Time to Vent

[Anonymous]

I have literally been busting my a$$ over the last two years with this whole "credit repair" thing, the only thing that I can honestly say or agree with is...many of these companies never forgive and forget and they just wanna make your life even more hellish than it already is.

The crap for me hit the fan in 2008 when I retired from the military, got out and started work right away, then BOOM..laid off, first one to go because I was the new guy..took sometime to find work that paid enough to cover my expenses, I was set up at retirement, my military monthly retirement and disibility was enough to pay my new mortgage, and my vehicle loan that was almost paid off, then credit card bills started rolling in that I had no clue about, (thanks to the ex).

Now, I sit at a 596 middle with 2 open secured cards, and 5 baddies that will start to fall off in Nov 2015, and then Jan 2016, then the rest in late 2016 and mid 2017.

I try for a mortgage, need a 620, I try for a VA need a 620, then I see a 580 required VA Loan, I try for that, they are clueless, and as useful as a wart on a boars a$$, why in the hell do they even advertise something that dosnt exsist.

I want to buy a home now !!!! This whole system is to keep people down no matter how hard someone tries. If I ever have the chance to make a change, I would start with the CRA, why does something need to be on a report for so 7 years ? What is the damn logic behind that? all this disputing takes 30 days...thats way too much time...

Done, Done, and Done !!!

Thanks for everyone who tried to help.

[TRC_WA]

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@Anonymous wrote:

I want to buy a home now !!!! This whole system is to keep people down no matter how hard someone tries. If I ever have the chance to make a change, I would start with the CRA, why does something need to be on a report for so 7 years ? What is the damn logic behind that? all this disputing takes 30 days...thats way too much time...

Done, Done, and Done !!!

Thanks for everyone who tried to help.

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Probably to keep people from taking advantage of the system.  If people can get something for nothing... they usually will.

There was a time when student loans were freely dischargeable in bankruptcy... then you had doctors and lawyers going to college and filing shortly after graduation so the laws were changed.

I'm 6+ years after my BK13 with less than a year to go until everything falls off my reports.  Is it fair?  I think so.

Speaking of rants, I'm of the opinion that EVERYONE who files BK should have to file a 13... because you'll never convince me for a minute that the people that file Chapter 7 because they can't pay their bills still couldn't pay them in the months after discharge when they are opening new accounts.  There are people on these very forums that are 1-2 years out of a Ch 7 discharge with $100k in new credit.  But you can't make monthly payments on your debt in a Ch 13 like I did?  Sorry... not buying it.

There's my rant for ya...

[Anonymous]

Im not trying to take advantage of the system, The baddies are paid....Why do they have to remain for 7 yrs, whats the logic? Its not Ch 7 or 13, it was a bad account that got paid off..bankruptcy is totally different.

[Anonymous]

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@Anonymous wrote:

I have literally been busting my a$$ over the last two years with this whole "credit repair" thing, the only thing that I can honestly say or agree with is...many of these companies never forgive and forget and they just wanna make your life even more hellish than it already is.

The crap for me hit the fan in 2008 when I retired from the military, got out and started work right away, then BOOM..laid off, first one to go because I was the new guy..took sometime to find work that paid enough to cover my expenses, I was set up at retirement, my military monthly retirement and disibility was enough to pay my new mortgage, and my vehicle loan that was almost paid off, then credit card bills started rolling in that I had no clue about, (thanks to the ex).

Now, I sit at a 596 middle with 2 open secured cards, and 5 baddies that will start to fall off in Nov 2015, and then Jan 2016, then the rest in late 2016 and mid 2017.

I try for a mortgage, need a 620, I try for a VA need a 620, then I see a 580 required VA Loan, I try for that, they are clueless, and as useful as a wart on a boars a$$, why in the hell do they even advertise something that dosnt exsist.

I want to buy a home now !!!! This whole system is to keep people down no matter how hard someone tries. If I ever have the chance to make a change, I would start with the CRA, why does something need to be on a report for so 7 years ? What is the damn logic behind that? all this disputing takes 30 days...thats way too much time...

Done, Done, and Done !!!

Thanks for everyone who tried to help.

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I know it can be frustrating as heck doing this. I'm in the same boat as you, floating just below 600, which is the score I need to get a preapproval for a VA mortgage. 

In my opinion its possible you are not being aggressive enough with re-establishing new credit. With a 596 midscore you should be able to dispense with the secured cards. I would suggest apping for an unsecured Capital One card, and a Barclays reward card. Who are your secured cards with? Also do you have an installment account - Auto, personal loan or student loan?

[Anonymous]

Personally, I think paid debts should be negated from your score. Yes, you got in trouble. Yes, you had some stuff that didn't initially get paid in a timely fashion. But you busted it & got back on track & paid stuff off. No, you shouldn't get "attaboy" points, but once it's marked paid, it shouldn't count nearly so much as unpaid.

[Anonymous]

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@Anonymous wrote:

Personally, I think paid debts should be negated from your score. Yes, you got in trouble. Yes, you had some stuff that didn't initially get paid in a timely fashion. But you busted it & got back on track & paid stuff off. No, you shouldn't get "attaboy" points, but once it's marked paid, it shouldn't count nearly so much as unpaid.

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This is supposed to go into effect in the latest FICO scoring version, FICO 9.

FWIW, I think paid items should be removed early - five years after they occurred or three years after being paid, whichever comes first.

[Anonymous]

Everytime, I try to get another account Im denied because of my report, I need new credit and cant get it...sound legit...

[Anonymous]

Oh and dont fall for that 600 crap....

[Anonymous]

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@Anonymous wrote:

Oh and dont fall for that 600 crap....

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It varies by the market you are in. VA "can" go as low as 580, but depending on the local market, lenders will apply their own "overlay" that has higher requirements. In my area the lenders will go as low as 600, according to the mortgage broker I spoke with that specializes in VA mortgages. Other areas its often 620. Can I ask what part of the country you are in? I'm in the Portland OR area.

[GoldSorata]

Yeah, paid collections on a report are frustrating. Yet you have much more leverage to get a collection removed if you havent paid it. I have a paid collection on my report that I've tried sending multiple letters to the collection agency to get a removal and they wont even respond to me.