topic Re: need some help in Rebuilding Your Credit

need some help

Anonymous — Thu, 10 Sep 2009 22:41:14 GMT

My most recent scores are

Experian: 636

Equifax: 632

TransUnion: 632

My first question is I got these scores from freecreditreport.com, how accurate are they??

I am trying to rebuild my credit after having some problems with credit about 6 years ago. My biggest problem was a Capital One card, that last I checked was at $1700, for some reason this card is not showing on any of my credit reports, I have never made a payment on it since it went in to collection why would this account now show up on any credit report? I have a few small collection accounts which are for medical bills. I had a Hudson's and Limited cc..i have paid both of those off after they went in collections. What can I do to raise my score up, and establish credit again? I want to buy a house within the next 6-7 months.

Message Edited by Tiffany1123 on 09-10-2009 03:41 PM

Re: need some help

UpandUp — Thu, 10 Sep 2009 22:45:57 GMT

I suspect these are FAKO scores and have no bearing as to your FICO score (which is the scoring system that mortgage brokers/banks will use). I say this because Experian does not sell FICO scores to customers presently, so your having the number (unless it was pre them stopping selling them would indicate that).

What you can do is get your TU and EQ scores from MYFICO. Unless there are wild differences between items being reported by one CRA and not another, knowing those two will give you a good idea of what EX has on you.

1. Medical Collections - HIPPA Process. 6 months might be tight, but it can happen. I've had a med collection

removed in 3 months

2. Capital One - Is it capital one showing up, or a CA that has bought the debt showing up, or both? Capital One as the OC is allowed to report (probably a charge off) and the CA is allowed to report. Tough thing is this is new, so not outside SOL most likely, and CA would probably not take a settlement. They may however take a PFD, but Capital One, the OC can still report the charge off. At least you'd have one removed (and mortgage brokers don't like to see collections). Be careful though, since probably still within the SOL. I wouldn't even begin to talk to them unless I was prepared to pay in full if that's what it came to.

3. Hudson's and Limited - Do you have both OC and CA? Whom did you pay off? I would GW and see if they will remove since they were paid.

What else is going on in your credit mix? Any open CC's? What's your util? Lowering CC util can give big jumps for "little" effort.

Good Luck!

Re: need some help

Anonymous — Thu, 10 Sep 2009 23:41:32 GMT

Thanks for the info!

I did try and get my scores thru MYFICO, i got an alert saying they were unable to calculate a score for me.

Sorry I messed up on the first post, all my credit issues are from 6 years ago or longer.

1.The medical bills equal about $130, I will be paying those. I have 3 of them, all listed with collection agencies right now.

2. The Capital One card I got when i was probably 19, I had it for 3 years which I used it and paid the minimum payment or more every month on time, I had some problems and I got behind on my bills around 2002. The last time I seen the Capital One on my credit report was last year and it was listed as a charge off, I called Capital One and spoke with account recovery, they were not willing to work with me unless I paid the whole amount right at that moment... that account is listed as closed on 04/2003.

3. The Hudson's card, I paid off the CA in February 2009. On my credit report that is currently showing as closed/transferred to another lender.

The Limited card I actually paid the remaining amount 2 days after the charge-off. I contacted them in May 2009 and they have removed the charge off and now it just says closed/never late.

4 The only things I have on my credit report now are the medical bills, a $240 school loan balance that is in collections, and 2 personal loans from Standard Federal in 1999 and 2001 both are marked paid off/zero balance, I was 30 days late on one payment. I have no open credit cards right now, because I have been unable to get any credit.

Re: need some help

Anonymous — Thu, 10 Sep 2009 23:44:24 GMT

Tiffany1123 if any of your credit report is frozen you might have some difficulty getting a score. you may first have to unfreeze the report thn try again.

Re: need some help

Anonymous — Thu, 10 Sep 2009 23:55:43 GMT

I went to my bank and took out a loan for $2000.00 and they put in in a savings to secure the loan.

As I paid the loan off I could withdraw but I just left it in there and after the loan was paid I had money in a savings that I could use toward the down payment on my home. Helped build my score and gave me a good standing account. After that my bank offered a non secured loan.

Hope this helps.