topic Re: Where should I start? in General Credit Topics

Where should I start?

Anonymous — Mon, 13 Aug 2007 01:53:02 GMT

My DH and I are trying to get a mortgage but have scores in the 570s and 520s, respectivley. We have been told by one lender that if we pay off our "COs," which they are not - they are closed CCs with a remaining balance that I have been paying on every month - we could get approved for the $140 area. Another lender said that it was because of a number of delinquencies over the past 12 months that we wouldn't be able to qualify until next year, if we remained on time, of course.

However, reading some of the threads, it seems as though I should really focus on getting my CCs Util down. Sadly, they are more in the lines of 91 - 99%.

Any suggestions?

Here is a list of our accounts along with our scores.

DH Scores EQ/EX/TU 546/520/526

My Scores EQ/EX/TU 559/573/577

Delinquent Trade

Open DOLA Balance/CL mnthly pmt Last Past Due Who:

Auto Loan* 7/04 7/07 10493.00 370.00 1/07 Me

Closed CC WashMt/Prov 10/98 7/07 1726.82/1191.00 53.00 6/07 DH

Closed CC Sears/CBSD 6/01 7/07 543.42/300.00 13.00 11/06 Me

CC Cap 1 11/00 7/07 289.00/300.00 15.00 1/07 Joint

CC Cap 1 9/01 6/07 853.00/800.00 23.00 10/06 Me

CA CAFS Medical 1/03 161.00 161.00 4/03 DH

LOC Ginny's* 2/04 6/07 112.00 25.00 Closed 6/07 Me

CA IC System 4/05 96.00 96.00 5/06 Me

CA CAFS Medical** 10/06 81.00 81.00 DH

CA CAFS Medical 10/02 57.00 57.00 DH

CA ? (No name) Medical*** 9/02 2/02 30.00 DH

LOC BoA**** 2/99 2/06 0/1200.00 PIF 2/06 DH

CA Div. Adj. 9/01 0 PIF 4/02 DH

Non-Delinquents

Student Loan EQ 9/06 Deferred 15952.00 97.00 Me

Student Loan EX 9/06 Deferred 15952.00 97.00 Me

Student Loan 9/06 Deferred 12758.00 77.00 Me

Auto Loan 1/07 5/07 4534.00 140.47 DH

CC First Premier 7/04 6/07 325.00/400.00 20.00 Me

CC HSBC NV 6/04 6/07 308.00/300.00 15.00 Me

Student Loan 9/06 Deferred 2722.00 32.00 Me

College 11/06 Deferred 500.00 25.00 Me

CC HSBC NV 6/06 6/07 278.00/300.00 16.00 Me

Student Loan 9/06 Deferred 146.00 2.00 Me

CC First Premier***** 7/04 6/07 325.00/400.00 20.00 Me

Auto Loan 12/98 12/98 0 DH

LOC Heilig Meyers 6/96 0 Joint

LOC Heilig Meyers****** 6/96 10/99 0 Joint

Student Loan 12/03 9/06 0 closed 9/06 /refinanced Me

Credit Union******* 10/03 10/03 0 closed 10/03 Joint

Auto Loan Chrysler Fin. 10/03 7/04 0 refinanced Joint

Auto Loan Chrysler Fin. 7/95 8/98 0 "Closed or Paid Account- 0 bal." DH

Student Loan 9/05 9/06 0 Closed 9/06 Me

Student Loan 9/02 1/04 0 Closed 1/04 Me

Student Loan 12/00 1/04 0 Closed 1/04 Me

Student Loan 9/93 1/04 0 Closed 1/04 Me

Student Loan 9/01 1/04 0 Closed 1/04 Me

Student Loan 12/00 1/04 0 Closed 1/04 Me

Student Loan 10/01 1/04 0 Closed 1/04 Me

Student Loan 9/93 1/04 0 Closed 1/04 Me

Student Loan 6/94 1/04 0 Closed 1/04 Me

Student Loan 9/01 1/04 0 Closed 1/04 Me

Student Loan 9/02 1/04 0 Closed 1/04 Me

Student Loan 8/98 3/03 0 Closed 3/03 Me

* Only past due on this account. Went over 30 days past due because new job didn't pay until end of month.

