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Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012

Need help getting credit from 400 range to 580! Out of ideas!

Hi all. I have been viewing these forums and taking your advice for a couple years. At this point, we are looking to buy a home next spring. My husband has an awesome job, and I am almost done with school. Our debt: We owe about 5K in credit cards (5500 limit total between 5 cards), have two auto loans thru GM financial (owe 39K, vehicles worth about 45K), have student loans (12K), and 2 revolving credit lines that we owe about $900 (limit of 1300). We have had several medical collections, all have been paid in full. He had one judgement filed for a college bill that was from 1999, but they didn't file a judement until 2008, which we paid as well. One collection for an old insurance bill, also paid, and a charged off credit card last year, also paid in full (my bad, my husband had two capital one cards and I totally forgot about the second one as it was a small limit and I just spaced adding it to auto pay). We also have had two recent (June) late payments, both becuase my autopays were rejected by the bank after my husbands company changed their deposit ID following a merger and the deposits didn't jive with the associated payments (autopays are biweekly with payroll). I caught the error after I got a late notice but it was too late. Called Cap one and they would not remove the late pay on either card. We have otherwise paid EVERY loan/card payment on time for no less than 5 years. My husbands student loan was late awhile back, becuase it came off deferment and I was throwing away the notices thinking it was one of those dumb disclosure notices that they send constantly. However, the bank agreed to remove the lates since we have always paid on time. We filed bankruptcy in 2006, as my husband had cancer (at age 18) and had a hundred thousand dollars in medical bills due to not having insurance. The bankruptcy was only on medical bills as we did not have any credit card debt then, and we reaffirmed our auto loans. Also, all of the debt in the bankruptcy is off the report, as it was old debt from 1999, and only the bankruptcy remains on the file. We owned a house 2005-2009, and then sold. Never had lates with them either. HOWEVER, his credit score is awful, EQ 417 TU 480 and EX 462. I thought getting the student loan lates deleted would do wonders, but it literally did not budge his scores up at all. We need a 580 on 2/3 bureaus by March. I have disputed everything in his file multiple times, first online, then with handwritten letters. I don't know what else I can do. We will be paying our cards off before March, about 600/800 a month between now and Feb. Can anyone offer me any advice on what I can do? I am out of ideas! Any help wil be appreciated. Our debt to income ratio is only 9%. I have had soooo many bankers look at our credit and tell me they are puzzled by the scores becuase we have a really good payment history, 11 years of established credit, and average account ages of over 5 years. Would it be wise of me to hire an agency like Lexington Law, or no? Please help if you can! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!

Come on folks... any ideas? I need some help here! Although I did just try the chat method with capital one and got those lates removed. Hopefully its for real, as they said it will take 60 days. 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Established Member
dmsteidl
Posts: 16
Registered: ‎09-05-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!

That's good news on getting the lates removed.  The steps I would start with would be getting your utilization down to <10% and GWing the CAs (assuming the collections are paid but still on your husbands CR).  Payoff all but one or two CCs and maintain a small balance on those.  My guess you see some major increases in your husband's FICO score by addressing the CC utilization.  For some odd reason, FICO scores you better if you have some utilization as opposed to none.  I don't know what getting the collections off will give you, but it will certainly help.

Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!

I have had some success in getting the old collections removed. They are all paid with 0 balances, and it doesn't seem to make much of a difference. I am really hoping that paying the cards down is the trick, cause that feels like it is my last option. Some of the simulators show as much as a 200 point increase, but others only show like 20 points. Hopefully we can get a big jump. Our mortgage lady said to open another card, but most of the sims didn't show an increase at all, so I dont think that will help a whole lot. Thanks for your reply!


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009

Re: Need help getting credit from 400 range to 580! Out of ideas!

So basically you stating she should have her utilization between $130-150 on credit cards.  I shoot for the credit cards, but I got confused with all that.   


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011

Re: Need help getting credit from 400 range to 580! Out of ideas!

Medical collections: google "hipaa process" and follow the instructions to a T. a TEE. Getting those off will help tremendously.

 

GW, GW, GW the rest. Relentlessly. Remind them that you paid your obligation. Admit you made a mistake (but avoid the whole explanation thing, they really don't care)

 

Do not throw your money away to let someone else do it for you.  You care about your credit more than anyone else ever could, so will be more passionate about the process.  Yes, it can be frustrating, but very rewarding when you look at the numbers and say, "I did that".

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Regular Contributor
acrylic51
Posts: 131
Registered: ‎08-05-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!


thankfulheart wrote:

Medical collections: google "hipaa process" and follow the instructions to a T. a TEE. Getting those off will help tremendously.

 

GW, GW, GW the rest. Relentlessly. Remind them that you paid your obligation. Admit you made a mistake (but avoid the whole explanation thing, they really don't care)

 

Do not throw your money away to let someone else do it for you.  You care about your credit more than anyone else ever could, so will be more passionate about the process.  Yes, it can be frustrating, but very rewarding when you look at the numbers and say, "I did that".


+1 Agree!!!!!!


Starting Score: 7/12 545 EX (PSECU)
Current Score: 689 EX (PSECU) / EQ 697 / TU 703
Goal Score: 750

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Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!

I have not looked into HIPAA process at all, thanks for the advice. It would be awesome if it works, cause all the collections accounts are from ONE creditor and ONE bill. However, the CA seperated EACH line of the bill, and reported EACH line as a seperate account. I called them on it, as well as the original creditor, and both of them said they have the liberty to do that. I don't agree, and maybe this HIPAA process will help me with that. Thanks again!


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Valued Member
justgetitdone
Posts: 30
Registered: ‎06-11-2009

Re: Need help getting credit from 400 range to 580! Out of ideas!

Would you PM me how you did the Capital one Chat?  would be much appreciated.

Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012

Re: Need help getting credit from 400 range to 580! Out of ideas!

Interesting.... I filed some online disputes, and today the score jumped 30 points. Anyone else ever see this before? I am assuming it will go back down once they are resolved.... but wanted to see if anyone else has has this happen. 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


Take the FICO Fitness Challenge

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