What could be suggested in hopes of reaching a 640 score?

[MissMia75]

Here is a breakdown of my Experian report.  If there is any possible way to get this score to a 640 please advise

Student loans have been deferred. Date opened 2007 **Open/Never late. Deferred, payments begin Nov 2011.**

NelNet                                                   Date opened 2007 (6 trade lines) **Open/Never late. Deferred, payments begin May 2012**

US Department of Education            Date opened 1995 **status closed 09/1995**        

Citibank                                                Date opened 09/1993 **Paid,Closed/Never late.**

Citibank                                                Date opened 09/1994 **Refinanced,closed.**

Credit cards

Chase                                                   Date opened 03/2000 **Closed/Never late**

First Premier                                       Date opened 06/2011 CL $300 reporting balance $245

Negatives

Captial One                                          Date opened 12/2008 **Status Closed** $0.00 balance

JCP                                                        Date opened 09/2008 **Status Closed** $0.00 balance

Jax Federal CU                                    Date opened 07/2009 **Charged Off** $426 balance ( I want to pay this but afraid it will drop my score)

Jax Federal CU                                    Date opened 08/2009 **Charged Off** $81 balance    (I want to pay this but afraid it will drop my score)

Mark One Financial                             Date opened 06/2005 **repo** CO $5210 balance (this is the company that has JUST started reporting this debt after 6 years)

Public record                                        Date filed 05/2011 - the last payment will been made on 10/14 the creditor agreed to vacate the judgement.

To bring you all up to speed, when the repo initially hit my report after 6 years it tanked my EX score.  The last payment will be  made to satisfy the judgment and as a result of it being paid I negotiated with the creditor to have the judgment vacated (I was $200 short so the rest will be paid on 10/14).  They agreed.  I am now concerned as when my credit was pulled earlier this month after a fraudulent check hit my account my EX score dropped to 523 (the collection agency removed the check 2 weeks ago, but it initially hit my reports on 9/10/2011).  After sending in the police reports proving ID Theft it was removed.

Below are a list of deletions that were sent to me a couple of days ago:

HSBC/BSBUY - Deleted

GEMB/WALMART - Deleted

National Capital - Deleted

I C SYSTEM INC - Deleted as a result of a PFD

HSBC NV (inquiry on August 18, 2011) - Deleted

Global Payments - Deleted

I just need some direction on how to best proceed with this.  Thanks in advance

[MissMia75]

Also I would like to add that I have been placed on two AU accounts.  The reporting time for the Sears and JCP cards are the 10th of each month.  Both cards have a utilization of under 36% that have never been late and in exsistance for 13 years.

[bruiseviolet]

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@MissMia75 wrote:

Here is a breakdown of my Experian report.  If there is any possible way to get this score to a 640 please advise

Student loans have been deferred. Date opened 2007 **Open/Never late. Deferred, payments begin Nov 2011.**

NelNet                                                   Date opened 2007 (6 trade lines) **Open/Never late. Deferred, payments begin May 2012**

US Department of Education            Date opened 1995 **status closed 09/1995**        

Citibank                                                Date opened 09/1993 **Paid,Closed/Never late.**

Citibank                                                Date opened 09/1994 **Refinanced,closed.**

Credit cards

Chase                                                   Date opened 03/2000 **Closed/Never late**

First Premier                                       Date opened 06/2011 CL $300 reporting balance $245

Negatives

Captial One                                          Date opened 12/2008 **Status Closed** $0.00 balance

JCP                                                        Date opened 09/2008 **Status Closed** $0.00 balance

Jax Federal CU                                    Date opened 07/2009 **Charged Off** $426 balance ( I want to pay this but afraid it will drop my score)

Jax Federal CU                                    Date opened 08/2009 **Charged Off** $81 balance    (I want to pay this but afraid it will drop my score)

Mark One Financial                             Date opened 06/2005 **repo** CO $5210 balance (this is the company that has JUST started reporting this debt after 6 years)

Public record                                        Date filed 05/2011 - the last payment will been made on 10/14 the creditor agreed to vacate the judgement.

To bring you all up to speed, when the repo initially hit my report after 6 years it tanked my EX score.  The last payment will be  made to satisfy the judgment and as a result of it being paid I negotiated with the creditor to have the judgment vacated (I was $200 short so the rest will be paid on 10/14).  They agreed.  I am now concerned as when my credit was pulled earlier this month after a fraudulent check hit my account my EX score dropped to 523 (the collection agency removed the check 2 weeks ago, but it initially hit my reports on 9/10/2011).  After sending in the police reports proving ID Theft it was removed.

Below are a list of deletions that were sent to me a couple of days ago:

HSBC/BSBUY - Deleted

GEMB/WALMART - Deleted

National Capital - Deleted

I C SYSTEM INC - Deleted as a result of a PFD

HSBC NV (inquiry on August 18, 2011) - Deleted

Global Payments - Deleted

I just need some direction on how to best proceed with this.  Thanks in advance

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First thing that jumps out at me is UTI on the credit card.  You need to pay that down to under 7 or 9% UTI.  So really your balance should not be anymore than 20 or 25 bucks.

