topic Re: trying to raise credit score in General Credit Topics

trying to raise credit score

mwb1963 — Mon, 04 Apr 2022 12:51:59 GMT

hello!

i joined myfico recently as i knew it was the most accurate credit monitoring. my wife and i have been working with a credit specialist for several months. she had good reviews and i have added some positive installment accounts to my account but i was dissappointed to see how little progress i have made. i am still under 580 and i need to qualify for a home loan. i need to move back for medical and personal reasons. i have offered this credit specialist to pay off things i can offord which is most things except my two repo's. she said not yet she wanted to keep disputing. im not getting anywhere. i keep being told my score needs to be at least 580 and we have really been trying. we have looked into forclosures, rent to own i was offered another credit company who even gives a letter of recommendation but i dont know what to do. any feedback would be so much appreciated. thank you so much!

Re: trying to raise credit score

donkort — Mon, 04 Apr 2022 12:54:49 GMT

How long ago were the repos? Nope....that can't be fixed.

Most damaging things on credit reports disappear after 7 years from the first reporting of the debt. If the repos happened in 2015, they would come off this year.

Re: trying to raise credit score

mwb1963 — Mon, 04 Apr 2022 13:00:10 GMT

thank you for the quick response. one repo was 2013-2014 so yes its close to coming off. but currently is still there. my last one was 2018. do you have any suggstions or recommendations? i have to drive my wife 2 1/2 hrs to her old health care center because she cant get no medical help where we live. we want to move back for that and that is where family is.

Re: trying to raise credit score

donkort — Mon, 04 Apr 2022 19:09:38 GMT

I hope others can chime in.

I wish I knew how much an effect a 4-year-old repo had on your score. I'm rooting for you to get to 580. And preferably, higher, to at least 620, so you could possibly get a conventional mortgage.

Have you paid off the auto loan where you got the repo?

Re: trying to raise credit score

mwb1963 — Mon, 04 Apr 2022 19:22:34 GMT

No I haven't. It's too high and I have two. I started with a new credit company today. Thank you for rooting for me. I also talked to a lender today who said it was possible to do a fha loan with 10 percent down.

Re: trying to raise credit score

donkort — Mon, 04 Apr 2022 20:43:29 GMT

Yes. It is possible if you have a 500 FICO or above.

I should have probably told you that : - )

How far are you away from 580?

You should remember that most mortgage companies use the older forms of FICO: 2 for Equifax; 4 for Transunion, and 5 for Experian. You could get these scores on MYFICO.

Re: trying to raise credit score

mwb1963 — Mon, 04 Apr 2022 21:03:27 GMT

My scores are in the mid 500s one is 513. Depends on what you look at. The credit specialist I have been working with. My results Are not up to her rave reviews. I started with a new company today but as soon as they got my money their customer service went down the drain. The housing prices where I live are another problem.

Re: trying to raise credit score

donkort — Mon, 04 Apr 2022 21:08:43 GMT

They go by the lowest middle score of the three bureau scores, based on the scores of you and your partner. At least you're above 500. I hope it helps a little bit.

If you are: EX 575; TU 513; EQ 545

and your partner is:

EX 560; TU 505; EQ 555,

They would use the 545 score in determining your eligibility for approval.

Re: trying to raise credit score

mwb1963 — Mon, 04 Apr 2022 21:19:32 GMT

Thanks, I'm only using me. Seems I have a way to go.

Re: trying to raise credit score

OmarGB9 — Mon, 04 Apr 2022 22:17:09 GMT

I would start by firing all "credit repair companies/specialists." Save your money. All they do is dispute endlessly on your behalf and cause you points.

Next, if you could list out all of your derogatory accounts here in a post in a format similar to this:

Creditor; Balance/Limit; APR; Minimum Payment

And if you could also detail whether the account is open or closed, and whether it is charged off/in collections. Then perhaps we, the MyFICO community, can help you come up with a good plan (and for FREE, mind you).

Re: trying to raise credit score

donkort — Mon, 04 Apr 2022 22:56:25 GMT

Yep....they do a very good job of this here.

Re: trying to raise credit score

babygirl1256 — Tue, 05 Apr 2022 06:39:22 GMT

Welcome to myFICO family mwb1963 and do exactly as @OmarGB9 stated . . . let myFICO family assist you for free and do not pay another dime to any type of credit repair services as they will cause more harm than help. Fire them right now, send them a written notice to cancel any services and even cancel any card that you have given them. Hopefully you didn't do an automatic bank draft. Immediately stop disputing via the credit repair companies otherwise the Credit Reporting Agencies may flag your file and stop responding. Most of us have had to rebuild our credit for one reason or another so you are not alone and we want to help! Once you list your accounts, I will message you the direct numbers for Experian's and TransUnion's Special Handling Team (a branch of the Executive Office).

