Thanks Fico Forums! 81 Pt increase!?!?

[Anonymous]

I just started this journey at the beginning of April and already I've had a big jump in my scores!  I have learned so much from these forums and I'm so hopeful and optimistic about my financial future for the first time.  I don't think I've ever had a good credit report  or FICO score, and I'm 35.  Here's the breakdown:

An old medical collection for $179 mysteriously dropped off my EQ report before it was supposed to age off in November.  I'm worried that it will reappear, but I know I can handle it if it does. +7EQ

I've become an authorized user on a perfect Citi account which increased my AAoA and my available credit to 25K.  Also, the utilization is 4%.   +58TUC, +70EQ

I've also negotiated a PFD for an account with Debt Recovery Solutions.  It's only on my Experian report and hasn't come off yet. I have a letter, so if doesn't come off soon I will send a copy to Experian.

I started rehab with my only Student Loan for $5300 in Nov 09 to avoid the IRS taking my tax refund and to get back on track.  I will be excited in July after my 9th payment to get USA Funds off my reports and current.  I know Sallie Mae will still show all my lates, but it's got to be better than it is now.

I got NCO FIN to delete a PD Charge OFF from 2008 from my EQ.  It is still showing on my TUC.  I first emailed Lisa S. then I called them directly(I know a huge NO-NO), but it was an old power bill that was under my name and my Ex's. I didn't realize it was still under my name for years after we broke up or that it went to collections.  He eventually paid it off, after it had been charged off.  So when I called them I didn't have anything to lose.  They agreed to get it off my reports, but I had nothing in writing.  I never heard back from Lisa S., so I called again yesterday.  They said I would have to talk to their legal dept and ask for Lisa S.  I almost fell of my chair!  It was too late to call yesterday, and I didn't get a chance today.  I got a SW alert today saying that my EQ FICO increased from 565-639!  I checked my EQ report and sure enough NCO wasn't there anymore and CITI showed up.  

Last week I applied for an Orchard Secured card and mailed in $200.  Until becoming an AU on a CITI card, I had no positive TL's.  I hope I get another increase once that hits, if I get approved.

So, my biggest and last problem is a foreclosed timeshare(10K) and annual fees(2K) which show up separately.  I spoke with the Timeshare company and they are willing to settle for $3500 for a full removal of all derogatory info on my credit reports.  I don't think I can do it.  I'm not sure if there is any other way to clean up the way they are reporting.  I need help!

So now I need to concentrate on rebuilding.  I haven't had a credit card or car loan since 1999-2000, and I'm trying to figure out when and which card I should try for.   I have 3 inq's on EX and EQ, and 6 on TUC.  Only 1 is from 2010, and 4 from 2009, and the rest from 2008.  I'm hesitant to apply for anything until a few drop off in the next few months.  I would also like to buy a house in the next year....

So here I am, ready to be patient while my scores rise and fall... I'm just happy knowing that I'm facing my credit and making a difference.

If anyone has any suggestions I would love to hear them.  Thanks for all the wonderful information, it's really changing lives!

[Anonymous]

I have a timeshare that has been foreclosed and the Annual Maintenance Fees and the actual Timeshare show up separately from 2 different OC's on my CR.  The OC for the maintenance fees shows (21) 120 days late payments.  It shows that  I paid once a year and then every other status shows 120(or 180) days late.   I've been working with them trying to PFD.  They will PFD if I pay $3500 for the $12K that shows up on my report now.  Should I dispute with the CRA's since my CR does say Annual Payment? Or should I GW with the OC to get it reported correctly?  Also, DOFD is incorrect.  The annual payments were due in April and I paid them through April of 2009.  

In addition, I've played around with the FAKO simulator on Privacy Guard and to date the estimations have been very accurate.  When I simulate a delete of this account it shows a 2 point change.  If I simulate correct payments it shows a drop of 11 points.  I guess it doesn't really matter I just want this off my CR.  

