Is there hope? Who has time to READ???

[BimmerBro]

Okay,

Here's the dealio. At age 34, I have NOw realized how FREAKIN' important my credit is to my financial future!!!(round of applause). Thanks to all the information available here on Fico Forums.

I have been on my job 9 years and make a little over 54,000 yr. (peanuts)

I have no mortgage, no revolving credit, no bankruptcies.

The only credit I have is my auto loan with Drive Financial. (poor credit loan)

I have avoided checking my credit for years because of what I might find.  I knew I would be disgusted with how low my score was. Well, I pulled my Equifax credit report and here it is:

04/21/2008 Equifax-516(yikes)

I have:

Public records                   1 (see below)

           Negative accounts  5

3 PAID, but show as charge-off. 1 current auto loan, 1 collection acct.      with payment arrangements.  

           Collections              1  PAID, but not deleted.

Equifax Open Accounts

Drive Financial Date -Opened 06/05, balance- $14,260, Date Reported- 03/08, Past Due- 0, Account Status- Pays as Agrees,

03/31/08 I pulled TRANSUNION (542) and DISPUTED all collection accounts just on a whim. Out of 6 accounts as of 03/31/08, 4 were DELETED.  Out of the two accounts left 1 is current 0 balance, the other is truly fraudulent and I have a current investigation with GE/Chevron ($600 cc suspect exwife)

I have a total one unpaid collection utility bill which I have made arrangements to pay in full May 08.

ONE BIG PROBLEM IS, I HAVE A FLORIDA JUDGEMENT. Ford Motor $6,000 judgment date filed 06/01. 06/08 will be seven years! Long story short, bought a vehicle for exwife was repo'ed during separation.

Some have said Florida sol  for judgments is 7-7.5yrs. I have NO CLUE. I'm afraid to inquire about this judgement in case they re-up and start over the process.

Overall, I have a poor payment history. Paying late a lot. I have set a goal of improving my score to buy a home by the end of 2008, beginning of 2009. (is this too unrealistic?)

SORRY FOR THE NOVEL, BUT I WANTED HONEST HELP.

THANKS

[Anonymous]

There's hope! You seem to have a positive outlook and a sense of humour which helps with the tricky and obligatory crediting world we live in. 

[Anonymous]

Judgments: 20 years total and to be a lien on any real property, it has to be re-recorded for a second time at 10 years.

[Anonymous]

One of your biggest credit problems is you have little GOOD news on your credit report. To recover from the lates and charge-offs, you need three or four revolving accounts in good standing. This builds good credit history, and helps water down all those nasty lates.

[Anonymous]

Welcome to the forums!

There IS hope.  It just takes some time.

[marty56]

I didn't clean up my credit act until I was 45.  I am 51 now

The only time it is too late to start is when you say tomorrow.  Start now. Dont wait till 45 like I did.

Message Edited by marty56 on 04-21-2008 02:42 PM

[homerunstacy]

There is hope!  Hang in there. Get organized. Be prepared to do some work and organized tracking as you start communicating with the original creditors, collections, and credit reporting agencies.

You are on the right track. 

[thotgal320]

Marty56 is right do it now don't wait. I just turned 42 and working hard at fixing my credit. Yes there is hope I went from 459 to 561 with EQ in 3 months so hang in there.

[BimmerBro]

Thanks for all the encouragement! This forum is very informative and supportive! It gives people with not so perfect credit hope! 

I'm glad I made the first step in actually correcting my reports. I have quite a few deletes. I know it's gonna take some time to show a good payment history. Since I only have a car loan, should I try to get a secured card for like $500?

I could just use it to show another positive payment history.

[fishbjc]

Welcome!   

My dh's score has gone up over 85 points in 4 months!!!!! 

One thing you WILL find on MyFICO forum...helpful people who are not judgemental.  You'll receive sound advice: read, study, and work hard, you'll get back on track.