Need Help From the Pros UPDATE!!!!!

[Anonymous]

I am new to myfico and have been reading over the Rebuilding Your Credit Forums now I want to ask for help

Looking back I wasn't the most responsible person with my credit but have been trying to rectify that now.

Here is a look at my Credit

Experian 607  TransUnion 598  Reporting very closely

Beneficial reporting as Settlement Accepted

Capital One 60 Days late closed and paid in full 2 years ago

Chase Bank CC Settlement Accepted reported on Experian, TransUnion reports as a Charge Off

HSBC 60 Days Late (paid in full and closed 2 years ago)

Credit Union CC 30 Days late (paid in full and closed 2 years ago)

Credit Union Auto Loan 60 Days Late (paid in full 2 years ago)

Sears (90 days late paid in full and closed 2 years ago)

This is what Lexington Law has as my "Bads". I also got my Credit Score from them. I decided to pay the $99.00 and try them for 90days to see what they can do. They have sent the GW letters and verification letters but the waiting is killing me. What can and should I be doing? I don't know if it is possible but I really want my Middle Score to be over 650 in 3 months. I'm ready to buy a house, I have the Down Payment, I have the income, I just don't have the credit score to get what I need for my family. Is 50 points with what I have possible in 3 months?  Thanks Everyone

[llecs]

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@Anonymous wrote:

I am new to myfico and have been reading over the Rebuilding Your Credit Forums now I want to ask for help

Looking back I wasn't the most responsible person with my credit but have been trying to rectify that now.

Here is a look at my Credit

Experian 607  TransUnion 598  Reporting very closely

Beneficial reporting as Settlement Accepted

Capital One 60 Days late closed and paid in full 2 years ago

Chase Bank CC Settlement Accepted reported on Experian, TransUnion reports as a Charge Off

HSBC 60 Days Late (paid in full and closed 2 years ago)

Credit Union CC 30 Days late (paid in full and closed 2 years ago)

Credit Union Auto Loan 60 Days Late (paid in full 2 years ago)

Sears (90 days late paid in full and closed 2 years ago)

This is what Lexington Law has as my "Bads". I also got my Credit Score from them. I decided to pay the $99.00 and try them for 90days to see what they can do. They have sent the GW letters and verification letters but the waiting is killing me. What can and should I be doing? I don't know if it is possible but I really want my Middle Score to be over 650 in 3 months. I'm ready to buy a house, I have the Down Payment, I have the income, I just don't have the credit score to get what I need for my family. Is 50 points with what I have possible in 3 months?  Thanks Everyone

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Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Check the score source. As of a few years ago you can't buy your Experian FICO score. 

Do nothing to the CU CC, but send GWs to everyone else. The 30 of that CU isn't hurting.

The trouble with LL is that they do dispute and that can harm the odds of a GW. I recommend going solo.

[Kevin5974]

I used LL and it was painfully slow for me as well. What I will tell you is this: Time is the only way to clean it up. LL actually didnt start netting me results till the 90 day mark. It was hard to keep swallowing that payment. My advice is to actually go down to the $79.95 package. You probably dont need the TU report and the Inquiry Assist is lame. Alot of it is sitting back and letting time do its part. Let inquiries fall off and try to refrain from new credit or higher balances for the next 6 months

[RobertEG]

You can get one free CR each 12 months from each CRA.

Only you know the reasons upon which to base your GW requests, and can do it just as effectivey yourself.  No special expertise required.

I am not sure what you were referencing when you said they sent "verification letters," but presume they were DV requests.

However, I dont see posting of any unpaid collections, and even if you have unpaid collections, a DV at this point would most likely be untimely.

If the "verification letters" were disputes of accuracy of reporting, they are precluded from filing direct disputes.  Did they file disputes with the CRAs?

What exactly are they attempting to "verify?"

[Anonymous]

Thanks for the replies.

Robert,

  The only verification letter that is showing to be sent is to Chase. I assume its because the TU shows a charge off when it was paid. Maybe?  Everything else is GW..

Should I be sending GW letters too, even though LL has sent them?

I truly appreciate everyone's help.

[madmann26]

What I don't see is any new credit unless you've left that out. I would suggest a couple of secured cards, preferably CU's but for god's sake stay away from First Premier. With a couple of secured cards, 9% utilization reporting on one card for a couple of months, 50 points is possible. I saw a nice, 37 point bump when I opened my first secured CC with NFCU.

Good Luck.

[Anonymous]

Yes I do have open credit, I just left it out

2 Auto Loans but never late for 1.5 years

1 New Unsecured credit card (Capital 1) that was recommended by mortgage broker. $1000.00 limit.  I just got this card. 

Should I get more? 

[Anonymous]

OK now my question is should I have more than 1 credit card. I have read that 3 is the number. Do I need that many of just stay under 9% with the one I have?

[madmann26]

The 9% is across your total revolving credit. If it's one card or three cards 9% is 9%.

[Shogun]

+1 But yes, 2 or 3 revolving trade lines in good standing will allow your scores to grow and make for a healthier CR.