Date of First Delinquency: 01/2007

Comments: Foreclosure process started,

180 Days past due

81-Month Payment History

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2009 180 180 * 180

2008 180 180 180 * 180 180 180 180 180 180 180 180

2007 * * * * * 180 180 180 180 180 180 180

2006 * * * * * * * * *

_______________________________________________________________

Seven year payment history

30 days late 0 times

60 days late 0 times

90+ days late 21 times (Apr 2009, Feb 2009, Jan 2009, Dec 2008,

Nov 2008, Oct 2008, Sep 2008, Aug 2008, Jul

2008, Jun 2008, May 2008, Mar 2008, Feb 2008,

Jan 2008, Dec 2007, Nov 2007, Oct 2007, Sep

2007, Aug 2007, Jul 2007, Jun 2007)

Any suggestions would be great!

[Jazzzy]

You have made fantastic progress on your scores. It's hard work, and it takes a lot of patience, but it's worth it. Great job.

Are you able to settle the timeshare accounts for the $3,500? It certainly would be nice to have this gone from your reports for good. If they are willing to delete all reporting for both the timeshare and the maintenance fees, I'd certainly try to do it. These are recent, and you are going to feel some pain from them for some time.

ETA: If they have the DOFD as April 2007, and you are saying April 2009....don't correct that. Under their dates, it will fall off your reports faster (if you are not able to work a deal with them to get the reporting off).

[Anonymous]

Thanks Lynette!  It's amazing how much I've learned and applied in the last month.  I finally see the light....  I might be able to swing the $3500 and it would be so worth it!  I even tried to just pay for the fees first and then work on the Timeshare portion.  I owe $2092 for the maintenance fees and offered $500, and then I would work on the $3000 for the TS.  They won't split them up.   So I looked closer and realized they were reporting so many late payments, when in actuality there should only be a few.  I thought if I could clear those up, I might have a chance at getting a personal loan through a CU for $2000 after my SL rehabs this summer.    I'm not sure how long this settlement will be available.  It's still with the OC and not a CA.  

If I don't have them correct DOFD, TU shows that it will come off my report 12/13 which doesn't make sense either... so I was hoping if the 21 late pays were corrected that would be better than the DOFD updating to 2009.  I mean come on, 21 LATES!!  But maybe correcting those will be worse than leaving them as is..... 

I ended up getting a Cap 1 secured instead of an Orchard secured so I am still waiting for that to report and am hoping that will increase my scores a bit.  I also was approved for a BBRW Mastercard, but haven't decided if I will activate it or not.  I'm having app remorse on that one.  I won't be apping  again until the new iphone comes out this summer.  Hopefully my scores will be good enough for AT&T.  

Thanks again! 

[Cinn]

Whatever you do, don't send them a cent until you get the PFD in writing from them on company letterhead.

[Anonymous]

Here is a copy of the proposed settlement.... what am I missing?  I am definitely trying to work this out soon, because the interest is outrageous.  

Timeshare Foreclosure—AMNESTY

Contract #344XXX

Pursuant to the terms of your Deed of Trust, Foreclosure proceedings were completed on your Timeshare Unit. As required under Virginia Statutes, a credit was applied to your account from the proceeds of the Public Auction in the amount of $2,530.08 resulting in a Deficiency Balance Due totaling $10,186.29 with continuing interest of $4.38 a day since 4/23/09.

Before taking further action, I am asking that you contact me to finalize mutually satisfactory arrangements to resolve this matter.

If you prefer to settle this matter amicably and quickly, I am authorized to accept a reduced pay-off in the amount of $3,500.00, release you from this financial obligation and remove any negative credit reporting with National Credit Reporting agencies regarding your mortgage account and the maintenance account. Reduced pay-off must be in certified funds (ex: cashiers check, money order or credit card by phone) sent to the address below. Per our recent conversation, I can give you six months to pay the $3,500.00 to settle this debt. To do monthly payments that would be $583.33 a month for six months.

Gold Key Resorts