Judgement and Credit Fix???

[Anonymous]

My old friend sued me back in 2004, his father forced him too.  Anyways, the judgement shows up on my credit.  We have since become friends again and he has agreed to do anything I ask to help my credit out.  Is filing a "satisfaction of judgement" the best option to get this cleaned off my credit or is there a better option?  I am trying to buy a house and I want an FHA loan.  My credit score is 622 and they ok'd me for a loan, but I want a better interest rate.  I am sending out 4 "pay to delete" letters tomorrow hoping I can get them approved.  I have 13 student loans from Sallie Mae and I wanted to consolidate them into one monthly payment.  I called them today and they said they have suspended any consolidations of loans and told me to go elsewhere.  Now I don't know what to do about consolidating.  I have two major issues on my credit report in which I have 7 30 days and 1 60 day delinquent on a car loan.  Under the loan it says " Account closed by consumer, paid, account closed at consumers request, account paid (this is my truck I paid off.)  The second major issue beside the judgement is my ex-wife's car she didn't pay without telling me, it has 4 30 days, 5 60 days and 3 90 days late, it says dispute resolved - consumer disagrees, paid, dispute resolved - customer disagrees, consumer disputes after resolution, closed.  They agreed to a "pay to delete", but instead left this on my credit.  I am 27 and I don't have much knowledge so I didn't ask for a letter to prove this.  I am sorry about all the information, but I am trying to really get my act together.  If anyone has any help to these 4 issues and how I can fix them I would appreciate it.  I have been reading a lot of articles on here and know how amazing you guys are when it comes to people in need.  I am happy to be here.

If anyone wants more info from me credit report (to resolve these matters) I will provide it as long as it is not confidential.  Thanks.

Message Edited by drgiggles on 10-05-2009 03:19 PM

[Anonymous]

One more thing.  There is a loan from Capital One on my report that was opened in 7/99 and closed in 12/00.  Why is this on my credit report still?  I thought they come off your credit after 7 years.  Well this is almost 9 years old. No late payments were on this account.

[pattycake]

Welcome, welcome, welcome to the forums!!!!

Actually, the Capital One account is in good standing, so you want that on your credit report.  Good credit info stays on your file for ten years, so it will be there until next year.

As far as FHA loans, my understanding is that all FHAs get the same interest rate, even if you have stellar credit, but you should post a question about it on the mortgage boards.

The judgment is a public record, so I don't think there is anything you can do to delete it from your file until it has matured past the seven year date.  

I feel your pain on the car payments.  My ex also defaulted on the car loan (his car) and it stayed on my report until three years ago.  You could submit a consumer statement indicating that your ex got that car in the divorce.

I recommend that you post on the "rebuilding credit" boards, as the folks there can give you lots of really good, free credit repair advice.

Best of luck to you!!!  Four years ago, my scores were in the 500's!!!

[Anonymous]

Thanks for the help.  So even getting a "satisfaction of judgement" won't help on my credit? 

[IOBA]

I have read in the forums (elsewhere) that you can have a judgement vacated (court order, removed from credit report).  I do not know very much about vacating a court order.  That would probably be the best way to do it...

If not, "satisfaction of judgement" helps.  It may not help the FICO score, but it lets creditors know that you took care of the problem.

Good luck.   

[RobertEG]

You can ask the prevailing plaintiff in the legal action to petition the court to vacate the judgment on the grounds of fulfillment of payment.  Most courts will summarily grant it, but it requiires initiation of action on the part of your old/new friend, the prevailing plaintiff who secured the jugment.

Otherwise, it will remain as a major derog in your CR for 7 years from the date of the judgment.  Simply showing the CRA that you have satisfied the judgment wont remove it, and thus wont help your score.

[Underh20]

---

@RobertEG wrote:

You can ask the prevailing plaintiff in the legal action to petition the court to vacate the judgment on the grounds of fulfillment of payment.  Most courts will summarily grant it, but it requiires initiation of action on the part of your old/new friend, the prevailing plaintiff who secured the jugment.

---

This is false.

Unless you are dealing with housing court judgments in select states, "fulfillment of payment" is seldom grounds for vacating a judgment whether or not the judgment creditor approves.

Sometimes a sympathetic judge will vacate a satisfied judgment -- especially if the judgment creditor voices their consent -- but this is on a court-by-court basis or often even on a judge-by-judge basis.  The best move is to enquire with the clerk of the court where the judgment was entered.  They can advise you on the chances the court will vacate your judgment based on simple satisfaction.

[Anonymous]

Thanks for the help.  I will have to go to the courthouse with the guy and find out for myself.