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Need guidance please!

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Paxx
Contributor

Need guidance please!

I posted here a couple weeks ago regarding a repossession I had about 5 years ago but after reading more stuff on these forums I still think I need some guidance.  I am getting ready to get engaged and the future wife and I are talking about kids but before we do that we need a house.  I bought a 3 Fico score/report here and have a few questions about it  and am hoping to get a couple tips on improving my credit.

 

First, here are my scores: TansUnion: 624, Equifax: 646, Experian: 645.

 

I am showing 1 account at the agency and one with collections according to Equifax.

The account at the agency I believe this is for an old Verizon account.  I would like to do the right thing and PIF but am unsure how to proceed.  The account is almost at its SOL for my states, March of 2009 according to the DOLA ( I currently live in Texas so 4 years but the account was opened in Michigan – 6 years). I don’t want to get sued and have no chance of this being removed until 7.5 years.  Should I DV this account,  send a PFD to get this removed or should I let it hit the SOL and hope to not get sued and then wait for it to fall off in 2010? or wait untill it's past the SOL and then PIF?

 

CA: LHR Inc.
Status as of Nov, 2008
Date opened
Not Reported
Date of last activity: Mar, 2003
Date closed: Not Reported
Account number: Not Reported
Loan type: Not Reported
Largest past balance: $449
Terms: Not Reported
Account Type: Open Account
Account holder: Individual
Scheduled payment amount: $0

 

The collection account I have I think is for a bad check I wrote but I paid this on the first call I got from the collection agency. I didn’t know they were reporting until l got all 3 reports today. Should I try GW letters to have this removed or do I just have to wait 7.5 years to have this fall off late 2010?

 

Collection agency: LJ Ross
Original balance: $102
Current balance: $0
Status: Paid
Date assigned: Jul 01, 2003
Date reported: Sep 01, 2004
Date last active: Jul 01, 2003
Date paid: Not Reported
Date closed: Not Reported
Original lender: Meijer Inc
Account number: XXX3290
Type of account: Not Reported
Account holder: individual
Type of credit: Not Reported
Payment status: Not Reported
Largest past balance: Not Reported
Amount past due: Not Reported
Account descriptions: Not Reported


Currently I have no loans and I have only one credit card that is about 78% full ($750 limit, balance of $612) but I am working to pay it down by making at least two payments a month totaling no less then $100.  I’m hoping that I can increase the payments and have it down to less then 10% in about 3 – 4 months.  Would you recommend opening up another credit card right now and keeping it a low balance (less then 5 – 10%) to help improve my score before going to a mortgage broker in the next few months or just keep the one I currently have open?

 

Thanks for the help!

Message Edited by Paxx on 11-18-2008 08:23 AM
Message Edited by Paxx on 11-18-2008 08:24 AM
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