topic Re: Seeking the Impossible in Rebuilding Your Credit

Seeking the Impossible

ficophobic — Thu, 29 Nov 2012 17:42:50 GMT

I want to purchase a house by March 2013. Yeah, I know. This is from Equifax, but there are 2 more on Experian : HSBC date opened 07/01/2003, charge off and Midland date opened 06/01/07, closed. Please help!

Company	Account number	Date opened	Balance	Status	Negative Indicator? [?]
Cap One		4/2007	$1,161	Pays account as agreed	No	Details
Fst Premie		1/2012	$440	Bad debt/collection		Details
Us Dept Ed	XXXXXXXXXXX8086	6/2011	$86,980	Pays account as agreed		Details
Us Dept Ed	XXXXXXXXXXX8186	6/2011	$43,858	Pays account as agreed		Details
Sallie Mae	XXXXXXXXXXXXXXXX0050	9/2005	$1,357	Bad debt/collection		Details
Sallie Mae	XXXXXXXXXXXXXXXX0070	6/2007	$0	Pays account as agreed	No	Details
Sallie Mae	XXXXXXXXXXX0006	8/2002	$0	Pays account as agreed	No	Details
Sallie Mae	XXXXXXXXXXX0003	10/2001	$0	Pays account as agreed	No	Details
Sallie Mae	XXXXXXXXXXX0005	8/2002	$0	Pays account as agreed	No	Details
Us Dept Ed	XXXXXX3753	6/2011	$0	Pays account as agreed	No	Details
Usa Funds	XXXXXXXX9106	Not on Record	$0	120+ days past due		Details
Usa Funds	XXXXXXXX9106	Not on Record	$0	120+ days past due		Details
Us Dept Ed	XXXXXX3752	10/2008	$0	Pays account as agreed		Details
Us Dept Ed	XXXXXX3751	5/1996	$0	Pays account as agreed		Details
Gecrb/Wlmt		5/2006	$0	Bad debt/collection		Details
Edfin Serv	XXXXXXXXXXXXX0003	8/2005	$0	Pays account as agreed	No	Details
Edfin Serv	XXXXXXXXXXXXX0002	9/2004	$0	Pays account as agreed	No	Details
Edfin Serv	XXXXXXXXXXXXX0001	9/2004	$0	Pays account as agreed	No	Details
Edfinbkony	XXXXXXXXXXXXX0005	8/2007	$0	120+ days past due	No	Details
Edfinbkony	XXXXXXXXXXXXX0004	8/2007	$0	120+ days past due	No	Details
Fst Premie		7/2008	$0	Bad debt/collection		Details
Lobel Fin		7/2012	$16,369	Pays account as agreed	No	Details
Santander	XXXXXXXXXXXXX1000	1/2006	$8,512	Bad debt/collection		Details

Re: Seeking the Impossible

rckstrscott — Thu, 29 Nov 2012 17:46:51 GMT

@ficophobic wrote:
I want to purchase a house by March 2013. Yeah, I know. This is from Equifax, but there are 2 more on Experian : HSBC date opened 07/01/2003, charge off and Midland date opened 06/01/07, closed. Please help!

Company
Account number
Date opened
Balance
Status
Negative Indicator? [?]

Cap One

4/2007
$1,161
Pays account as agreed
No
Details
Fst Premie

1/2012
$440
Bad debt/collection

Details
Us Dept Ed
XXXXXXXXXXX8086
6/2011
$86,980
Pays account as agreed

Details
Us Dept Ed
XXXXXXXXXXX8186
6/2011
$43,858
Pays account as agreed

Details
Sallie Mae
XXXXXXXXXXXXXXXX0050
9/2005
$1,357
Bad debt/collection

Details
Sallie Mae
XXXXXXXXXXXXXXXX0070
6/2007
$0
Pays account as agreed
No
Details
Sallie Mae
XXXXXXXXXXX0006
8/2002
$0
Pays account as agreed
No
Details
Sallie Mae
XXXXXXXXXXX0003
10/2001
$0
Pays account as agreed
No
Details
Sallie Mae
XXXXXXXXXXX0005
8/2002
$0
Pays account as agreed
No
Details
Us Dept Ed
XXXXXX3753
6/2011
$0
Pays account as agreed
No
Details
Usa Funds
XXXXXXXX9106
Not on Record
$0
120+ days past due

