topic Re: Rebuilding help to first mortgage in Rebuilding Your Credit

Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 03:38:24 GMT

Hello all,

I've browsed the forums and tried learning as much as my brain will allow. My problem is where to begin.

My fiance and I are looking to get a house. I am trying to clean up my report before we get prequalified. I just pulled my report. I am trying to take care of all the collections as well as clean everything else up as much as possible. I really have no idea how a lot of this works, even after reading on the forums quite a lot.

I have some collection accounts and baddies. What should I work on first? Should I DV on the collections and then PFD?

I also have student loans that have been transfered from CA to CA. I am paying now, but will the old CA's come off?

Let me know if anybody needs more details, any help and advice will be appricated! I am willing to work very hard and call the companies and send letters. I just do not know where to start!

Scores:

Experian 625

Transunion 598

Equifax 598

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 05:00:29 GMT

@Anonymous wrote:
Hello all,

I've browsed the forums and tried learning as much as my brain will allow. My problem is where to begin.

My fiance and I are looking to get a house. I am trying to clean up my report before we get prequalified. I just pulled my report. I am trying to take care of all the collections as well as clean everything else up as much as possible. I really have no idea how a lot of this works, even after reading on the forums quite a lot.

I have some collection accounts and baddies. What should I work on first? Should I DV on the collections and then PFD?
I also have student loans that have been transfered from CA to CA. I am paying now, but will the old CA's come off?

Let me know if anybody needs more details, any help and advice will be appricated! I am willing to work very hard and call the companies and send letters. I just do not know where to start!

Scores:
Experian 625
Transunion 598
Equifax 598

Sometimes it easier to work on the positive side of the credit equation while you develop a plan for the negatives. Do you have any current open credit accounts?

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 05:34:37 GMT

At the moment I have two student loans I'm paying on. Both defaulted years ago but are in good standings now. I have two credit cards that I keep the utilization around 7%-10%. This has helped raise my score over time. However, the collections and baddies are damaging my report pretty bad. As far as accounts closed that were charge offs/bad debts, should I leave them be? Also the collections. I am not sure as to what the best route is to get them out of collections and help my report look a little more appealing.

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 05:40:40 GMT

@Anonymous wrote:
At the moment I have two student loans I'm paying on. Both defaulted years ago but are in good standings now. I have two credit cards that I keep the utilization around 7%-10%. This has helped raise my score over time. However, the collections and baddies are damaging my report pretty bad. As far as accounts closed that were charge offs/bad debts, should I leave them be? Also the collections. I am not sure as to what the best route is to get them out of collections and help my report look a little more appealing.

I would add one more credit card to the mix - 3 is whats recommended as a minimum to rebuild your scores. You want only one to show a balance of <9% of its limit.

Any charged off credit card accounts that show a balance from the OC? Thoise are what I would try to get settled first as they hit your payment history, and they hit your UTI%. After that try to settle any collections that are updating each month. Then just work back in time.

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 18:19:23 GMT

What if the cards were transferred? Should I still settle or let them fall off? There are two from when I first graduated high school. On one report they show as the oc. On another lvnv funding has them in collections. Also eos cca has a loan of $9k that says was opened July of last year. Crazy thing is I've not taken out a loan other than my student loans years ago. I just now pulled my report for the first time I a while. So what should I do about them as well? Thank you so much for the patience and help.

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 19:17:55 GMT

@Anonymous wrote:
What if the cards were transferred? Should I still settle or let them fall off? There are two from when I first graduated high school. On one report they show as the oc. On another lvnv funding has them in collections. Also eos cca has a loan of $9k that says was opened July of last year. Crazy thing is I've not taken out a loan other than my student loans years ago. I just now pulled my report for the first time I a while. So what should I do about them as well? Thank you so much for the patience and help.

The key is whether the OC reporting shows a balance or not. If the balance shows $0, then its been sold to a CA and its not affecting your current UTI.

The recent opened date on the EOS just means thats when they acquired the account.

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 19:51:21 GMT

I believe I understand now. All oc accounts are 0 balance except what is in collections. So my best route is to settle my collections, get another card and keep uti around 9%? Will the other closed accounts come off 7 years after dofd?

Also do you have any recommendations as to a fairly easy card to get approved for?

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 20:28:11 GMT

What are the two cards you have now?

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 20:30:56 GMT

Capital one platinum unsecured and express (clothing store).

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 20:39:48 GMT

Apply for a second Cap One card - the Quicksilver One.

Re: Rebuilding help to first mortgage

Anonymous — Mon, 29 Jun 2015 22:37:59 GMT

So do I leave the oc accounts with 0 balance alone and settle my collections? I'm sorry I'm still slightly confused. I've been reading as much as time allows and I see so many routes people take for different situations.

Re: Rebuilding help to first mortgage

gdale6 — Mon, 29 Jun 2015 23:33:09 GMT

@Anonymous wrote:
So do I leave the oc accounts with 0 balance alone and settle my collections? I'm sorry I'm still slightly confused. I've been reading as much as time allows and I see so many routes people take for different situations.

If the account is a CO with 0 balance then leave it alone for the time being and work on getting your PFDs from the JDBs

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

Re: Rebuilding help to first mortgage

Anonymous — Mon, 06 Jul 2015 02:00:38 GMT

I have another dilemma. There is a student loan in collections. As I stated before, I am paying both student loans. One is throught the oc, the other is through a law firm. When I set up payment arrangements I never asked for validation. Now my concern is that this law firm is collecting money on a debt they dont own. It does not show up on my report anywhere.

Eos/cca collected the student loan debt on July 31, 2014 with a current balance of $10,222. They are reporting to this day in collections. What should i do about that collection account? How should I go about validating my other student loan with the law firm? If they can't validate what would the next step be?