how long to turn around bad score?

[Anonymous]

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@ERoosky99 wrote:

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@saaaron87 wrote:
The auto loan has a crazy high rate that I would like to refinance in the very near future and I was approved for a FHA loan for a mortgage. All your scores have to be 580 or above I believe. How to I go about removing the collections off of my report?

Thanks so much for the feed back.

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Your major options for collection being removed: (1) Dispute the debt, (2) DV = Debt Validation Request, (3) PFD = Pay For Deletion, (4) GW = Good Will Request (if you have already paid the debt but it still remains on your credit reports).  My choice is always the first two as you may end up paying zero/zilch/nada if the creditor does not have proof the debt belongs to you.  This is more likely to be the case if it is an older debt and/or the debt has been sold to a JDB = junk debt buyer.  Pay for Delete is a good option also, if and only if, you have EVERYTHING in writing (contract/agreement)!  It is rarely advantageous for you to communicate with collections agencies over the phone.  Have everything in writing and preferably sent certified mail or CMRRR.  Your last resort is the Good Will option, which is my least favorite, because in this case you've already paid the debt and your basically begging the creditor to remove the negative remark from your credit report.  Be aware that they do not have to agree to do this for you!  Personally, I'd NEVER pay a debt and then opt to GW later...  If the creditor is going to delete the negative remark(s) they should be willing to PFD; IMHO.

There may be other avenues for removing collections from your reports that I'm not aware of.  If there are, hopefully someone else will chime in to help you.  Again, GL!

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Roosky,

I would guess these methods also work for non collection accounts like CO's or close by grantor accounts that have been paid in full? I have 4 negative accounts 1 I just paid off, one im paying and I will try to reopen ( Chase) and two accounts that have been paid and closed earlier this year / middle of last year.

I'll post screen shots if need be of the 4 accounts that are negative.  Wouldnt mind getting them removed.

[ERoosky99]

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@Anonymous wrote:

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@ERoosky99 wrote:

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@saaaron87 wrote:
The auto loan has a crazy high rate that I would like to refinance in the very near future and I was approved for a FHA loan for a mortgage. All your scores have to be 580 or above I believe. How to I go about removing the collections off of my report?

Thanks so much for the feed back.

---

Your major options for collection being removed: (1) Dispute the debt, (2) DV = Debt Validation Request, (3) PFD = Pay For Deletion, (4) GW = Good Will Request (if you have already paid the debt but it still remains on your credit reports).  My choice is always the first two as you may end up paying zero/zilch/nada if the creditor does not have proof the debt belongs to you.  This is more likely to be the case if it is an older debt and/or the debt has been sold to a JDB = junk debt buyer.  Pay for Delete is a good option also, if and only if, you have EVERYTHING in writing (contract/agreement)!  It is rarely advantageous for you to communicate with collections agencies over the phone.  Have everything in writing and preferably sent certified mail or CMRRR.  Your last resort is the Good Will option, which is my least favorite, because in this case you've already paid the debt and your basically begging the creditor to remove the negative remark from your credit report.  Be aware that they do not have to agree to do this for you!  Personally, I'd NEVER pay a debt and then opt to GW later...  If the creditor is going to delete the negative remark(s) they should be willing to PFD; IMHO.

There may be other avenues for removing collections from your reports that I'm not aware of.  If there are, hopefully someone else will chime in to help you.  Again, GL!

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Roosky,

I would guess these methods also work for non collection accounts like CO's or close by grantor accounts that have been paid in full? I have 4 negative accounts 1 I just paid off, one im paying and I will try to reopen ( Chase) and two accounts that have been paid and closed earlier this year / middle of last year.

I'll post screen shots if need be of the 4 accounts that are negative.  Wouldnt mind getting them removed.

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If I had a solid answer I'd give it to you man, LOL!  In these senarios, I'm not certain.  I have had much success with the collection agencies.  I've never had a CO, so I'm not sure if it works for that.  Also, I ONCE disputed a closed account with BoA that was positive and had NO LATES.  The remark on the account included, "closed by credit grantor."  Instead of BoA changing the info to "closed on request by consumer," , BoA deleted the account entirely from ALL 3 CRAs.  I have written a few letters and E-mails to no avail.  What I'm trying to tell you is if the account it considered "positive" regardless of the remark NEVER dispute the information.  That BoA account was to remain on my reports for an additional three years, and now it's gone like it never existed.  You can post the screen shots or PM them to me.

[Anonymous]

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@ERoosky99 wrote:

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@Anonymous wrote:

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@ERoosky99 wrote:

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@saaaron87 wrote:
The auto loan has a crazy high rate that I would like to refinance in the very near future and I was approved for a FHA loan for a mortgage. All your scores have to be 580 or above I believe. How to I go about removing the collections off of my report?

Thanks so much for the feed back.

