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I'm literally fighting back tears as I type this...
I've been battling with CAs and the credit bureaus for months now. I've successfully had defaulted student loans and duplicate accounts removed from my credit file. I've also paid all of my credit cards off. This yielded in a significant credit score increase... or so I thought. My scores are listed as EX643 EQ593 TU624 (I know, I'm working on it) on my most recent pull. However, I've been informed by my lender that my score has actually dropped 20 points below where I started to 536!!!. The service they are using is Equifax Mortgage Solutions. I don't understand how my scores have dropped! What's the point of being responsible and monitoring your credit when your score will just decrease?!
I've literally been spending all of my free time trying to rehab my credit. Is there a credit repair service anyone can recommend? I clearly don't have the expertise that is needed to accomplish my goal of homeownership in this tight time frame. I'm beginning to wonder if paying someone would be worthwhile.
Please, someone, provide me with the guidance I need to get through this. I'm trying to buy a home in June. I'm beginning to feel defeated and like all of my efforts, thus far, have been for naught.
P.S. I'm new to this site. Please be nice.
@Anonymous wrote:I'm literally fighting back tears as I type this...
I've been battling with CAs and the credit bureaus for months now. I've successfully had defaulted student loans and duplicate accounts removed from my credit file. I've also paid all of my credit cards off. This yielded in a significant credit score increase... or so I thought. My scores are listed as EX643 EQ593 TU624 (I know, I'm working on it) on my most recent pull. However, I've been informed by my lender that my score has actually dropped 20 points below where I started to 536!!!. The service they are using is Equifax Mortgage Solutions. I don't understand how my scores have dropped! What's the point of being responsible and monitoring your credit when your score will just decrease?!
I've literally been spending all of my free time trying to rehab my credit. Is there a credit repair service anyone can recommend? I clearly don't have the expertise that is needed to accomplish my goal of homeownership in this tight time frame. I'm beginning to wonder if paying someone would be worthwhile.
Please, someone, provide me with the guidance I need to get through this. I'm trying to buy a home in June. I'm beginning to feel defeated and like all of my efforts, thus far, have been for naught.
P.S. I'm new to this site. Please be nice.
Welcome to the forums.
i understand your frustration. It's really difficult to give you guidance without more information but this is what I suggest. First do not use a credit repair agency. You'll just be wasting your money to have them do things that you can yourself. What you need to do now is visit our Rebuilding Credit forum and explain in detail your credit file to include anything bad that is on them. In that forum there are some very knowledgable posters that can assist you and provide guidance as to what steps you need to take to improve R scores. Below is a link to that forum.
everyone here is very nice and don't hesitate to ask lots of questions. We wish you the best of luck.
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit
@Anonymous wrote:I'm literally fighting back tears as I type this...
I've been battling with CAs and the credit bureaus for months now. I've successfully had defaulted student loans and duplicate accounts removed from my credit file. I've also paid all of my credit cards off. This yielded in a significant credit score increase... or so I thought. My scores are listed as EX643 EQ593 TU624 (I know, I'm working on it) on my most recent pull. However, I've been informed by my lender that my score has actually dropped 20 points below where I started to 536!!!. The service they are using is Equifax Mortgage Solutions. I don't understand how my scores have dropped! What's the point of being responsible and monitoring your credit when your score will just decrease?!
I've literally been spending all of my free time trying to rehab my credit. Is there a credit repair service anyone can recommend? I clearly don't have the expertise that is needed to accomplish my goal of homeownership in this tight time frame. I'm beginning to wonder if paying someone would be worthwhile.
Please, someone, provide me with the guidance I need to get through this. I'm trying to buy a home in June. I'm beginning to feel defeated and like all of my efforts, thus far, have been for naught.
P.S. I'm new to this site. Please be nice.
Hey, relax if you can. We've all been there and a lot of us still are.
I doubt that you will get any referrals for any credit repair services. They do nothing that you can't do yourself and sometimes they make things worse.
We also need a rather specific layout of your credit file...list your derogatory information, your current accounts that are in good standing and their credit limits, what's your income, your AAoA (average age of accounts), INQ's (hard credit pulls/checks) and any other pertinent information.
In most cases, time is what heals most wounds, even credit.
Thanks so much, everyone, for all of your encouragement. I have taken your advice and will hold off on the credit repair companies. I have also taken the leap of putting all my credit baggage out there to see if I can get any helpful tips on how to properly tackle my credit situation. I've posted my info here--> http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/StruggleLife-Score-is-dropping-after-payoffs/...
Thanks again everyone. I'm looking forward to making some strides in the right direction and accomplishing my goal of homeownership!
Hi. My goal is to be able to take out a mortgage as well. Our credit numbers are very close and I have also had defaulted student loans. Can you tell me how you were able to have the default removed from your credit report? I've since consolidated to get out of default however that original default is really doing damage for me.