Details
Usa Funds
XXXXXXXX9106
Not on Record
$0
120+ days past due

Details
Us Dept Ed
XXXXXX3752
10/2008
$0
Pays account as agreed

Details
Us Dept Ed
XXXXXX3751
5/1996
$0
Pays account as agreed

Details
Gecrb/Wlmt

5/2006
$0
Bad debt/collection

Details
Edfin Serv
XXXXXXXXXXXXX0003
8/2005
$0
Pays account as agreed
No
Details
Edfin Serv
XXXXXXXXXXXXX0002
9/2004
$0
Pays account as agreed
No
Details
Edfin Serv
XXXXXXXXXXXXX0001
9/2004
$0
Pays account as agreed
No
Details
Edfinbkony
XXXXXXXXXXXXX0005
8/2007
$0
120+ days past due
No
Details
Edfinbkony
XXXXXXXXXXXXX0004
8/2007
$0
120+ days past due
No
Details
Fst Premie

7/2008
$0
Bad debt/collection

Details
Lobel Fin

7/2012
$16,369
Pays account as agreed
No
Details
Santander
XXXXXXXXXXXXX1000
1/2006
$8,512
Bad debt/collection

Details

Do you have any positive revolving accounts?

That Santander... was the a repo, and if so, did it happen WITH Santander or prior to Santander and they purchased the accounts (that happened to me)

We would need to know the DOFD of all the negative accounts.. the date opened doesn't help too much...

Re: Seeking the Impossible

rckstrscott — Thu, 29 Nov 2012 17:51:16 GMT

You are probably right on the impossible.

You cannot get a mortgage with delinquent accounts. You show many with 120 day late payments. If those are actually that late, but not charged off, you could rehab your accounts but it won't help you with the mortgage approval, def not by March 2013.

Even if you become current on those accounts, you would need to be late payment free for a minimum of a year, so you would have to get those removed. 120 day lates are virutally impossible to remove.

With some work? Maybe 12-14 months away. But you have some serious deliquencies to remedy first

Re: Seeking the Impossible

ficophobic — Thu, 29 Nov 2012 17:55:16 GMT

Yes, Santander is a repo, with Santander. Also, I forgot to mention that all of the Sallie Mae, Edfinancial and USA Funds have been consolidated and refinance with US Dept of Education.

Re: Seeking the Impossible

rckstrscott — Thu, 29 Nov 2012 17:58:59 GMT

@ficophobic wrote:
Yes, Santander is a repo, with Santander. Also, I forgot to mention that all of the Sallie Mae, Edfinancial and USA Funds have been consolidated and refinance with US Dept of Education.

Okay that helps alot. When did you consolidate those loans? The last reported late is 120 days on all those accounts, this in and of itself isn't HORRIBLE because if you did it prior to a year a go, then these are not current lates and you are okay.

What is your current FICO score?

The repossession is going to be the hardest thing. When did you first become late prior to the repo? This debt has to be paid prior to applying for the mortgage. At worst, it needs to be off your report, although on your mortgage application it will ask you if you have any outstanding debt, and if you say no (and owe this) and they do a manual review of your full file (which is some cases they can) you would quash the deal.

Re: Seeking the Impossible

ficophobic — Thu, 29 Nov 2012 18:31:04 GMT

The US Dept of Education was consolidated 06/2011. The first late was 08/2011. The only I have is Equifax 538. Also, I was approved for Cap 1 unsecured CL $300 last week, that is on the way.

Re: Seeking the Impossible

annielorie — Thu, 29 Nov 2012 19:13:22 GMT

You could do this inside of three months heres what I would suggest any bad marks or lates with a zero account balance start goodwilling immediately. Email snailmail, phone. Any accounts like first premier charged off and still owing try for PFD. Your main problem is the repo and student loans. Try to gather the money to pay it off and hopefully get PFD it is christmas and you have a small shot however if yu do not have the funds to bring all accounts with balance to O your stuck until you can deal with them what are the DOFD's on the negative accounts

Re: Seeking the Impossible

annielorie — Thu, 29 Nov 2012 19:14:34 GMT

I wrote that wrong best possible in 6 months with new positive history reporting

Re: Seeking the Impossible

annielorie — Thu, 29 Nov 2012 19:16:36 GMT

@rckstrscott wrote:
@ficophobic wrote:
Yes, Santander is a repo, with Santander. Also, I forgot to mention that all of the Sallie Mae, Edfinancial and USA Funds have been consolidated and refinance with US Dept of Education.
Okay that helps alot. When did you consolidate those loans? The last reported late is 120 days on all those accounts, this in and of itself isn't HORRIBLE because if you did it prior to a year a go, then these are not current lates and you are okay.

