I need help and advice please

Anonymous · ‎05-20-2009

I am lost I don't know what we should do. My husband and I applied for a home loan only to relize he has a very low score. I just printed his CR and I only could see two possible things.

1st: He had gotten a loan in 11/2005 and apparently never paid it (he thought it was paid) and it has an outstanding balance of $285.00. Would it be best to pay this and can they remove it from is Credit Report once paid?

and 2nd: He accidently opened a wrong credit card in 03/2008 and immediatly shut it down 1 week later but they posted that on his Credit Report. Is there anyway to remove that? Who would we contact?

Any help is greatly appreciated.

Anonymous · ‎05-20-2009

Lauren27 wrote:
I am lost I don't know what we should do. My husband and I applied for a home loan only to relize he has a very low score.   I just printed his CR and I only could see two possible things.
1st: He had gotten a loan in 11/2005 and apparently never paid it (he thought it was paid) and it has an outstanding balance of $285.00.   Would it be best to pay this and can they remove it from is Credit Report once paid?

and 2nd:   He accidently opened a wrong credit card in 03/2008 and immediatly shut it down 1 week later but they posted that on his Credit Report.   Is there anyway to remove that?   Who would we contact?

Any help is greatly appreciated.

Have you pulled all 3 reports directly from the CRA? If not, get your free annual reports-- see link below.

Are these the only 2 negative items or only 2 items on his CR?

On the loan, is a CA listing it as well? If not and you can PIF, contact the OC and see if they'll accept payment. You can try to negotiate a pay for delete, those are a little harder with the OC. Otherwise, you can PIF and then GW.

How exactly is it reporting? Lots of lates? Charge off?

On the CC, how is it reporting? Is there a balance? Are there lates? Is it a charge off? Or is it just a closed CC account in good standing?

What positives does he have?

What were his scores?

Anonymous · ‎05-20-2009

No, I only got one credit report. I have to order the two other because it hasn;t been a full year yet.

They are the only two negative items. He has three other accounts listed. One of them is a car that was paid off. The other is a credit card we've had for a little over a year and yes the entire balance is paid in full on it. The third is our car. We have had it for a year but we still owe a high balance on it but we have always been early with our payments.

Now for the reporting: It shows a 90, then 60, then 30 and two check marks. The account status says 120 days past due. but then right next to it it says Type: Unsecured Amount Past Due $0.00. It lists the monthly payment as $42.00 but it does not list the account balance.

Anonymous · ‎05-20-2009

Where did the outstanding balance amount come from? Did you contact the OC and they tell you this?

What is the date of last activity? Date last reported/updated?

If you pay this in full and the current status is updated to paid/closed, you'd like see some increase there.

Lauren27 wrote:

Now for the reporting: It shows a 90, then 60, then 30 and two check marks. The account status says 120 days past due. but then right next to it it says Type: Unsecured Amount Past Due $0.00. It lists the monthly payment as $42.00 but it does not list the account balance.

Anonymous · ‎05-20-2009

I called the OC and they told me the outstanding balance.

His last payment was on 12/2005

Date last reported was 04/2006

Anonymous · ‎05-20-2009

If you can PIF and they will accept payment, I would do so.

Anonymous · ‎05-20-2009

Yes, I called them and they said they would. Now I just hope it'll rasie the score a little.

Thank you so much for your help

Anonymous · ‎05-20-2009

If you don't mind sharing, what are his current scores? If those are the only two things you can see that should be negative(which the CC shouldn't be), I can't see them being really low.

Also, maybe the information below will help you with getting those other two reports:

If you have your Experian report number from when you pulled your reports before, you can go to their website and towards the bottom in the middle it will say "review report again", click that and enter your report number and other information and you'll see a current copy.

Otherwise go to TransUnion's online dispute and go through the steps to get a report to use for disputing. You don't actually have to complete a dispute, but can view your report.

If you've been denied credit in the last 60 days, are unemployed, and under some other circumstances you can get a free report from the CRA. If it is for denial of credit, you get a report from the CRA the creditor used.

TransUnion

Experian

Equifax

Anonymous · ‎05-20-2009

Okay, I got all three credit credit reports and scores. On Equifax the loan is listed twice, not sure why?

Also our credit card had a limit of $300.00 and our outstanding balance was $237.00 I paid that today, so hopefully that will help. I am going to pay the loan tomarrow.

Scores were:

Transunion-570

Experian-613

Equifax-559

I'm not sure how they decide home loans but i'm really hoping that by paying the credit card in full and paying off the loan that hopefully it will get us around where we need to be.

When I pulled the other reports he had another loan place that was for like $350 but they filed a judgement against him and took him to court to get the payment. They did get it but still it was a judgement : (

Anonymous · ‎05-20-2009

Is the CC reporting as a CO or with lates?

When was the judgment filed? Was he properly served?

On mortgages, they normally take each of your middle score and based the rates/approval and the lowest of your twos. His mid score is 570, so if your mid score was more then his is what would be used. Most are requiring all scores to be above 580, 620, or 680 depending on your lender and if you are using FHA, VA, USDA financing, etc.

There are a few who will average the three scores and require the average to be above a certain point.

Are these scores your lender gave you?

You say EQ list the loan twice, is it listed twice by the same company or once by the OC and once by a CA?

I would send out GW letters and see if they'll remove the loan and CC if your scores aren't where they should be once everything updates.

Beside the bad CC and the one good CC, is that the only revolving accounts he has?