topic Re: Need Help From the Pros in Rebuilding Your Credit

Need Help From the Pros UPDATE!!!!!

Anonymous — Thu, 24 Jan 2013 02:49:32 GMT

I am new to myfico and have been reading over the Rebuilding Your Credit Forums now I want to ask for help

Looking back I wasn't the most responsible person with my credit but have been trying to rectify that now.

Here is a look at my Credit

Experian 607 TransUnion 598 Reporting very closely

Beneficial reporting as Settlement Accepted

Capital One 60 Days late closed and paid in full 2 years ago

Chase Bank CC Settlement Accepted reported on Experian, TransUnion reports as a Charge Off

HSBC 60 Days Late (paid in full and closed 2 years ago)

Credit Union CC 30 Days late (paid in full and closed 2 years ago)

Credit Union Auto Loan 60 Days Late (paid in full 2 years ago)

Sears (90 days late paid in full and closed 2 years ago)

This is what Lexington Law has as my "Bads". I also got my Credit Score from them. I decided to pay the $99.00 and try them for 90days to see what they can do. They have sent the GW letters and verification letters but the waiting is killing me. What can and should I be doing? I don't know if it is possible but I really want my Middle Score to be over 650 in 3 months. I'm ready to buy a house, I have the Down Payment, I have the income, I just don't have the credit score to get what I need for my family. Is 50 points with what I have possible in 3 months? Thanks Everyone

Re: Need Help From the Pros

llecs — Mon, 21 Jan 2013 04:03:22 GMT

@Anonymous wrote:
I am new to myfico and have been reading over the Rebuilding Your Credit Forums now I want to ask for help

Looking back I wasn't the most responsible person with my credit but have been trying to rectify that now.

Here is a look at my Credit

Experian 607 TransUnion 598 Reporting very closely

Beneficial reporting as Settlement Accepted

Capital One 60 Days late closed and paid in full 2 years ago

Chase Bank CC Settlement Accepted reported on Experian, TransUnion reports as a Charge Off

HSBC 60 Days Late (paid in full and closed 2 years ago)

Credit Union CC 30 Days late (paid in full and closed 2 years ago)

Credit Union Auto Loan 60 Days Late (paid in full 2 years ago)

Sears (90 days late paid in full and closed 2 years ago)

This is what Lexington Law has as my "Bads". I also got my Credit Score from them. I decided to pay the $99.00 and try them for 90days to see what they can do. They have sent the GW letters and verification letters but the waiting is killing me. What can and should I be doing? I don't know if it is possible but I really want my Middle Score to be over 650 in 3 months. I'm ready to buy a house, I have the Down Payment, I have the income, I just don't have the credit score to get what I need for my family. Is 50 points with what I have possible in 3 months? Thanks Everyone

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Check the score source. As of a few years ago you can't buy your Experian FICO score.

Do nothing to the CU CC, but send GWs to everyone else. The 30 of that CU isn't hurting.

The trouble with LL is that they do dispute and that can harm the odds of a GW. I recommend going solo.

Re: Need Help From the Pros

Kevin5974 — Mon, 21 Jan 2013 06:26:38 GMT

I used LL and it was painfully slow for me as well. What I will tell you is this: Time is the only way to clean it up. LL actually didnt start netting me results till the 90 day mark. It was hard to keep swallowing that payment. My advice is to actually go down to the $79.95 package. You probably dont need the TU report and the Inquiry Assist is lame. Alot of it is sitting back and letting time do its part. Let inquiries fall off and try to refrain from new credit or higher balances for the next 6 months

Re: Need Help From the Pros

RobertEG — Mon, 21 Jan 2013 08:27:35 GMT

You can get one free CR each 12 months from each CRA.

Only you know the reasons upon which to base your GW requests, and can do it just as effectivey yourself. No special expertise required.

I am not sure what you were referencing when you said they sent "verification letters," but presume they were DV requests.

However, I dont see posting of any unpaid collections, and even if you have unpaid collections, a DV at this point would most likely be untimely.

If the "verification letters" were disputes of accuracy of reporting, they are precluded from filing direct disputes. Did they file disputes with the CRAs?

What exactly are they attempting to "verify?"

Re: Need Help From the Pros

Anonymous — Mon, 21 Jan 2013 12:51:44 GMT

Thanks for the replies.

Robert,

The only verification letter that is showing to be sent is to Chase. I assume its because the TU shows a charge off when it was paid. Maybe? Everything else is GW..

Should I be sending GW letters too, even though LL has sent them?

I truly appreciate everyone's help.

Re: Need Help From the Pros

madmann26 — Mon, 21 Jan 2013 13:27:20 GMT

What I don't see is any new credit unless you've left that out. I would suggest a couple of secured cards, preferably CU's but for god's sake stay away from First Premier. With a couple of secured cards, 9% utilization reporting on one card for a couple of months, 50 points is possible. I saw a nice, 37 point bump when I opened my first secured CC with NFCU.

Good Luck.

Re: Need Help From the Pros

Anonymous — Mon, 21 Jan 2013 16:06:42 GMT

Yes I do have open credit, I just left it out

2 Auto Loans but never late for 1.5 years

1 New Unsecured credit card (Capital 1) that was recommended by mortgage broker. $1000.00 limit. I just got this card.

Should I get more?

Re: Need Help From the Pros

Anonymous — Wed, 23 Jan 2013 00:31:50 GMT

OK now my question is should I have more than 1 credit card. I have read that 3 is the number. Do I need that many of just stay under 9% with the one I have?

Re: Need Help From the Pros

madmann26 — Wed, 23 Jan 2013 00:33:49 GMT

The 9% is across your total revolving credit. If it's one card or three cards 9% is 9%.

Re: Need Help From the Pros

Shogun — Wed, 23 Jan 2013 03:45:26 GMT

+1 But yes, 2 or 3 revolving trade lines in good standing will allow your scores to grow and make for a healthier CR.

Re: Need Help From the Pros

Anonymous — Thu, 24 Jan 2013 02:58:47 GMT

I checked my Equifax report and I believe I might have had some success, maybe

A few of my baddies have changed this is what they now say

2 of them now say " Pays as aggreed"

they don't show any date in the delinquency columns

no comments, all of this has been updated this month.

HOWEVER if you look at the payment history "key" under it still shows a few months 30 days late but does not reflect in the reporting. Is this common?

Sears now shows "Pays as agreed"

doesn't show any delinquencys in the columns

has recently been updated

However it says in the status, customer disputes this information.

It also shows lates in the payment history key but not in the reporting.

Is this common? Should I be concerned with the history key? Since the account now shows pays as agreed and no late history in the texts can I dispute the key with Equifax?

Re: Need Help From the Pros UPDATE!!!!!

Anonymous — Thu, 24 Jan 2013 22:57:50 GMT

Anyone?

Re: Need Help From the Pros UPDATE!!!!!

Shogun — Fri, 25 Jan 2013 03:31:10 GMT

It's not a bad update. The lates will stay on for 7 years from their respective dates. The 30s however are minor and will fade quite rapidly.