OK, here is the situation. After purchasing a house 4 years ago, my wife and I purchased TOO much furniture on debt and I got in over my head. After being late on payments to my credit cards (not 30 days, but just late), they jacked the rate up to 25%+. The payments became too much to handle. About 2 years ago, I ended a CCCS with $25k in CC debt. When I purchased my house my scores were in the 660 range. Now my equifax is 598 and TU is 623. That was with only $4k in CC debt remaining! Hate to see what it was 8 months ago! Here are my disputes:
-I have 19 reported late payments - 16 were reported on account under the CCCS, during the time I was making payments. 8 are with GEMB - dicks, ashley furniture, best buy...
-I have 5 collection accounts - all related to a doctor bill for MY WIFE (my insurance).
Mortgage - $226k ($30k is second)- ok, never late
Installment loans - $4k vehicle - $14k student loan (step daughter)
-I have paid all of the $4k in outstanding revolving accounts - so I am now completely debt free.
Here is what I have done so far:
-sent dispute letters to TU and Equifax disputing ALL late payments and collections.
-Contacted my CCCS explaining the late payments to CC's under THEIR program
-Contacted my vehicle loan provider to dispute the one late payment (looking to purchase a car).
I was looking to purchase a vehicle, and of course with that credit score my payments would be through the roof. Another situation I have is my 5 year arm will be coming due in July 2010. I need my credit score in the mid 700 to keep the payment in the same ball park as it is now (5.5%). Questions:
-What else could I be doing to speed up the process?
-How much do you expect my score to increase with my revolving balance now at $0?
-If just the 5 collections were removed, what would my score increase?
-If I get relieved of the 16 past due, expected improvement?
-is there anyway to get these creditors to report other than the monthly time frame?
Please ask any additional information you might need. I will be glad to provide anything! I want to try and get my score to the mid 600's before the end of August (when they report again).
