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Valued Member
Posts: 28
Registered: ‎11-15-2011
0

Need Help From the Pros UPDATE!!!!!

[ Edited ]

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

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Need Help From the Pros


tommyd1919 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


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.

 

 

Regular Contributor
Posts: 150
Registered: ‎05-16-2007
0

Re: Need Help From the Pros

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

Starting Score: 475
Current Score: 649
Goal Score: 690


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Mega Contributor
Posts: 19,844
Registered: ‎03-19-2007
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Re: Need Help From the Pros

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?"

Valued Member
Posts: 28
Registered: ‎11-15-2011
0

Re: Need Help From the Pros

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.

Valued Contributor
Posts: 1,522
Registered: ‎08-30-2012
0

Re: Need Help From the Pros

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.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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Valued Member
Posts: 28
Registered: ‎11-15-2011
0

Re: Need Help From the Pros

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? 

Valued Member
Posts: 28
Registered: ‎11-15-2011
0

Re: Need Help From the Pros

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?

Valued Contributor
Posts: 1,522
Registered: ‎08-30-2012
0

Re: Need Help From the Pros

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

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
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Moderator
Posts: 13,309
Registered: ‎04-15-2011
0

Re: Need Help From the Pros

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



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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