Newbie - feeling hopeful??

[n2win]

Just refi my 9.5% mortgage to 6.5% and after not knowing (or caring) about my “FICO” for many years (decades??) I’m thinking maybe, with some help HERE, I can get back in the “credit game” and raise my scores to a “respectable“ level …

My scores from the lender were: EQ = 626; TU = 636; EX = 623.

I got a copy of the EQ (maybe it’s a “FAKO” ??) from a link the lender sent me. 30 pages, wow! So, what it says (abbreviated):

Open Accounts:

Mortgage 1

Installment 0

Revolving 0

Other 0

Total 1

Account Age

Length of History 15 years, 3 months

Average Acct Age 5 years, 2 months

Oldest Opened 2/1993 (a CHARGE OFF OF $45.00-my fiance was dying) drops 4/2009

Inquiries in last 7 years 7

Most recent inquiry EQ 5/21/08 (this is mine, where this info comes from)

Potential Negs

Public 0

Neg Accts 5

Collections 0

Mortgage

Open

Pays as agreed opened 3/20 mos reviewed 93 30 day delinq mar 2007

Closed

Same account ??? Is this because I refi’d??

Installment accts

7 student loans closed - pays as agreed

No revolving

Other

Closed

Credit Union Opened 2/1993 Balance $45 Reported 4/2008 Past Due $45 Status Charge OFF limit $0

NEGS

OPEN

Chase Mortgage opened 2/2000 pays as agreed 81 mo payment history Mar 2007 30 day late

CLOSED

Chase Mortgage see above

Credit Union Charge off $45.00 first delinq 7/2002 type of loan = deposit related (overdrawn acct)

Same account shows up 7 TIMES??

No Collections on File

No Public Records on File

OKAY, MORE, this from TU, also shows:

ADVERSE ACCOUNTS:

SURETY ACCEPTANCE balance $392 Collections Open Account Placed for Coll 2/20003

Est date to be removed 2/2009

SURETY ACCEPTANCE balance $1,159 Collections Open Account Placed for Coll 2/2004

Est date to be removed 7/2009

CREDIT UNION balance $45 Charged off as Bad Debt Open Account Profit & Loss Writoff

Est date to be removed 4/2009

I have the FAKO from EX also, if it matters?

My questions:

Since the debts are going to drop off relatively soon, should I just wait for that to happen? I’ve read about waking the “sleeping giants” here, lol…

I’m thinking I should try for some kind of CC, esp since the 2000 mortgage is going to be off ( I guess, since I’m refinancing, as of yesterday??)

I feel like I have a chance at finally getting decent credit, but really not sure what to do…any ideas???

Don’t mind sharing my info (obviously, lol!!) just let me know if I left anything important out…

TIA...

[Anonymous]

Before you do anything you want to know your SOL and DOLA.

Find SOL here- http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

I wouldn't worry about SOL on the $45 debt, would send them a PFD or since it is a CU, call and talk to them.

You say it is appearing 7 times, do you mean 7 times by the CU on one report?

The larger amounts, you definitely want to know SOL and DOLA.

One thing for sure that would help is adding revolving credit. Crown Jewelers offers a no credit check card. Most everyone gets approved for $1500, they only report to TU and EX and you have to pay small down payment with every purchase for awhile. You must buy something before they report.

There are also starter CC's you can get.

[n2win]

Thanks for the reply!

from that site/link

State Statutes of Limitations for Old Debts

STATE     ARIZONA

WRITTEN  CONTRACT       6 YEARS                                                                                                              ORAL CONTRACT              3 YRS                                                                                             PROMISSARY NOTES       5 YEARS                                                                                                    OPEN ACCT(INCL CC)        3 YEARS

The $45 CU Charge Off actually appears 8 times on the EQ report, appears once on the TU (not a full report) and once on the EX (again the brief one)  

Is DOLA the last time a payment was made? 

For the Charge Off it states date of last payment as 5/2002, date closed 7/2002; date of first delinq 7/2002,  does that mean it will stop reporting 7/2009?  Do they do PFD for Charge Offs?  I don't guess the length of this account (15 years) is helping any since it's a charge off, lol!

I want to add a CC, but don't want my CR to take the hit unless I'm pretty sure I'll get it.  Also, from what I've read here (fascinating stuff, actually, much better than TV!) credits scores go down after you refinance your mortgage, so not sure how soon that happens, and if I should try soon for a card before they drop.

The only good credit on my report is my paid off SL, once my old mortgage drops off, the average age of account will shorten considerably, I suppose?

Also, the three other baddies (that show up on TU and EX are MEDICAL in collections (chiropractor [yes my responsibility, but he assured me I wouldn't be responsible for the charges, ha!], and two that somehow did'nt get paid by insurance when all the other bills from the same event did.

Is there a special way to handle Medical Collections?  They are due to drop off record on 12/08, 2/09, and 5/09

I don't think the one "opened" 8/2002 is even mine.  "Emergency Room Assoc"  ???  I think I may have disputed these medical ones online somewhere last year, it obviously didn't work...

Gee, I think I just wrote my first book, sorry