Fixing credit to buy first home

[Anonymous]

Hi,

I'm new to these forums, however, I've been using myFICO.com for scores for some time. This is actually, my first post. Enough Now! lets get down to fixing my credit.

I am dreaming of a home purchase in the near future (6 to 8 months), if not sooner. My current scores are TU=565, EQ=640, EX=603 this is bull such a big fluctuation. Anyhow which counts most when I go for that mortgage?

On the other hand I'm also working on boosting my scores. I have started to dispute some items on my reports, however, I'm not sure what's the best route to take in removing a certain record. I have a collection from "Debt Recovery Solutions" which is for an old "Verizon" phone bill my ex-wife racked up after we split. Should I simply dispute it as being invalid, even though the service was in my name, in hope that they collection agency does not provide proof? Or should I simply pay the $351 directly to the collection agency? And if so can they remove the collect all together?

Finally is this really dragging my score down?

thanks.

[Anonymous]

Most lenders will go by your middle or average score.  The reason that you may be seeing a big difference in the scores is what is contained in each of the three reports is somewaht different.

[Anonymous]

Thanks, Brammy

Now I have a question about a flagged item within my TU report. The record below is flagged and was part of a BK filed back in 2001. However the closed date states Sept 07. Why is that and should I have this corrected? If so what type of change would help me positively?

Charge Account Macys Federated Departme Status as of September 2007
Date opened [?] Aug, 1997
Date of last activity [?] Sep, 2001
Date paid out [?] Sep, 2001
Date closed [?] Sep, 2007
Account number [?] XXXXXXXXX
Account type [?] Charge Account
Credit limit [?] Not Reported
Largest past balance [?] $274
Credit Type [?] Revolving Account
Account holder [?] Individual Account
Descriptions [?]

* Included in bankruptcy

Again, Thanks

[lorihmatthews]

I can totally understand wanting to purchase a home, but honestly you will pay through the nose with those credit scores. Those levels are considered sub-prime and I'm sure you've been reading in the papers about how it is so difficult to get loans these days. I think you'd be better served cleaning up the mess that your ex-wife left you, raising those credit scores and then thinking about purchasing a home. Mortages are really risky these days and in my opinion everyone should not be considering anything except fixed loans.

[Anonymous]

I completely understand that and for this reason I have joined myFico. I'm hoping that with the answers I get from community members such as yourself. I can make sound decisions, when trying to clean up records like the MACY's one, I posted previously, which no one has commented on :-( yet.

I just got an alert today from one of my credit card provider's that my TU TransRisk score has improved. I think mainly, because I paid off the balance on two of my CC's recently.

Realistically I'm not looking to purchase a home today or tomorrow, but I have noticed prices have come down alot. With a little luck and good advice from all you members out there maybe, I will be able to make a purchase by next spring-08 and still get a great price without have to go sub-prime.

I've already sent out two verification/correction request letters to TU & EX. Going to the same for EQ next, because their online dispute would not allow me to dispute certain item, therefore, I'm going to send them a letter by mail as well.

Tonight, I am putting together a handful of PFD's and GW letters and getting them out as well. However, certain records I'm not sure what to do and will continue posting, in hope of the communities advice.

Thank you.
Sorry for the lengthy thread.