New to this great forum...please help

[E16]

Hello,

First I'd like to say "THANK GOD and ALL OF YOU FOR THIS FORUM"!!  It's refreshing to know that there's a support system out there like this. 

Ok to the good stuff... or shall I say bad stuff.  I'm 28y/o and need to raise my credit score so I can apply for a home loan in June 2012. 

Current Scores: TU(FICO) - 602; EQ (FICO) - 596.  I've been reading quite a few threads but it’s kind of like reading a new language...so many acronyms (A key would be very useful lol).  I have a 10 year credit history but I made some bad mistakes and failed to pay my bills on time.  Accounts eventually made it to collections and charge offs.  THE QUESTIONs:  What do I do to remedy my late pays, collections and Charge offs?  And what if the collection agencies don't supply any form of contact (no address, phone numbers etc)?  Also, can someone please tell me how the fall off works?  There's a "status as of" date, "Date opened" date and "Date of last activity" date.  Which date will the 7.5 year drop off use?  Meat and tators below:

EQ report - 596 FICO

Fst Premie CC		Date opened 6/2004	Balance $355	Bad debt/collection ( charged off, Last activity 1/2007)	Negs Yes	Details
Slfa Student loan		8/2001	$16,363	120+ days past due (Rehabbed student loan out of default, has been current for over a year, last activity 2/2009)	Yes	Details
Midlandmcm CC		3/2008	$709	120+ days past due, (Open Account, Collections, Making payments, last payment is next month, Last activity 9/2006)	Yes	Details
Aac Fitness?		6/2008	$400	120+ days past due ( Balleys?, Open Account, Collections, Last activity 12/2006)	Yes	Details
Bk Of Amer CC		7/2002	$0	Bad debt/collection ( Charged off and sold, Last activity 8/2006)	Yes	Details
Bk Of Amer Student loan		8/2001	$0	Pays account as agreed	No	Details
Wfds/Wds Auto Purchase		2/2009	$6,358	Pays account as agreed	No	Details
Tdaf Auto Lease		2/2006	$0	Pays account as agreed ( five 30day lates, Closed and paid in full, Zero bal, Last activity 2/2009)	Yes	Details

Ok so there it is.  I don't even know where to start.  I feel like it's going to be a waiting game for things to start falling off.  If anyone has advice or a strategy that would be helpful, please feel free to write anything.  Sorry for the lengthy read but its like I'm a kid in a candy store with this forum.  Any sign of hope helps. 

Thank you,

E16

[RobertEG]

Charge-offs and collections have only one relevant date for determination of their credit report exclusion date.

That date is the date of first delinquency on the OC account, which is defined as the first delinquency in the last chain of account delinquencies that preceded the charge-off or collection.  YOu need to determine the DOFD on the OC account.  Dates of reporting and status on the collection have no bearing upon the CR exclusion date, period.

Until debt is paid, neither a creditor nor a debt collector is apt to consider any goow-will deletion of their prior reporting.  To get deletion prior to their normal CR exclusion dates normally requires that you offer to pay the debt in exchange for their agreement to delete their prior reporting from your credit file.  Those are called pay-for-delete, or PFD, offers.

They are discretionary on the part of the credtior/debt collector.  Are you willing to offer payment?

The final important issue I would focus on is the SOL status of each debt.  Until your state statute of limitations has expired on the debt, they can resort to legal action to recover.

What is the SOL status of each debt?

[E16]

Thanks for responding RobertEG. Great info.  The SOL for my state is six years, can't take me to court after that.  I'm willing to pay off the accounts so maybe that'll be my first course of action, a PFD.  I'll have to wait for the late pays to fall off I guess. 

So the date of my first delinquency (with the original account) plus 7.5 years is when they will fall off?  So if my last delinquency was on 12/1/2013, the line would drop 6/1/2020?  So if the debt is sold to a collection agency, they can't restart the time right? 

I'm just trying to get a grasp on my situation ya know and figure out what I can and cant do to.  Thanks again.  This is good!

[Guava]

E16, yeah, it's illegal to restart the time. Once ~7.5 year period has passed from the date of first deliquency, you can get it off your report by disputing online.

[E16]

Great! Thanks Guava.  So should I dispute online to the credit bureaus or to the original lenders?  I think I have 2 lines I can have removed thanks to this thread.  If so, it should raise my score a bit.

[Guava]

You can do either E16

[E16]

Alright! I'll try that.  Thanks a bunch. 

[RobertEG]

If the credit report exclusion period has expired (i.e., more than 7 years plus 180 days has expired since the DOFD on the OC account), the proper procedure to get it excluded from your credit report is NOT the dispute process. 

There is no inaccuracy in any credit reporting.  Either a creditor or a debt collector can continue to report any accurate information at any time, even after expiration of the credit report exclusion period.  The exclusion requirement is placed on the CRAs to discontinue inclusion of the information from any credit report they issue.  Thus, the issue is one of compliance of the CRA with the exclusion provision of FCRA 605(a)(4), not the accuracy of information in your credit report.  The furnisher of the information is not involved in that process other than to initially provide the CRA with the proper date of the adverse item.

You dont want to get tied up in an inappropriate dispute process.  There is simply no inaccuracy in credit reporting to investigate, and you dont want a dispute flag placed in your credit file.

Simply send the CRA a letter of complaint of their violation of FCRA 605(a)(4) and 605(c).

[E16]

Understood!  Yeah I'd like to stay away from the creditors if at all possible.  I don't want the them to restart my time for any reason.  And no need to dispute my CR because everything is accurate as far as the debt goes.  I pulled my CR last night through annualcreditreport.com and 3 lines are due to come off in 2013 so I'm pretty much out of luck.  The question is,  do I go ahead and pay off the outstanding balances? or should I wait for them to fall off? 

Sorry so many questions but...  I feel like I'm stuck.  I've been on this forum day and night trying to figure out what to do.  I want to start actively raising my score but I have no real open/usable lines of credit...just baddies.  Some folks say to get a credit card and others say not to and that it'll dump my scores.  I would like to get up to 630+ so I can apply for a home loan this year, preferably by June.  Do you guys or does anyone have any suggestions on how to actively raise my score without any credit lines to work with?  I haven't applied for a credit card in almost 10 years. 

Thanks again!  You guys don't know how much this is helping me...well you probably do.