topic Re: Getting to 620!! in Rebuilding Your Credit

Getting to 620!!

How2increase — Fri, 16 Mar 2012 17:25:47 GMT

Hi guys!! I want to thank each and everyone on this forum, Reading all your post has been so helpful and has given much needed knowledge.

Im new to this forum so please forgive me if I confuse you
My husband and I are currently in the process of buying our first home. We are actually under contract for a shortsale home that we absolutely love.
Now for the problem! His credit score needs some help.

Exp(fako)565
EQ(fico)536
TU(fico)581

Our mortgage broker said we need to get it to at least 620.

Here is what's currently on his credit report:

POSITIVE ACCOUNTS:
Capital one 300.00limit/7.00balance
Td auto finance
Capital auto finance
Sallie Mae

NEGATIVE ACCOUNTS:
Boa credit card, sent to collections, PIF back in 2009 but showing 90 days late for feb/march 2011 ??? Weird?
Kay jewelers card, sent to CA, PIF 2009, it's still reporting open and get THIS it's still being sold to different CA! Not only that but everytime they sell the account it updates as 90 days past due. I spoke with a rep at the OC and he basically said he couldn't help me.
Hunter Warefield(CA) balance 1123.00 sent to collections 4/2011
Parking ticket(CA) balance 55.00 sent 5/2011

We have any where from 3-6 months to get to where we need to be. What steps should we take to get these issues resolved? Do you think we could make it?

Any advice is well appreciated!!!

Trans

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 17:32:09 GMT

Sorry one more negative account

Medical collection balance 650.00 my husband has insurance so I know this is also incorrect. We never recieved notices about the debt.

Re: Getting to 620!!

bridgetkaryn — Fri, 16 Mar 2012 17:35:31 GMT

Hi,

It is going to take some work but you could get there.... Keeping organized with your efforts is critical... I suggest making an excel spreadsheet of everything you are working on and what you want removed... That was you can delete what goes away (it also helps out your other repairers as your successes can be our successes) and you generally know what worked...

Be persistant... It didn't take 3-6 months to get to the 500's, so it will take a bit to get out of it but you can do it!

Good luck and read, search, read some more then start sending those letters!! :-)

Re: Getting to 620!!

annielorie — Fri, 16 Mar 2012 17:46:09 GMT

As per the medical collection : Call original doctor or hospital and let them know you never received any notice slipped through cracks blah blah blah, Of course you want to pay your bills, Ask if they can pull back from CA or at least speak with CA and help with a pay for delete.

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 17:50:31 GMT

Thanks brigetkaryn, I am trying to get everything as organized as possible.
It's so stressful though being that we are in a bit of a time crunch. Do you think once/if the mistakes are corrected I will see a nice increase on his scores?

Re: Getting to 620!!

annielorie — Fri, 16 Mar 2012 17:53:02 GMT

BoA call and explain what has happened . If no luck I hope you have papers that you paid in full. Then you can send that to BoA and ask for delete since they had screwed up if account was paid in full and closed they will have to update be nice nice nice it works~! Kay jewels are would DV and see what happens but if you have papers re paid in full and closed by all means send copy with letter to CRA that they are reporting inaccurate info delete The other two PFD did you receive n otcies at address or have you moved and never got notices...grounds for PFD. Hope that helps

Re: Getting to 620!!

annielorie — Fri, 16 Mar 2012 17:54:04 GMT

Oh and your scores should definately go up if you eliminate all derogs from your report but as always YMMV

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 18:06:39 GMT

I called boa and surprisingly the rep was more then happy to remove the incorrect info. He also said he is sending out a letter stating that it will be removed.
Kay jewelers has been A LOT more difficult, it's been sold to 6 different agencies since I paid it and the reps were nasty and said she won't remove anything. So I will be sending out DV letters.

We did move about a year ago, I updated my address with the post office but of course some of my mail were lost along the way. So we never recieved not one notice.

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 18:08:28 GMT

Btw I do have proof of payment to both boa and Kay jewelers.

Re: Getting to 620!!

courtney091082 — Fri, 16 Mar 2012 18:47:30 GMT

@How2increase wrote:
Hi guys!! I want to thank each and everyone on this forum, Reading all your post has been so helpful and has given much needed knowledge.

Im new to this forum so please forgive me if I confuse you
My husband and I are currently in the process of buying our first home. We are actually under contract for a shortsale home that we absolutely love.
Now for the problem! His credit score needs some help.

Exp(fako)565
EQ(fico)536
TU(fico)581

Our mortgage broker said we need to get it to at least 620.

