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Frequent Contributor
js0319
Posts: 474
Registered: ‎02-27-2012
0

Scores are stuck...what's the most cost effective way to increase?

[ Edited ]

I haven't really seen much movement over the last few months from my EQ FICO. It seems like I'm stuck in the almost 600 range (scores noted in siggy). My FAKO's are kind of doing the same thing, but I know not to pay too much attention to those. 

 

Here's my current situation with my good accounts:

 

BofA Mortgage - opened in 2/2007, 90 late in 5/2008, perfect payment history since 6/2008

Auto Loan - opened in 8/2011, refi'd in 5/2012 (perfect payment history)

Auto Loan - opened in 11/2011, refi'd in 5/2012 (perfect payment history)

Capital 1 CC - opened in 2/2012 (perfect payment history)

Orchard Bank CC - opened in 4/2012 (perfect payment history)

CU CC - opened in 5/2012 (perfect payment history)

Personal Loan from CU - opened in 5/2012 (perfect payment history)

 

I am in the process of rehabilitating a federal Perkins loan that will be fully rehabbed by end of 12/2012.

 

Here are my baddies:

 

CreditorTypeStatusCurrent BalanceFall Off
VW CreditInstallment8/5 - 30 Day Late$011/2012
DiscoverRevolvingCollection Account$2,44405/2014
Bank of AmericaReal Estate3/08-30, 4/08-60, 5/08-90 Day Lates$006/2014
Midland Credit ManagementFactoring Company AccountCollection Account$6,31706/2014
UT Perkins LoanInstallmentDefaulted Student Loan - In Rehabilitation$707/2014
Citibank (AU)RevolvingCollection Account$009/2014
Asset AcceptanceFactoring Company AccountCollection Account$5,21010/2014
UFCU InstallmentDerogatory Account$010/2014
UFCU InstallmentDerogatory Account$011/2014
DSBN/Macy's (AU)RevolvingCollection Account$012/2014
Enhanced RecoveryCollectionPaid Collection$003/2015
Credit Protection Assoc.CollectionPaid Collection$005/2015
Bank of AmericaRevolvingPaid Chargeoff$006/2015
TX GuaranteedInstallmentPaid Collection$006/2015
TX GuaranteedInstallmentPaid Collection$006/2015
TX GuaranteedInstallmentPaid Collection$006/2015
Seafirst Nat'lInstallmentPaid$008/2015
SarmaCollectionCollection Account$009/2015
Brazos Higher Ed.InstallmentPaid$009/2015
Healthcare Funding SolutionsCollectionMedical Collection$37110/2015
Collections, Inc.CollectionMedical Collection$23712/2015

 

I'd really like get into position to sell my current house and qualify for a mortgage that meets our current needs within the next year. I have tried PFD's with my current collections, and none of them will accept. I have tried DV's as well, and that got me a "dispute" comment on the HFS collection. If I just paid the two medical collections, settled with Asset Acceptance, Midland, and Discover do you think it would help my score? Discover is counting against my UTI, and Midland and Asset Acceptance are showing as open accounts and reporting lates every month (even though they are JDB's).

 

What would you all suggest I do to get some movement in my scores that will get me closer to 640.


AMEX PRG - NPSL I AMEX Everyday Preferred - $22.8k I NFCU Flagship Rewards Visa Signature - $10k I NFCU CashRewads Visa Signature - $10k I NASA FCU - $10k I Texell FCU Visa - $5k I Citi Double Cash - $3.6k I Capital One Quicksilver One - $750 I NFCU CLOC - $15k

EQ FICO - 672 (11/26/14) I TU FICO - 670 (11/26/14) I EX FICO - 699 (11/26/14)
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

Re: Scores are stuck...what's the most cost effective way to increase?

Paid collections ding you as much as unpaid collections do.  Unless you can convince them to accept a PFD, I don't see you getting above 640 (FHA minimum) until those collections stop reporting in 2014.

Frequent Contributor
atarvuzdar
Posts: 375
Registered: ‎01-20-2012
0

Re: Scores are stuck...what's the most cost effective way to increase?

Off the top of my head, send Goodwill letters for any of your paid collections, basically asking very nicely for the company reporting the collection to kindly remove the information from your credit report. You can search for examples of GW letters in this forum.

 

Also, for the medical collections, Google "HIPAA Process" and follow the instructions to a T--that may help you with those.

 

Lastly, keep persevering, even when told NO a hundred times. Eventually you MAY find the one person who is willing to say YES to your request(s).

 

Good luck!

Current: EQ 673 September2013 / TU 696 September2013 (Walmart)
Start: EQ 584 Feb2012 / TU 629 July2012

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Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012
0

Re: Scores are stuck...what's the most cost effective way to increase?

Some people have had success with medical collections from a HIPPA standpoint.

 

I don't know anything about it as I only had 1 medical collection before and it was removed once I paid the hospital. Google HIPPA process as many people have suggested that route - but taht only pertains to medical stuff.

 

And yes a paid collection hurts just as much as an unapid collection however mortgage companies will usualy not even talk to you about a loan until you get all collections paid off. I'd try another round of PFD's and if they don't accept pay some small ones and see if they automatically drop off or if you can at least GW them. For every collection/baddie you can get off, the more it will help.

 

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Frequent Contributor
js0319
Posts: 474
Registered: ‎02-27-2012
0

Re: Scores are stuck...what's the most cost effective way to increase?

Do you think having those medical collections removed will do anything to my score?


AMEX PRG - NPSL I AMEX Everyday Preferred - $22.8k I NFCU Flagship Rewards Visa Signature - $10k I NFCU CashRewads Visa Signature - $10k I NASA FCU - $10k I Texell FCU Visa - $5k I Citi Double Cash - $3.6k I Capital One Quicksilver One - $750 I NFCU CLOC - $15k

EQ FICO - 672 (11/26/14) I TU FICO - 670 (11/26/14) I EX FICO - 699 (11/26/14)
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Scores are stuck...what's the most cost effective way to increase?

Any negative, especially a major one should be taken care of.  


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Scores are stuck...what's the most cost effective way to increase?

Heres what I would do.  sweet jesus you have a long list of stuff but i wish you the best.

 

I would send a GW letter to all the paid collections.  If you are initially denied KEEP TRYING.  Is the discover account a CO?  Is it affecting your UTIL?  If so what is your reported UTIL every month?  For midland and asset thats a huge chunk of change.  Thats a decision your going to have to make whether or not to handle that one.

 

For the last 2 medical collections if you are denied a PFD just PIF those accounts then send  GW asking for a delete.  Ive had most success with medical collections just paying them and getting them deleted via GW.  You could go the hipaa route but lately thats been turning sour for a few members.

 

Lastly your going to see the biggest increase in score handling the newest ones first.  however being that there are so many, any deletions that happen one at a time will be minimal.

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