with the bureaus that I was never late. However the other 15 will still report. I called the dept of ed and they submitted a request and could not guarantee they can remove the marks. 

with all that said, my scores have fluctuated from the high 500s- to low 500s, and now its hitting 490! on credit karma. I don;'t lknow what to do anymore. I really want to buy a house but feel this is impossible. 

I need some help and guidance and hope someone can help me!

[surferchris]

First off, don't worry - everything can be resolved, one way or another.

I would first recommend that you get your reports and scores from MyFICO.

Next, I agree that you should pay down the credit card balance(s).  Once that is done then see where your scores are then.

Then based upon your scores, see what other credit you can obtain.

Finally, in regards the student loan lates, if they can't be removed via goodwill, just know that they will continue to have reduced effect ony our scores as the get older (they are already past 24 months - so I think the issue with your scores is probably the utilization).

Good luck.

[StartingOver10]

^^Good advice above.  And for goodness sakes, stop checking Credit Karma!  Those scores are not used by any lenders as they are Vantage scores and not FICO scores. My CK scores are a good 100 points less than my FICO scores. They are two totally different algorithms. CK scores have nothing to do with how your credit looks to lenders. CK does a lot of advertising so people think that the score is valid - but until the score is used by lenders, it makes no sense to even look at the score. It bears no relationship to FICO scores at all. 

Read about FICO scoring in the Understanding FICO scores section. Don't look at scores that "don't count" - like Vantage scores. There may be a day that lenders start to use those scores - but until they do, it is best to ignore them. 

[RobertEG]

Federal student loans operate under a totally different system than other loans.

They are exempt from SOL, the credit report exclusion provisions of the FCRA do not apply if the debt is still delinquent, and derogs are required to be reported to a CRA, so good-will deletion is not usually granted for all CRAs.

Those differences are all provided for under sections of the Higher Education Act.

If you still have delinquent federal student loans, there is a rehab program that can be used to remove those derogs.

Rehab requires a certain number of months of timely payments.

Once the student loan has been returned to pays as agreed, good standing, then rehab is no longer an option.

[Anonymous]

Above is correct, Credit Karma scores are way different.

I had a thread down the forum panicing because my CK scores crashed big time..yet my FICO scores are around 100 points higher  that CK

[Anonymous]

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@Anonymous wrote:

I need help rebuilding my credit and I'm trying my hardest to stay away from credit repair companies. I have done a little research and have been doing some of the rebuilding myself. Alone, I have been able to delete approx. 15 collections accounts. I now have 2 left that will not go away. I may resort to making an offer for deletion. The amounts are very small; $700 and $200. My credit score is horrible, but my report doesn't reflect that , IMO. I have an auto loan which I am current one and a small credit card which I am current on as well. I did have a period of 3-4 months where I was 30-60 days behind. Capital one is adament that the can not delete those marks and I havent tried with my auto lease. I think I may call and try and/or send them a good will letter. Anyway, the problems I see is that my credit card utilization is high and i'm working on bringing that done.. but my major prolem, I believe is my student loans. The balance is $50,000 and they are listed individually as 16 different accounts. 

this story...

I filled for deferrement back in 2014, and there was a lapse from my last payment and the deferrememt. so there is a 30 day mark on all 15 of the loans, so it shows that I have 15 derogatory accounts even though I am now current. One of the loans not included in that almost went into default. This was my fault and I missed it when I was deferring since they are all listed individually. I was able to get that corrected. The one that almost went into default was issued a backdated deferrement, so it should be updated with the bureaus that I was never late. However the other 15 will still report. I called the dept of ed and they submitted a request and could not guarantee they can remove the marks. 

with all that said, my scores have fluctuated from the high 500s- to low 500s, and now its hitting 490! on credit karma. I don;'t lknow what to do anymore. I really want to buy a house but feel this is impossible. 

I need some help and guidance and hope someone can help me!

---

First off - ignore credit karma scores. They are not true FICO scores. Second - time will heal all. Even if you do nothing at all, time will eventually heal the derogatory items. Just make sure you are establishing a few revolving credit accounts and absolutely stay current on EVERYTHING from this point forward.

Ideally you want to have three revolving accounts.