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Established Member
Paleta25
Posts: 16
Registered: ‎11-01-2011

Im a newbie! Help me if you can:)

Hi guys! Im a newbie and im sure that says it all!:smileyhappy: I have been working on my credit for the last year of so...I found this site and hope you guys can advise me on now how to agressivly go about working towards my ultimate goal of applying and being accepted for a mortgage! The majority of  my collections are medical collections

 

So I pulled my scores and Transunion has 640, Equifax shows 582 and I believe Experian was 530.

 

I have a total of 16 adverse accounts for a total of $5140.00

3 accounts have been paid with a zero balance

5 accounts with a total of 1460 are due to fall off by  6/2013

 

The remaining accounts are as follows:

2 collection accounts from Creditors Collections  for a total of  $347          1 collection account from Enhanced Recovery for a total of $657(only non medical collection)

4 collection accounts from Harris & Harris for a total of $2366

1 collection account from Medical Business Bureau for a total of $310

 

I have 3 sallie mae accounts that show as closed with a zero balance (I had them consolidated into one account)

I have 3 credit cards  that have a total of 1100.00 limit which i only utilize each card up to 30% and have never been late.

 

I want to start paying these accounts but am a little confused for the accounts that are due to drop off on 6/2013 should I deal with those first?

My next question is with the medical  collections do I try to pay them in full with the OC with a PFD?

 

And last but not least should my Sallie Mae be showing up as closed and paid in full  on my report if they were consolidated and now the consolidated account showss as a account under my listings as a good standing account?

 

When i talked to a mortgage loan officer she advised me to take any collections and settle and try to pay as little as possibe, that all they want to see is the account as paid regardless if its settled or PIF....so i dont know how to handle the collections accounts because i read somewhere if i settle the date of last activity will "reage" the account....

 

Thanks for any help guys!

 

 

Contributor
diabla
Posts: 230
Registered: ‎10-01-2012

Re: Im a newbie! Help me if you can:)

How soon are you trying to get a mortgage? Are you just in counseling about it, or have you already started the paperwork?

 

It's October, so if it were me and I wasn't in a big rush, I'd wait for the 6/2013 ones to drop, but that's ME.  I'm planning to go after a mortgage next year at this time, so that would give me plenty of time to let stuff fall off and disappear.

 

If you're already in the midst of applying and qualifying, then they want you to pay things to look better.  I'm actually waiting a year so that these things can drop off and save me the stress of even talking about them, lol. 

Established Member
Paleta25
Posts: 16
Registered: ‎11-01-2011

Re: Im a newbie! Help me if you can:)

Im going to wait at least until the accounts fll off in June of next year and during this time I will try to work on the rest hopefully with some PFD and get these baddies gone

 

I havent started any paperwork as of yet, figured id get all my ducks in a row before they come back again and say fix it...:smileyhappy:

 

Valued Contributor
rckstrscott
Posts: 2,656
Registered: ‎04-25-2011

Re: Im a newbie! Help me if you can:)


Paleta25 wrote:

Im going to wait at least until the accounts fll off in June of next year and during this time I will try to work on the rest hopefully with some PFD and get these baddies gone

 

I havent started any paperwork as of yet, figured id get all my ducks in a row before they come back again and say fix it...:smileyhappy:

 


Harris and Harris eh?

 

Illinois tollway authority or City of Chicago? LOL

 

Well, from personal experience, they will delete upon payment, for what its worth... although if its tollway, depending on how fast you want to purchase, there are grumblings of an amnesty coming up soon

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Established Member
Paleta25
Posts: 16
Registered: ‎11-01-2011

Re: Im a newbie! Help me if you can:)


rckstrscott wrote:

Paleta25 wrote:

Im going to wait at least until the accounts fll off in June of next year and during this time I will try to work on the rest hopefully with some PFD and get these baddies gone

 

I havent started any paperwork as of yet, figured id get all my ducks in a row before they come back again and say fix it...:smileyhappy:

 


Harris and Harris eh?

 

Illinois tollway authority or City of Chicago? LOL

 

Well, from personal experience, they will delete upon payment, for what its worth... although if its tollway, depending on how fast you want to purchase, there are grumblings of an amnesty coming up soon

 

-scott


Scott,

Actually none of them are from the tollway or city.  They are medical collections.  If they delete upon payment then even better! I just sent them a PFD so hopefully they agree!

 

Valued Contributor
rckstrscott
Posts: 2,656
Registered: ‎04-25-2011

Re: Im a newbie! Help me if you can:)


Paleta25 wrote:

rckstrscott wrote:

Paleta25 wrote:

Im going to wait at least until the accounts fll off in June of next year and during this time I will try to work on the rest hopefully with some PFD and get these baddies gone

 

I havent started any paperwork as of yet, figured id get all my ducks in a row before they come back again and say fix it...:smileyhappy:

 


Harris and Harris eh?