Here is what's currently on his credit report:

POSITIVE ACCOUNTS:
Capital one 300.00limit/7.00balance
Td auto finance
Capital auto finance
Sallie Mae

NEGATIVE ACCOUNTS:
Boa credit card, sent to collections, PIF back in 2009 but showing 90 days late for feb/march 2011 ??? Weird?
Kay jewelers card, sent to CA, PIF 2009, it's still reporting open and get THIS it's still being sold to different CA! Not only that but everytime they sell the account it updates as 90 days past due. I spoke with a rep at the OC and he basically said he couldn't help me.
Hunter Warefield(CA) balance 1123.00 sent to collections 4/2011
Parking ticket(CA) balance 55.00 sent 5/2011

We have any where from 3-6 months to get to where we need to be. What steps should we take to get these issues resolved? Do you think we could make it?

Any advice is well appreciated!!!

Trans

First off I would GW absolutely anything that you've already paid. New FHA rule as of April 1st is anything over $1,000 in collections will have to be paid, and I'm guessing you're going for an FHA loan. Try PFD on the collections that are still outstanding that you've not paid on. Does BOA or Kay Jewelers fall off anytime soon? You might try to find your DOFD for those. You do have quite a few points to get, but it isn't impossible. Hopefully the removal of the new 90 day hit from BOA will give you a few points. I wish you lots of luck!

Re: Getting to 620!!

Anonymous — Fri, 16 Mar 2012 18:52:20 GMT

It will be tough to get to 620 in that amount of time! I was in your position about a year ago and just hit 620 for my middle score. That is with me sending the creditors letters basically begging for help! I am surprised the back would even look at your offer without a approval letter from your lender. Don't mean to be a pessimist but it takes a long time to build up a score! I hope you can have better success than I have!

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 19:01:24 GMT

Boa and Kay jewelers do not fall off until 2015 :/

I'm going to be sending out "PFD" letters to all unpaid CA.

For Kay jewelers since its no longer with the OC I might send out a DV letter. Its been sold 6 times so the information they are reporting is incorrect. Would it be better to GW Or DV?

Thanks!!! I've been sweating bullets

Re: Getting to 620!!

How2increase — Fri, 16 Mar 2012 19:08:36 GMT

I know it will be tough but it's worth a shot. I'm just trying to improve the score as much as possible. If we can't get to 620 we will have to try out a sub 620 lender.
So did you have any success removing baddies? You say it took a year to get to 620? What was your starting score? If you don't mind me asking.

Re: Getting to 620!!

annielorie — Fri, 16 Mar 2012 21:47:51 GMT

How to increase you said bank of a was sending you letter to delete lates as soon as you get it call all three bureus see if its off if not copy letter and make letter of your own to delte as for Kay jewels I would dv because they cant legally own a debt that is non existant so they wont be able to validate poof delete # 2 and the others find out what address they sent notice to if prior address grounds for PFD let me know when you get BoA deleted and if your score comes up stick with it if you get all these things taken card of youve done all you can do

Re: Getting to 620!!

annielorie — Fri, 16 Mar 2012 21:49:10 GMT

How oloong has cap one been open?

Re: Getting to 620!!

How2increase — Sat, 17 Mar 2012 03:04:34 GMT

Thanks I will for sure keep trying.

Capital one has been open for close to a year.

Re: Getting to 620!!

annielorie — Sat, 17 Mar 2012 05:31:46 GMT

if you dont close for 6 more months believe me it can happen I used to do real estate then you will also get a boost to your AAoA keep me posted!!

Re: Getting to 620!!

How2increase — Sat, 17 Mar 2012 12:53:56 GMT

Annielorie thanks so much!! I really do hope that we get there. I don't know how accurate the score simulator is but it says paying bills on time for 6 months will bring the score up 70 points. I'm not counting on that alone because I heard that usually you will only see a small increase.

I will for sure keep you posted it will be a looonnggg stressful process but I hope it will be worth it in the end!!

Re: Getting to 620!!

Booner72 — Sat, 17 Mar 2012 21:56:18 GMT

The only revolving account is the Capitol One?

Do you guys know anyone that could put him on one of their CC's as an authorized user? Just be sure 1. They report authorized users. 2. The account is older than his accounts. The older the better. 3. The utilization is going to remain zero or close to that at all times. This is going to be hard bc you guys don't have control of the card. OR, pay your CaP one to zero and let this one report a balance. If the utilization is anything over 20% I wouldn't do it. Obviously less than 20% is better. just be sure ONE of the accounts is reporting zero at the time of the pull.

Do YOU have any cc's you can add him to?

OP, not sure you know this so I will ask others - WHY would they continue to sell a collection that has been paid????

Re: Getting to 620!!

annielorie — Sun, 18 Mar 2012 04:46:46 GMT

Happens all the time thats why if you have lots of derogs on file DV is the way to go. Sometimes it gets sold in a period when you are paying.