topic Re: Rebuild advice in Rebuilding Your Credit

Rebuild advice

Anonymous — Fri, 15 Dec 2017 18:18:43 GMT

I am trying to purchase a home. I was preapproved, found a home, went under contract but with my score right on the edge of 580 even the slightest dip will cause issues. I have 3 months to get it as high as possible.

Scores: EQ 525 TU 569 EX 614

CCs: CapOne Secured $0 balance $200 limit

Discover Secured $0 balance $200 limit

AMEX(AU) $0 balance $8000 limit

Kay Jewler $0 balance $500 limit

Old Barclay card with balance of $1800 last reported in Oct 2012

Past Mortgage with late in Jan 2014(sold in March 2014)

Car voluntary repo with balance of $5,181

Old bank account with overdrawn balance of $238

Multiple Medical collections totaling $1,051

Old ATT account in collection $1,312

Any advice?

Re: Rebuild advice

Anonymous — Fri, 15 Dec 2017 18:26:43 GMT

Is that old card with a balance showing as a collection or charge off?

Re: Rebuild advice

Anonymous — Fri, 15 Dec 2017 18:30:33 GMT

Al it says is account closed by grantor. Not in collections nor anything about charge off.

Re: Rebuild advice

Anonymous — Fri, 15 Dec 2017 18:34:06 GMT

Barclay also shows balance not reported on TU.

Re: Rebuild advice

Sandman771 — Fri, 15 Dec 2017 18:34:23 GMT

Best thing is to pay those collections and before doing so try for PFD. The general rule of thumb is

PFD collections>Paid Collections> open collections.

Re: Rebuild advice

Anonymous — Fri, 15 Dec 2017 18:48:26 GMT

I would pay Barclays off if it's reporting a balance on the original creditor's tradeline. First. Because that's counting towards your overall utilization -- and if it is a chargeoff, it is likely reporting "overlimit" and crushing your scores.

Paying collections to $0 will have no real effect on FICO Score 8, but if you can get them to delete the tradeline in exchange for payment, that will help with FICO scoring.

For the medical collections, walk or drive over to the clinic/hospital where treatment was made and see if you qualify for "charity care". If so, they will recall the collections and wipe out the debt. If not, ask if they will recall the collections so that you can pay them directly. If so, they will recall the collections so they fall off your reports and you can pay them directly.

For AT&T collection, call them and ask if they can recall the debt internally so you can pay them. When they recall it, pay them directly and the old collection should go away.

Re: Rebuild advice

MrTom — Mon, 18 Dec 2017 05:36:37 GMT

Your collections is whats killing your score.

Work at PFD on the collections.

What collection company has these collections?

Others here may have experience with those companies.

Re: Rebuild advice

Anonymous — Thu, 31 May 2018 01:36:32 GMT

May I ask who you got approved with for a mortgage with scores right at 580? I am also in the process of trying to get a mortgage and I have done so much work and am still in the 570 range and want to apply for FHA loan but I’m told I must have 580.