 

Illinois tollway authority or City of Chicago? LOL

 

Well, from personal experience, they will delete upon payment, for what its worth... although if its tollway, depending on how fast you want to purchase, there are grumblings of an amnesty coming up soon

 

-scott


Scott,

Actually none of them are from the tollway or city.  They are medical collections.  If they delete upon payment then even better! I just sent them a PFD so hopefully they agree!

 


Ahh okay.. Yeah Harris and Harris are bigtime Chicago/Illinois goverment contractors so alot of the debt they deal with is those sorts..

 

But yes, they agreed to my PFD.. although they didn't agree on the first letter so keep pushing!

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Established Member
Paleta25
Posts: 16
Registered: ‎11-01-2011

Re: Im a newbie! Help me if you can:)


rckstrscott wrote:

Paleta25 wrote:

rckstrscott wrote:

Paleta25 wrote:

Im going to wait at least until the accounts fll off in June of next year and during this time I will try to work on the rest hopefully with some PFD and get these baddies gone

 

I havent started any paperwork as of yet, figured id get all my ducks in a row before they come back again and say fix it...:smileyhappy:

 


Harris and Harris eh?

 

Illinois tollway authority or City of Chicago? LOL

 

Well, from personal experience, they will delete upon payment, for what its worth... although if its tollway, depending on how fast you want to purchase, there are grumblings of an amnesty coming up soon

 

-scott


Scott,

Actually none of them are from the tollway or city.  They are medical collections.  If they delete upon payment then even better! I just sent them a PFD so hopefully they agree!

 


Ahh okay.. Yeah Harris and Harris are bigtime Chicago/Illinois goverment contractors so alot of the debt they deal with is those sorts..

 

But yes, they agreed to my PFD.. although they didn't agree on the first letter so keep pushing!

 

-scott


Hey Scott I saw you had the Medical Business Bureau remvd, was that hard to do?

 

 

Valued Contributor
rootpooty
Posts: 1,685
Registered: ‎10-28-2011

Re: Im a newbie! Help me if you can:)

The Sallie Mae loans are reporting correctly. Your newest collections are hurting your score the most. You didn't list the dates of collections so just letting you know there. Also with having so many accounts in collections you will only see a slight improvement in score with a single deletion.

If you choose not to mess with the accounts that will fall off 6/2013 keep in mind that CA's can still attempt to collect they just can't report it any longer. Have you opted out? If not I would suggest it especially if you are planning a mortgage. Chances are you may have some more unpaid debt that isn't reporting now but will show up during the mortgage process.

Last year I had 6 medical collections. They all refused to do a PFD and the OC wouldn't pull the account back either so I paid the accounts off then got all the accounts deleted via GW. Most of them are a little more lenient towards medical from my experience.

My GF had 10 medical collections and I had all but one removed using a simple letter from the HIPAA process.

You have plenty of time before mortgage and I def would wait until the last min to work on this. Good luck hope all goes well for you and you get your house
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Moderator
Shogun
Posts: 10,848
Registered: ‎04-15-2011

Re: Im a newbie! Help me if you can:)

I agree with your mortgage lender that they need to be paid, however just paying them does not help your scores.  So why not try and do both?  Pay them and get them removed.  Below are a couple of threads to get you started.  Post any questions you have and we will be glad to help!

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...


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Established Member
Paleta25
Posts: 16
Registered: ‎11-01-2011

Re: Im a newbie! Help me if you can:)


rootpooty wrote:
The Sallie Mae loans are reporting correctly. Your newest collections are hurting your score the most. You didn't list the dates of collections so just letting you know there. Also with having so many accounts in collections you will only see a slight improvement in score with a single deletion.

If you choose not to mess with the accounts that will fall off 6/2013 keep in mind that CA's can still attempt to collect they just can't report it any longer. Have you opted out? If not I would suggest it especially if you are planning a mortgage. Chances are you may have some more unpaid debt that isn't reporting now but will show up during the mortgage process.

Last year I had 6 medical collections. They all refused to do a PFD and the OC wouldn't pull the account back either so I paid the accounts off then got all the accounts deleted via GW. Most of them are a little more lenient towards medical from my experience.

My GF had 10 medical collections and I had all but one removed using a simple letter from the HIPAA process.

You have plenty of time before mortgage and I def would wait until the last min to work on this. Good luck hope all goes well for you and you get your house

Rootpooty,

Would you be so kind to pm me the letter you used for the Hipaa process? Thanks for all the great advice guys!

 


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