---

Your major options for collection being removed: (1) Dispute the debt, (2) DV = Debt Validation Request, (3) PFD = Pay For Deletion, (4) GW = Good Will Request (if you have already paid the debt but it still remains on your credit reports).  My choice is always the first two as you may end up paying zero/zilch/nada if the creditor does not have proof the debt belongs to you.  This is more likely to be the case if it is an older debt and/or the debt has been sold to a JDB = junk debt buyer.  Pay for Delete is a good option also, if and only if, you have EVERYTHING in writing (contract/agreement)!  It is rarely advantageous for you to communicate with collections agencies over the phone.  Have everything in writing and preferably sent certified mail or CMRRR.  Your last resort is the Good Will option, which is my least favorite, because in this case you've already paid the debt and your basically begging the creditor to remove the negative remark from your credit report.  Be aware that they do not have to agree to do this for you!  Personally, I'd NEVER pay a debt and then opt to GW later...  If the creditor is going to delete the negative remark(s) they should be willing to PFD; IMHO.

There may be other avenues for removing collections from your reports that I'm not aware of.  If there are, hopefully someone else will chime in to help you.  Again, GL!

---

Roosky,

I would guess these methods also work for non collection accounts like CO's or close by grantor accounts that have been paid in full? I have 4 negative accounts 1 I just paid off, one im paying and I will try to reopen ( Chase) and two accounts that have been paid and closed earlier this year / middle of last year.

I'll post screen shots if need be of the 4 accounts that are negative.  Wouldnt mind getting them removed.

---

If I had a solid answer I'd give it to you man, LOL!  In these senarios, I'm not certain.  I have had much success with the collection agencies.  I've never had a CO, so I'm not sure if it works for that.  Also, I ONCE disputed a closed account with BoA that was positive and had NO LATES.  The remark on the account included, "closed by credit grantor."  Instead of BoA changing the info to "closed on request by consumer," , BoA deleted the account entirely from ALL 3 CRAs.  I have written a few letters and E-mails to no avail.  What I'm trying to tell you is if the account it considered "positive" regardless of the remark NEVER dispute the information.  That BoA account was to remain on my reports for an additional three years, and now it's gone like it never existed.  You can post the screen shots or PM them to me.

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Appreciate it and of course makes sense. I will have to PM  them later. Buncha funky things going on with my account lol

[pennccrn]

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@Anonymous wrote:

Sorry but how did you get a prove from a auto loan and a mortage with that low score and files like that? It make no sense to me.

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With current market trends, customers are keeping their cars longer and longer, which has resulted in decreased demand for new cars, according to some Morningstar analysis. Some dealership are relaxing their loan requirements as they expand into the sub-prime market with FICO scores in the low 600s and sometimes high 500s. There is some debate that this might be creating a "auto loan bubble" similar to the "housing bubble" of 2007. Just my $.02.

[Anonymous]

Unfortunately, pretty much the only thing you can do is to NOT get collections on your report in the first place. They stay on for seven years. If you can prove they are eroneous or otherwise incorrect, ytou may have a chance of removing them. With a 590 score, you are probably paying a considerable higher rate than someone with a 640 score. But you have to weigh, is it better to have a house and build equity all the while establishing better credit, or wait until the score goes up, and give somebody else equity and own nothing? In my mind, it is better to OWN. Just keep paying and NEVER BE LATE ONE DAY. Don't let anyone kid you saying as long as you don't have a late for the last 12-24 months, EVEN ONE IN THE LAST 7 YEARS IS BAD. There is no reason to be late. Cut back on your spending and have a month or two cash cushion in case of emergency. Only TIME wlll help your score as too many of us found out

[Corr]

Print off your 3 credit reports & attach copies of your letters from your debtors saying your account has been settled or closed & mail it off or you can do it online if it's settled it will fall off your credit completely in 7 years but your score will start to go up now that they are taken care of. I printed out my score and just fixed a few random errors like accounts listed more than once etc and just doing that brought me up 20 points. You can get the addresses from the equifax, transition & experience websites. Send it certified so you will know when it arrives you can usually see a score change in about 30 days if there's going to be one

[Corr]

Sorry *experian darn autocorrect

[saaaron87]

Thanks all of you for your help. I plan on just making all my payments on time and above the minimum amount. Just didn't know how long it would take to build up my credit. Would like to raise my credit limit on my card but that's the only credit based plan I have for the near future.

[Anonymous]

Hi, how did you get to raise your scores so fast, what did you do?

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@eric19k wrote:
You need collections off your reports. Start GW the ones you paid off.
You nees 2 revolving lines to report $0 and 1-9%.
Other than that keep payments posted on time and you will be fine.

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[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Sorry but how did you get a prove from a auto loan and a mortage with that low score and files like that? It make no sense to me.

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Not that its a direct relation, but my credit scores were in the 610-620 range a year and a half ago and I got approved for an auto loan 16k. Probably has super high APR like mine did which was 10.9%. possibly similar deal with the mortgage. 

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You consider 10.9% 'super high'?? Lowest auto loan rate I've ever had was 13%...