10-06-2012 03:31 PM
Hello new here!
I am trying my best to get my score, but moreso my husband score up since he's the wage earner and more likely to be used in obtaining credit and/or loans.
We went through a ch 13 a few years ago and were discharged and paid it off earlier than what plan we were on. However, even though we have paid everything early and on time with new car notes and a perfect paidy mortgage the scores are holding steady. We do have some collections we intend to get paid in the near future. How and what do I need to do to get the scores to rise. We plan on selling and building a house in the next 18 months and I would love to get scores to reflect our hard work and want the ability to obtain a construction loan with a good interest rate. Our current mortgage rate is an awesome ARM that is made better by being able to use his VA status.. so I'd like to be able to obtain something similar when we go to build.
We have currently two car notes, mortgage, one low limit credit card, and a personal loan that we would keep to continue reporting, However, there are a few small loans that we want to pay off with some money we will be receiving in inheritance soon. Would we need to keep anything other than those things to help the score? Other than trying to get anything else negative off by paying collections off and disputing the wrong negative reports that I am aware of. I am seeing several late payments that are untrue during our 13 period that I want to correct as well as a couple other false reports that I need to take care of..
What else do I need to do to help us along? A friend of mine has used ox publishing recently to boost her husbands score nearly 60 points so far and she plans to use it for two more months. She's only paid the monthly fee with no purchases. I have read different things on here about that but was maybe considering it for a short interim.
Looking for any advice,, it seems we've been doing all the right things and our score feels like it has a brick tied to it..
Thanks in advance!
10-06-2012 08:27 PM
Keep paying those accounts on time. Pay off those small loans and the personal loan. You don't need them and no need to pay interest. The car loans are doing fine for your installment accounts. You'll need another revolving account or two. Maybe secured cards to start with. Get those reports cleaned up, anything reporting wrong needs to be fixed and anything paid off needs GW letters. Your goals are definintely doable. Good Luck!
10-06-2012 09:01 PM
Thanks so much! So keep on keeping on then and maybe acquire one more revolving credit line? I was reading a few things on here saying that a high limit with low balance is the key thing with that? Our debt ratio is always awesome, so at least there's that!
What are GW letters? Are they just letters that state the account is paid in full?
10-06-2012 09:19 PM
The thread below is for GWs. Read up on it. It's to get paid negative collections off your CR. Also if you have any negative accounts with a balance, you will want to do PFDs for those.
10-06-2012 09:22 PM
Just read through the section about GW letters. The late payments that I have showing WERE NOT late. Especially the mortgage ones. While we were still paying in to the ch13.. our holder sold our mortgage and it was during that time the late payments are showing. I know they were paid as my husbands check was being garnished and paid directly to the trustee each pay period and in our final documentation of who/what/where the money was divided and sent, there was no break in that to the mortgage. We weren't even aware there were lates until we were told by a lender from whom we were looking to do a HELOC at the time. The other ones that I want to take care of were also not late but paid on the border of 30 days but within them. So would a GW letter even apply for those situations?
It does appear though that even if I do try to do GW letters for the car notes which weren't late.. they are with Chase and they do seem to be the easiest to work with regarding this, so maybe they'll update it because it was borderline in the first place.
Again thanks for advice in advance!