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07-26-2013 02:47 PM
Hey guys, I am in the process of buying a home and aware of my subprime credit I managed to save $50k over the years for a down payment in effort to offset my not so great credit. However I was urged to spend a few months cleaning up my credit and bring my score up 40 points to qualify for a much lower rate. So google brought me to this site and now I can see all of my negative marks. I have several charged off accounts and wondering how exactly I go about 'fixing' them. I spent nearly 4 hours browsing the forum but feel I went in a full circle as far as what to do.
Here is what Im looking at ...
Company Account number Date opened Balance Status Negative Indicator? [?]
|Matresgint||9/2006||$0||Pays account as agreed||No||Details|
|Chase||8/2003||$12,404||Pays account as agreed||No||Details|
|Discovr Cd||8/2006||$2,696||Bad debt/collection||Details|
|Amex||8/2004||$1,012||Pays account as agreed||No||Details|
|Aac||12/2012||$3,531||120+ days past due||Details|
|Cap One||8/2003||$945||Bad debt/collection||Details|
|Portfolio||5/2011||$840||120+ days past due||Details|
|Thd/Cbna||1/2008||$0||Pays account as agreed||No||Details|
|Gecrb/City||1/2005||$0||Pays account as agreed||No||Details|
|Gecrb/Whte||2/2004||$0||Pays account as agreed||No||Details|
|Sears/Cbna||4/2005||$0||Pays account as agreed||No||Details|
|Bk Of Amer||3/2006||$0||Bad debt/collection||Details|
|Citi||12/2004||$0||Pays account as agreed||No||Details|
|Cap One||3/2005||$0||Pays account as agreed||No||Details|
|Amex||8/2004||$0||Pays account as agreed||No||Details|
Thanks for any feedback!
07-26-2013 03:04 PM
Hi illlili, and welcome to the forums, I would suggest getting your credit reports from www.annualcreditreport.com and compare all 3. List your most recent collections/charge-offs/liens if any and we can tackle them one by one
07-26-2013 03:41 PM
Thank you so much for your reply! great community here!
I just pulled my experian, however transunion says I have already checked which I dont recall but must have.
So with the data from equifax and experian should I be looking to put an order between the two reports of negative strikes from most recent to oldest?
|Credit Items: Select the account name to review details|
07-26-2013 03:42 PM
Date Opened: 08/2003
|CHASE BANK USA|
Date Opened: 10/2007
07-26-2013 03:42 PM
|CHASE BANK USA|
Date Opened: 12/2006
|DISCOVER FINANCIAL SVCS LLC|
Account Number: xxxxxxxxx....
Date Opened: 01/2008
|PORTFOLIO RECOVERY ASSOCIATES|
Date Opened: 05/2011
07-27-2013 10:10 AM
Welcome to the forums!
I'd suggest reading the following:
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 I had those, this is what I would do:
On your first post, do not mess with any account that is not showing a red flag. This means that FICO sees it as a positive account. Anything with a red flag means that FICO sees it as a negative account.
For BofA, Chase (10/2007), and Lowes, send GW letters.
For Discover, Chase (10/2006), and CapOne, you could try sending PFD letters. If they agree in writing to the PFD and you pay it, then they'll delete.
One word of caution on GWs and PFDs...know your AAoA (average age of accounts) and know how it works. AAoA is the average age of ALL of your OC accounts. Having old accounts removed can potentially lead to a FICO decrease if they were older than your AAoA. However, sometimes the negative aspects of the accounts far outweigh the positive benefits of the age of that account, hence removing baddies most usually helps. If you had to focus on any individual accounts, do the newest ones first.
Finally, there's zero benefit in having AAC (asset acceptance) and Portfolio reporting. Send both DV letters. If they verify and you agree, then send a PFD.
Aside from the above, make sure either SOL expired on any given unpaid debt -OR- make sure you have 100% saved up for that debt before tackling it. If you start sending letters on unpaid debts then they can decide to sue if they wanted to and you could always pay it off to avoid a judgment.