*Returned low-quality item- checking next week to see if they have removed it from report

**Schedulted to PIF this week

***Have no idea what this is - CR does not state name, simply states (Reason for not Using: Incorrectly reported Comments: Not Paid)

**** Does not state PIF on CR - Simply states "Closed-Credit Grantor"

*****Reported Lost or Stolen-requested that CC have it removed but did not remove from TU.

******Duplicate information one from EX and another from EQ Also, company no longer exists, how do I remove?

*******Have no idea what this is for. Will contact Credit Union to inquire.

If you need anymore information, please let me know. Thanks for the help and advice!

Message Edited by wendy125 on 08-12-2007 05:43 PM

Message Edited by wendy125 on 08-12-2007 05:50 PM

Message Edited by wendy125 on 08-12-2007 06:08 PM

Message Edited by wendy125 on 08-12-2007 06:36 PM

Message Edited by wendy125 on 08-12-2007 06:37 PM

Message Edited by wendy125 on 08-12-2007 06:39 PM

Message Edited by wendy125 on 08-12-2007 06:50 PM

Message Edited by wendy125 on 08-12-2007 06:53 PM

Re: Where should I start?

Anonymous — Sat, 11 Aug 2007 16:11:35 GMT

wendy125 wrote:
My DH and I are trying to get a mortgage but have scores in the 570s and 520s, respectivley. We have been told by one lender that if we pay off our "COs," which they are not - they are closed CCs with a remaining balance that I have been paying on every month - we could get approved for the $140 area. Another lender said that it was because of a number of delinquencies over the past 12 months that we wouldn't be able to qualify until next year, if we remained on time, of course.

However, reading some of the threads, it seems as though I should really focus on getting my CCs Util down. Sadly, they are more in the lines of 91 - 99%.

Any suggestions?

Mortgage goes by FICO scores and debt to ratio///income & out put. Late payments & high UTIL does not look good.

Give us more info on what your CR says...CC open & closed CC CO any CA and dates mean alot!

Also if you let us know what the int. rates are on CC that would help also.

Examp:

Cap 1 open 1999 closed 2001 bal $1500 19%int. Min.pmt $25

BOA 1999 2001 bal collections pmt. made or not paid

Whatever your CR says. Then we can pick it apart & try to help you pay down faster & try to clean it up.

Always remember GW letters can be sent but usually only works if you are making payments on time now.

Re: Where should I start?

Tuscani — Sun, 12 Aug 2007 22:37:35 GMT

Dropping your util should be first priority. Use PFD for unpaid collections, and GW for paid collections and lates.

Re: Where should I start?

Anonymous — Mon, 13 Aug 2007 01:52:25 GMT

Please see my initial post, above, for CR details.

Thanks!

Re: Where should I start?

Anonymous — Mon, 13 Aug 2007 23:36:54 GMT

Is no news good news?

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 00:01:08 GMT

You have listed way too much for me to weed through.

#1 all accounts must be brought current

#2 Pay down as much as possible on all open CC

#3 you migh be able to send GW letters but you will need to show current payments or PIF

When dealing with a CA check your state SOL

If SOL is past DV them If SOL is not past you can still DV and then try PFD but always remember that they can file a lawsuit for a judgment

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 00:46:26 GMT

With the exception of the CA accounts, everything is current. What about the closed CCs? Are they not as detrimental as the open CCs or are they worse? They are current - just closed. Who should I write the GWs to? Everyone? I planned to write the PFDs to the CAs. Do you agree?

