My score won't budge

[Anonymous]

Hi everyone,

I ran my credit report for the first time since paying off all my collections in 2007, only to find that my score is still sitting in the mid 500s as of today. I had a bad run in 2006 via a nasty divorce that left me with seven collection accounts and 4 judgments on my record (I'm not going to get into specifics, but I will say, never give your wife power of attorney if you're going to be deployed for a year and a half). Now that I'm getting ready to buy a house in the next 6 months or so, I get slapped in the face with a low FICO. My report hasn't had a derogatory on it since July of 07 and my credit card balance is paid off monthly, I also never missed a car payment, but I'm still in the FICO dumps. What gives?    

[GRILLMASTERNEEDAHOUSE]

Yeah, that power of attorney is no joke. I'm going to assume if you were deployed, you are in the military so you qualify for VA loan is this true? If so, their guidelines are favorable than you think. What are your current FICO scores? Collections all paid off now?

[guiness56]

Welcome to the forums!.

Part of the problem is that you paid the collections without removing them.  FICO scores paid and unpaid collections the same negative way.

Now that they are paid you can try sending GW letters and ask for deletion.

What is your credit history, do you have CCs, if so, what is the utilization, do you have a mix of credit?

Are the judgments paid?

Message Edited by guiness56 on 09-08-2009 07:54 AM