Rebuilding for a house, need help from you pros! Quick Post.

[Anonymous]

Good Evening!

My Wife and I are being booted from our current beautiful rental townhome soon, since the landlord is selling it.

My Credit scores are all mid 500's right now, and I am hoping to boost them above 580 as soon as possible to qualify for a mortgage.

The skinny:
3 Collection Accounts (one closed, two open less than $200)
4 Credit Cards (all below 10%)-totalling around $1200 of open credit
Terrible Payment History (7 student loans reporting 9 payments missed each, disputing with the CB's)
Numerous Loans and Credit Cards (older) that never missed a payment, that are now closed

What can I do to boost my credit score in the short term? We are financially stable after 3 years of struggle.

Thanks!

[Anonymous]

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@Anonymous wrote:

Good Evening!

My Wife and I are being booted from our current beautiful rental townhome soon, since the landlord is selling it.

My Credit scores are all mid 500's right now, and I am hoping to boost them above 580 as soon as possible to qualify for a mortgage.

The skinny:
3 Collection Accounts (one closed, two open less than $200)
4 Credit Cards (all below 10%)-totalling around $1200 of open credit
Terrible Payment History (7 student loans reporting 9 payments missed each, disputing with the CB's)
Numerous Loans and Credit Cards (older) that never missed a payment, that are now closed

What can I do to boost my credit score in the short term? We are financially stable after 3 years of struggle.

Thanks!

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To start with, don't let more than one of your cards report a monthly balance. The other three should be paid in full before their statement closes. What is the time frame on the lates? How old are the two open collections? How old are your current accounts?

[Anonymous]

Thanks for the response!

I just paid down all of the cards to a zero balance just now.

The time frame is:
Fed Loan Servicing Open Loans (reported late on August-October 2013, February-May 2014, September-October 2015)
and
Fed Loan Servicing Consolodated Loans closed (reported late from August-October 2013, and January-May 2014)

I have documentation for the loans having received a forberance during a majority of these late terms! So i have drafted some letters for the three CB's 
to remove the inaccurate information. 

The accounts for collections are only about two years old. 

[Anonymous]

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@Anonymous wrote:

Thanks for the response!

I just paid down all of the cards to a zero balance just now. Put a small charge on one card only, before its statement closes. FICO dings you for all cards having a $0 balance.

The time frame is:
Fed Loan Servicing Open Loans (reported late on August-October 2013, February-May 2014, September-October 2015)
and
Fed Loan Servicing Consolodated Loans closed (reported late from August-October 2013, and January-May 2014)

I have documentation for the loans having received a forberance during a majority of these late terms! So i have drafted some letters for the three CB's 
to remove the inaccurate information. You should get some score love from those going away as they are recent.

The accounts for collections are only about two years old. Paying these should not do any immediate score damage if their report dates are recent.

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