What is your current FICO score?

The repossession is going to be the hardest thing. When did you first become late prior to the repo? This debt has to be paid prior to applying for the mortgage. At worst, it needs to be off your report, although on your mortgage application it will ask you if you have any outstanding debt, and if you say no (and owe this) and they do a manual review of your full file (which is some cases they can) you would quash the deal.
What do you mean by a manual review of your full file?

Re: Seeking the Impossible

rckstrscott — Fri, 30 Nov 2012 06:18:21 GMT

@annielorie wrote:
@rckstrscott wrote:
@ficophobic wrote:
Yes, Santander is a repo, with Santander. Also, I forgot to mention that all of the Sallie Mae, Edfinancial and USA Funds have been consolidated and refinance with US Dept of Education.
Okay that helps alot. When did you consolidate those loans? The last reported late is 120 days on all those accounts, this in and of itself isn't HORRIBLE because if you did it prior to a year a go, then these are not current lates and you are okay.

What is your current FICO score?

The repossession is going to be the hardest thing. When did you first become late prior to the repo? This debt has to be paid prior to applying for the mortgage. At worst, it needs to be off your report, although on your mortgage application it will ask you if you have any outstanding debt, and if you say no (and owe this) and they do a manual review of your full file (which is some cases they can) you would quash the deal.
What do you mean by a manual review of your full file?

Well, outside of lying, which is an ethical question, just because something isn't on your credit REPORT, doesn't mean it isn't in your credit FILE. There are certain reasons older information that is excluded can be accessed, I don't remember off hand, I will go back to my old emails with Shane and report back exactly what that is.

Also, credit reports can be only one way the look into your past. I am not saying its likely, but if its outstanding it can come back to hit you.

-scott

Re: Seeking the Impossible

annielorie — Sat, 01 Dec 2012 04:09:14 GMT

I read the section that entails a FULL credit report it more over is for law enforcement and the like not your avg mortgage broker. If u sign a paper that says you do not have any bad debts yet a mortgage person says I pulled this complete file your recourse would always be it was not my debt or that the debt was already satisfied then sold to zombie debt collector.

Re: Seeking the Impossible

rckstrscott — Sat, 01 Dec 2012 04:11:06 GMT

@annielorie wrote:
I read the section that entails a FULL credit report it more over is for law enforcement and the like not your avg mortgage broker. If u sign a paper that says you do not have any bad debts yet a mortgage person says I pulled this complete file your recourse would always be it was not my debt or that the debt was already satisfied then sold to zombie debt collector.

Yes, but for some people., ethics come into play and they'd rather not lie.

-scott

Re: Seeking the Impossible

annielorie — Sat, 01 Dec 2012 04:20:35 GMT

Oh Im sorry Im not advocating lying at all What I meant was usually the debt is satisfied and so old cant be proved or disproved because of their age. If a company is owed and does not sue within SOL quite frankly there isnt anything that accussed debtor can do. That is why there is SOL and CRTP I have a company trying to have me pay a ten year old debt that was fro a phone bill that a roomate used my info I filed all reports and necessary disputes and it was removed from my credit report however they continue to call I explain but they are thick skulled. Try scaring me...just a note you are only required by law to possess 7 years of receipts tax returns and the like. That is mainly why the CRTP is 7 yeaRS 180 DAYS legally you are not required to prove any debt false or correct that is not on your reports or filed with authorities as a judgement or tax lien. If u were required to do that no mortgage would ever close. And debtors would come after people who filed BK Sorry if I wasnt clear

Re: Seeking the Impossible

ficophobic — Sat, 01 Dec 2012 07:59:37 GMT

Thanks for your help. I'll just keep working on my baddies.