[MissMia75]

Thanks Bruisedviolet~  10/14/2011 is the magical date to have the utilization at %0 since the statement date is 10/16/2011 and the reporting date is the 20th of each month. 

[Booner72]

+1 on the FP but you already know that.

Did you get your score since you've gotten the deletes?  I'm guessing not since people can't find EX anywhere.

Where do you stand with TU and EQ? 

Congrats on them agreeing to vacate the judgment!!

[MissMia75]

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@Booner72 wrote:

+1 on the FP but you already know that.

Did you get your score since you've gotten the deletes?  I'm guessing not since people can't find EX anywhere.

Where do you stand with TU and EQ? 

Congrats on them agreeing to vacate the judgment!!

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TU increased to 548 (that was including that recent collection on 9/11/2011 that was deleted).  EQ the score is 620 as the utilization is high on the FP card.  However, the judgment only shows on TU and EX.  I have not gotten my scores since the deletions.

[MissMia75]

Bump

[Anonymous]

I would send two goodwill letters to Capital One and JCP to see if they will delete. I would also try to negotiate a PFD with Jax Federal CU. The Chase and Citibank accounts are adding a nice amount of age to your accounts. If those negative accounts were 10+ years old then I might hesitate to remove them, but they're only 2-3 years old and aren't really helping anything IMO.

[bruiseviolet]

I finally pulled out my Rural Housing Paperwork-  this is what my denial letter said:

"TO QUALIFY IN THE FUTURE YOU MUST MEET THE FOLLOWING CRITERIA:

1. Make all payments on time.
2. All medical collection accounts must be paid in full along with documentation showing circumstances were beyond your control.
3. All collection accounts must be paid in full for at least one year.
4. All civil judgements must be paid in full for at least one year.
5. Be able to provide a reference from your landlord (non-relation) stating all rent payments have been paid on time for the two years OR
6. Be able to provide evidence of your ability to save money in lieu of renting or making a house payment.  You should make monthly deposits in your savings account equal to a rent/house payment ($400-$600) and maintain the balance for a period of 12-24 months.
7. You must have a steady and reliable source of income/employment for the last two years."

The USDA Rural Housing Develeoplment also inserted this:

"Exhibit 4-4

Indicators of Unacceptable Credit

• Little or no credit history.  The lack of credit history on the credit report may be mitigated if the applicant can document willingness to pay recurring debts through other acceptable means such as third party verifications or canceled checks.  Due to impartiality issues, third party verifications from relatives of household members are not permissible.
• Payments on any installment account where the amount of the deliquency exceeded one installment for more than 30 days within the last 12 months.
• Payments on any revolving account which was deliquent for more than 3 days on two or more occasions within the last 12 months
• A foreclosure that has been completed within the last 36 months.
• An outstanding Internal Revenue Service (IRS) tax lien or any other outstanding tax liens with no stasfactory arrangement for payment.
• Two or more rent or mortgage payments paid 30 or more days late within the last 2 years.  If the applicant has experienced no other credit problems in the past 2 years, only 1 year of rent history will be evaluated.  This requirement may be waived if the program loan will reduce shelter costs significantly and contribute to improved repayment plan.
• Outstanding collection accounts with a record of irregular payments with no satisfactory arrangement for repayment, or collection accounts that were paid in full within the last 6 months, unless the applicant had been making regular payments previously.
• Non-Agency debts written off within the last 36 monthys, unless the debt was paid in full at least 12 months ago.
• Agency debts that were debt settled within the past 36 months, or are being considered for debt settlement.
• Deliquency on a Federal Debt
• A court-created or court-affirmed obligation or judgement caused by nonpayment that is currently outstanding or has been outstanding within the last 12 months, except:
• A Bankruptcy in which:
• Debts were discharged more than 36 months prior to the date of application; or
• Where an applicant succesfully completed a bankruptcy debt restructuring plan and had demonstrated a willingness to meet obligations when due for the 12 months prior to the date of application.
• A judgement satisfied more than 12 months beofre the date of application

An applicant with an outstanding judgement obtained by the United States in a Federal court, other than the United States Tax Court, is not elgible for a section 502 loan.  This requirement is statutory and cannot be waived."

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Hopefully that information helps clarify their requirements- it's so confusing!  

[MissMia75]

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@Anonymous wrote:

I would send two goodwill letters to Capital One and JCP to see if they will delete. I would also try to negotiate a PFD with Jax Federal CU. The Chase and Citibank accounts are adding a nice amount of age to your accounts. If those negative accounts were 10+ years old then I might hesitate to remove them, but they're only 2-3 years old and aren't really helping anything IMO.

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Thank you Freshtalk.  I am writing the GW letters now.  I appreciate all of the feedback that has been given.