Open DOLA Balance/CL mnthly pmt Last Past Due Who:

Auto Loan* 7/04 7/07 10493.00 370.00 1/07 Me

Closed CC WashMt/Prov 10/98 7/07 1726.82/1191.00 53.00 6/07 DH

Closed CC Sears/CBSD 6/01 7/07 543.42/300.00 13.00 11/06 Me

CC Cap 1 11/00 7/07 289.00/300.00 15.00 1/07 Joint

CC Cap 1 9/01 6/07 853.00/800.00 23.00 10/06 Me

CA CAFS Medical 1/03 161.00 161.00 4/03 DH

LOC Ginny's* 2/04 6/07 112.00 25.00 Closed 6/07 Me

CA IC System 4/05 96.00 96.00 5/06 Me

CA CAFS Medical** 10/06 81.00 81.00 DH

CA CAFS Medical 10/02 57.00 57.00 DH

CA ? (No name) Medical*** 9/02 2/02 30.00 DH

LOC BoA**** 2/99 2/06 0/1200.00 PIF 2/06 DH

CA Div. Adj. 9/01 0 PIF 4/02 DH

Also, the Ginny's is supposed to be coming off any day. I returned poor quality items and have been told that the info will be removed from the CR as soon as everything is processed.

Thanks for all of your help!

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 01:03:34 GMT

A closed account with a balance hurts your UTIL. because the CL does not add to it, just what you owe.

Any baddies on a closed or open account will stay 7 years...all good TL stay 10 years.

Yes I would DV the CA then when they show proof that it is yours & the amont is correct send a PFD.

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 01:21:40 GMT

How do I go about doing a DV? Also, the one CA that does not have a name? Would you suggest merely disputing it through the CRA that listed it or with all three?

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 04:42:49 GMT

wendy125 wrote:
How do I go about doing a DV? Also, the one CA that does not have a name? Would you suggest merely disputing it through the CRA that listed it or with all three?

In my opinion...the first step is to dispute all neg. on your report. you never know what will drop off.

When you dispute, you only dispute the CRA that has it listed. IF it is only shown on TU only dispute with TU. Do this with every neg. Start with 1 CRA and dispute all negitaves...then go to the next one etc.

In the dispute the CA...with no name...should drop. How can the CRA verify if there is no name......that doesn't mean that they will drop it.....IF it comes back verify...send them a MOV CMRRR

Any CA that comes back verified....dv them.

REMEMBER you must dv them within 30 days of finding out about them. I had 1 on my CR so I copied Noah's letter (and added some things of my own) I used the one I just pulled my CR & it says that I owe you etc etc. You wil see it here:

IF you DV within the first 30 days the CA MUST stop all collection activaty, including reporting UNTIL they validate 30 days. They may take as long as they want but they can not report.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4328

the complete thread full of info. by Tuscani:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

One thing that I do not do is sign anything that I send to a CO or a CA...I only sign my name when sending to a CRA.......I do not trust them!

Message Edited by HappyDays on 08-13-2007 09:42 PM

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 19:23:18 GMT

Thanks so much for the information, Happy Days! Just a couple of questions regarding your last reply- would you recommend disputing online or mail? Regular mail or CMRRR? Where can I find the addresses? Also, what is MOV? I looked on the list but can't seem to find it. I'm still too new to figure it out for myself.

Thanks again!

Re: Where should I start?

Anonymous — Tue, 14 Aug 2007 19:53:49 GMT

I filed online. There are pros & cons about pulling free CR or paying for each. I have done both.

Free CR 30 -45 days to complete (you give them an extra 15 days to check all your disputes).

Paying...usually 30 days.

If you pull CR online be sure and copy all 3 reports! this gives you a hard copy KEEP all of them always!

On each report is a # when filing a dispute or checking a dispute you need that # its called a file# or confirmation # or something

I filed disputes online!

If you mail disputes CMRRR!!!!!

The address for each will be on each report. OR just ask in here we all have them.

MOV http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=6237

You are asking for the method of verification.