topic Re: How much does it matter? in General Credit Topics

How much does it matter?

Anonymous — Thu, 09 Apr 2009 14:39:04 GMT

I'll ask a simple question that everyone else cannot answer:

My current Revolving Utilization is 45%

I have one 30 day late pay in the last 12 months, which I hope to have removed.

If the 30 day late is dropped, and I lower my utilization to 7%, can I get my EQ: 558 and TU: 553 over 620 by July?

I know you cannot say yes, I'm only looking for your experiences.

Best wishes.

Re: How much does it matter?

moondog7324 — Thu, 09 Apr 2009 15:43:07 GMT

You are going to be very close. Is thi for a Mortgage? 620 seems to be the magic number.

If it is for a mortgage- be very careful about opening any other accounts.

Do you have any other bads you can work on? How old are the accounts?

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 16:17:01 GMT

You nailed it. We are going to attempt to close on a house we pre qualified for in December. We're looking to close end of June first part of July.

I do have other collection accounts on my file. Depending on wich report you pull, between 4 and 6. Nothing for more than $500 bucks or so and the most recent one was 18 months ago, the rest are 2006 or older.

I was told not to pay them because it would make them appear as "new" negatives.

I was also told that PFD is hard to get, and most CA's won't go for it.

I am disputing everything and paying off all credit cards. Hoping it all works out.

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 17:25:47 GMT

randomscreennamegenerator wrote:
You nailed it. We are going to attempt to close on a house we pre qualified for in December. We're looking to close end of June first part of July.

I do have other collection accounts on my file. Depending on wich report you pull, between 4 and 6. Nothing for more than $500 bucks or so and the most recent one was 18 months ago, the rest are 2006 or older.

I was told not to pay them because it would make them appear as "new" negatives.

I was also told that PFD is hard to get, and most CA's won't go for it.

I am disputing everything and paying off all credit cards. Hoping it all works out.

There is a lot of CAs who do PFD.

As for making it look "new", what I believe you are talking about is the CA updating the last reported/updated date. Disputing can cause the same thing.

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 17:33:46 GMT

That is interesting and alarming.

They told me that there was nothing they could do to lower my scores. I have already seen a couple of the CA update the date reported field, but haven't seen a decrease in score.

If that's the case, I will just pay them off then.

Best Wishes.

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 17:37:48 GMT

randomscreennamegenerator wrote:
That is interesting and alarming.

They told me that there was nothing they could do to lower my scores. I have already seen a couple of the CA update the date reported field, but haven't seen a decrease in score.

If that's the case, I will just pay them off then.

Best Wishes.

Just depends on what the last reported/updated date was BEFORE they changed it. The more recent, the less of an impact.

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 17:54:45 GMT

Well, just paying them off won't do much, it'll just show as a Paid as Agreed or Paid in Full or something of that nature. You'd want to get an agreement in writing that "if I pay X amount, you agree to remove the reporting from the 3 CRAs". If that makes some sense..!

Re: How much does it matter?

musikklvr — Thu, 09 Apr 2009 18:01:23 GMT

Also, be careful disputing so close to getting your home. Most lenders now are not approving loans until all disputes are resolved. I'm in the process right now of getting my disputes line off my reports so I can get my loan.

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 18:11:26 GMT

Seriously,

I haven't heard that. So, I need to stop disputing now then?

Re: How much does it matter?

Anonymous — Thu, 09 Apr 2009 18:21:33 GMT

From what I've gathered, you want a 'clean' account for 12 months, no lates, CAs, etc.

I'm not sure what other people think, I don't see how a Pay for Not Reporting or Pay for Delete would be bad?

Re: How much does it matter?

musikklvr — Thu, 09 Apr 2009 18:28:04 GMT

Yep. I'm going with Wells Fargo and they told me to call the CRA's and have them take the "Account disputed by consumer" line off the credits because it didn't go through Automated Underwriting with the disputes on. I'm just waiting for TU to get them taken off. It took Equifax 45 days and 2 calls to get it taken off yesterday.

Re: How much does it matter?

Anonymous — Mon, 13 Apr 2009 18:35:42 GMT

I wonder if this applies to FHA?