New Member
Lsl7509
Posts: 5
Registered: ‎01-05-2013
Is there anything I can do to change this???

I am just curious..Is there anything I can do to better My score? It looks like a lot of people on here have raised their scores a lot! What can I do?  I also heard that the things do not leave your credit report after 7 years..Is that true?  Like for instance, I have a 2 late payments on my car loan...My car is paid off and I made 58 on time....Will it ever be fixed?  Also I have little bills in collection, should I pay them off? Can you make a deal? Like to pay it and they take it off the credit report? I really want to buy a house, so I am trying to get my score up to 660 and it is at 575 and 601 at the credit places....

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Is there anything I can do to change this???

Lsl7509 wrote:

I am just curious..Is there anything I can do to better My score? It looks like a lot of people on here have raised their scores a lot! What can I do?  I also heard that the things do not leave your credit report after 7 years..Is that true?  Like for instance, I have a 2 late payments on my car loan...My car is paid off and I made 58 on time....Will it ever be fixed?  Also I have little bills in collection, should I pay them off? Can you make a deal? Like to pay it and they take it off the credit report? I really want to buy a house, so I am trying to get my score up to 660 and it is at 575 and 601 at the credit places....


I recommend looking at your FICO reports and tackle the items, in order, that hurt your score the most. This is found on page 2 of your report and ranks the items that hurt the most in order (1-4 items depending on your credit). Based on what those items are you can zero in and boost your score much quicker.

 

Per federal law (the FCRA), lates must disappear by 7 years. COs and CAs have to go away by 7.5 years from the DOFD of the debt. BKs have to go away by 7 or 10 years depending on the BK type, and judgments must go away by 7 years.

 

I would ignore the lates on the car note. The loan is closed and paid and there's a risk of them deleting the entire accounts rather than just the lates. At 7 years the lates will have disappeared. Per FICO, damage from 30-day lates generally disappear by 2 years. Not sure how bad those lates are on the car note.

 

You'd want to take care of the collections. The balance doesn't matter. In fact, whether you owe $0 or $10,000 the damage is equal per FICO. Send a DV. If they verify and you agree, then send a PFD.

 

Check your score source. If you pulled from sites other than myFICO then it's highly likely you don't have a FICO score, but a FAKO instead.

 

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Frequent Contributor
dabrian
Posts: 320
Registered: ‎12-10-2012
Re: Is there anything I can do to change this???
Wow awesome advice! Alot of great info in your post.
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Established Contributor
Cageym
Posts: 507
Registered: ‎07-31-2012
Re: Is there anything I can do to change this???
+1 to what llecs said. Also spend some time in the Rebuilding area of the forum, there is a lot of advice and examples of how people fixed their credit.

What's in my wallet: Cap1 Venture $10K NFCU Sig Visa $25k Amex Zync NPSL Delta Gold $18k BCE $2k Citi Simplicity $5450 Priority Select Visa 5.9K Amazon Visa 4k CSP 5k
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
New Member
Lsl7509
Posts: 5
Registered: ‎01-05-2013
Re: Is there anything I can do to change this???

Thank you!!!! Great advice!

New Member
Lsl7509
Posts: 5
Registered: ‎01-05-2013
Re: Is there anything I can do to change this???

What is DVD and PDF?  

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
Re: Is there anything I can do to change this???

You mistyped the abbreviations.  It is DV and PFD. Check out the Common Abbreviations link llecs posted. DV is debt validation.  A timely DV letter will require a debt collector to cease collection activity until they provide the required response (which really isn't that much).  Run a search for DV or debt validation and you'll get all the details. 

 

PFD is pay for delete.  It's basically a contractual agreement that the creditor/collection agency (CA) will delete negative information in exchange for payment of the debt.  There are issues in negotiating a PFD.  For example, if the debt is still inside the statute of limitations, you want to be careful sending a PFD unless you are able to pay the full amount as you could be sued on the debt.  Again, if you run a search for PFD, you should find lots of threads.  You can also run searches in the rebuilding forum for PFD and [name of CA] to see which CAs are more likely to agree to PFD.  If you can't find anything, post about the specific CA and people will share their experiences, if any. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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