New to this and could use some advice

[Anonymous]

To make a long story short, my wife waited over 2 years to pay state taxes due in 2009. I found out when a Public Record (Tax Lien that had a satisfied judgment) hit my credit and my score dropped from 760 to a 730. I just ran my wife’s credit, and not sure what it was (I assume high because she was approved for top tier credit from BMW 6 months ago) but it is now in the 630s. We want to be able to buy a house in less than a year so we need to get our scores up. All of my info is below; any help or advice would be greatly appreciated.

My Scores:

Experian: 738

Equifax: 732

Transunion: 724

Only negative info on my report is the Public Record from the State Tax Lien and I was 30 days late on a credit card (had no balance and didn’t realize I had a yearly fee). I have 4 or 5 credit cards with a total balance of about $7,000 and a car loan with only 3 months left (about $1,200).

My Wife’s Scores:

Experian: 646

Equifax: 626

Transunion: 637

My wife has the same Public Record (NY State Tax Lien), was 90 days late on a store credit card in March 2012, and had a Red Light ticket go to collections before she paid it (paid off in October of 2011). She has one major credit card (with a $250 balance), 2 store cards (no balance), car lease payment, and student loans.

[llecs]

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.

If all 3 scores came from the same source and that source is a lender, then you have FICO scores showing. If they are from the same source and not from a lender, then you don't have FICO scores. I bring that up because maybe your FICO scores are higher than you realize.

When was the 30? Definitely send a GW for the 90.

CC util is big when it comes to FICO scoring. Ideally get all but one CC to $0 and get the remaining to a balance of under 9% of the CL.

[Anonymous]

Thanks for the help. My scores came from Credit Secure through American Express, where my wife's came through Identity Gaurd. The 30 Day late for my account was in July, the 90 day late for my wifes was in February. Any idea on the Public Record? I got something from the court saying that it was paid, should I send that in to the credit agencies?

[llecs]

None of the scores are FICO scores. If I recall, Credit Secure offers a FAKO called a PLUS score and Identity Guard offers a FAKO called a CreditXpert Score. Lenders don't use those scores at all, though the report info through those services are worth it.

Definitely GW the 30 as well.

Even if paid, it still can report. You'd want it off. Look around to see what others did. Seems like there are some success stories out there with regards to state liens, though I can't comment on NY specifically.

[Anonymous]

You were right and my FICO scores were a bit higher, need to run my wifes now. Thanks again for all the advice.