1. What is your time frame to relocate?

2. Provide a list of your debts, past due accounts and any charge-offs.

3. Look at your actual credit reports and the date of first delinquency; that will determine when the negative item will purge.

4. TransUnion and Experian are much easier to work with than Equifax.

Re: trying to raise credit score

mwb1963 — Wed, 20 Apr 2022 01:18:54 GMT

hello,

thank you all for your great advice. we are working with a incredible realtor. she has been so helpful. but the lender at least the first one really disturbed me. first of all i talked to another lender about a month or so ago. he told me you could get a FHA loan with a score of 500 with 10% down which wouldnt be a problem with selling my current house. but the lender i talked to today said that didnt exist anymore but i googled it and it was right there. so why would this lender say that? as far as my scores based on this website my scores are 561, 513 and 596. i need a middle score of 580 or so thats what this lender told me. i dont know why trans union is running so low. i had someone ( a credit place) do a soft pull todaymy scores were a little different than myfico. according to him they were 602, 596 and 494. why such a descrepancy? i dont understand. i will admit im not credit genius but with these credit"specialist we have spent so much money with little results. i do have 2 repo's one from 2013-2014 i know it should be falling off but they keep re-reporting it. my other one is from 2018. its not that we just stopped paying they turned out to be lemons and we had alot of problems with them. i cant afford to pay them off. im really at a loss. there must be some descrepacey for my trans union score to be so low. can anyone help. this new credit place wants me to sign a contract but it gives me such a bad feeling in my gut.

Re: trying to raise credit score

OmarGB9 — Wed, 20 Apr 2022 20:24:37 GMT

@mwb1963 wrote:
hello,
thank you all for your great advice. we are working with a incredible realtor. she has been so helpful. but the lender at least the first one really disturbed me. first of all i talked to another lender about a month or so ago. he told me you could get a FHA loan with a score of 500 with 10% down which wouldnt be a problem with selling my current house. but the lender i talked to today said that didnt exist anymore but i googled it and it was right there. so why would this lender say that? as far as my scores based on this website my scores are 561, 513 and 596. i need a middle score of 580 or so thats what this lender told me. i dont know why trans union is running so low. i had someone ( a credit place) do a soft pull todaymy scores were a little different than myfico. according to him they were 602, 596 and 494. why such a descrepancy? i dont understand. i will admit im not credit genius but with these credit"specialist we have spent so much money with little results. i do have 2 repo's one from 2013-2014 i know it should be falling off but they keep re-reporting it. my other one is from 2018. its not that we just stopped paying they turned out to be lemons and we had alot of problems with them. i cant afford to pay them off. im really at a loss. there must be some descrepacey for my trans union score to be so low. can anyone help. this new credit place wants me to sign a contract but it gives me such a bad feeling in my gut.

@mwb1963, again, DO NOT hire any more "credit specialists." They're a scam and do more harm than good. DO NOT sign any contracts.

That said, the discrepancy in scores is most likely due to the scores being all from different scoring models. There are 28 different versions of your FICO scores alone. Then there's Vantage 3.0/4.0 scores. What model did that soft pull you got use?

Also, as far as your scores here on MyFICO, be sure to look at your "mortgage" scores, not your FICO8s.

Also, once again, if you want to list out everything negative on your credit reports, with Lender, Balance/Limit, APR, minimum payment, date it was opened, date it was closed, and if its charged off/in collections, whether it's paid or not. Then we can help you come up with a game plan to improve your scores, for FREE.

Re: trying to raise credit score

mwb1963 — Wed, 20 Apr 2022 20:51:50 GMT

Hi,

Thank you. i am not using that guy that wanted me to sign a contract. i got a real bad feeling for him and he seemed to be in such a hurry. i have one account on my report i never even heard of. when i was using my last credit specialist who did very little for me i offered to pay off what i could afford but she kept saying lets wait to send out the next round of disputes. i am working with a lender he has one bank that will do a loan with a score of 500 with 10% down. my middle score was 558. my higher score was 607. trans union is running real low and i dont know why. my "specialist" said because they are short staffed but that makes no sense to me. should i post whats on my credit report here?