Plan of Attack

[Anonymous]

Hello everyone, I have just begun the daunting task of trying to repair my credit and raise my credit score.  About 6-8 weeks ago I began trying to fix things with no knowledge of what I was doing and started paying CA's.  I know now that I could of handled it a little better but GW's will be going out soon.  After several hours of pouring through old posts I believe I have a plan that should hopefully end with me buying a new house in approximately 14-20 months. 

My background situation first, I had EQ score of 561 and TU of 601 with a high Util of around 90%.  I have since paid that down to around 2% and according to the simulator I should get a score boost of around 40 - 80 points on both scores whenever things get updated.  I also have 4 old medical collections totaling around $2000 that I have the money to pay but am waiting to be sure that I handle it in the best way possible.

Getting the best rate possible when it's time to get a mortgage is the end goal, just how to get there is what I am not positive on.  My current plan is to wait until everything clears and my CR's are updated to get my Util % down and then applying for and getting another CC as I only have one now and I want to get it soon so that my AAoA will be better come house hunting time.  After getting a second CC I will start tackling my old collections, not sure if the HIPPA process or PFD's would work better here.  I am hoping that spending 3-4 months here I can get everything fixed and taken care of and get my credit score to a respectable number and then I am thinking about getting an auto loan for a new vehicle.  After paying on it for 10 months or so then time for the house.

This is my current plan, does it sound like it should work or is there flaws?  I am not sure if 3-4 months is an appropriate timeframe for fixing bad collections or if getting an auto loan will help this close to applying for a mortgage.  Any suggestions or opions would be greatly appreciated, thank you.

[guiness56]

I would wait on the second CC until you get through repairing.

For the medical collections, another option is to call the OC and see if they still own the debt.  If they do ask if you pay them will they recall the account from the CAs

All they can do is say no.

No other negatives?  No lates?

[Anonymous]

I had other negatives that I have taken care of before finding this site.  There was 3 or 4 medical collections that I paid in full to the CA's that were seeking payment for them.  There was also an old CC charge off that I settled for like a 50% payment agreement with a CA and one bill from Verizon that I called the company and paid directly to.  The only late I have on current record is one 30 day late on my current CC from a little of 2 years ago, I am planning on trying a GW to see if they will take that off of my record since it is my only late payment having been with them for over 3 years now.  Currently, the only money I owe is for the medical collections I previosly mentioned.  I will start calling the OC's on these and see what I can do, thank you.