Lurker with a question

[Anonymous]

Hi all.. I am a lurker who has reaped the bennefits of the great information here... I hope...

Here is my situation. A few years ago I paid off several charge off  / derogatory accounts and they are currently listed as paid but are still showing as degrogatory. At that time I did not know the difference and believed that just paying them off would help my situation. Obviously just paying them off did not help...

I recently decided to attack my credit score full force and got all 3 credit reports. Here is what I have done and I hope these actions will seriously inclrease my score.

1st I contacted the several account holders that were paid off a few years ago. I was very polite and told them what I was trying to do reference my credit situation. All who were contacted agreed to remove the derogatory items from the credit reports! A victory for me I believe. 

Next I attacked 5 new items that were listed. I contacted the account holders and offered to pay in full for removal of the items from my reports. They all agreed except for one place, which I decided to pay off anyway.

So in the past few years I have shelled out over $5,000 getting items paid and now, hopefully, all removed from my reports.

Here is the twist. I have a home loan that has been paid on time for the last 16-years. My wifes sister now lives in the house and is responsible for making the bare bone monthly payment. She was 30-days late once recently and I know that is going to ding my credit.

I have 3 other current loans (in addition to the house) that are current and never late. 2 are vehicles and one is a signature loan.

I will have about 12 derogatory items removed from my credit report within the next 30-days if they all do as agreed. Should this significantly impact my score?

Here is what I currently have: TU=548 EX=518 EQ=591

I can provide more details if needed. 

Thanks in advance!!!

[DI]

Congrats with all the success you have had.  Have you received anything in writing from the creditors or collection agencies stating they will remove the adverse data from the tradelines, or delete the tradelines?  Sometimes its best receiving a letter before making a payment unless the account is still with the original creditor.  A collection agency will say anything to get money from you.

If the accounts are actually deleted, or lates are removed you should see some increase.  But what still going to hurt your score is the recent 30 day late mortgage payment you alluded to. 

If you haven't already, go to www.annualcreditreport.com to request your free credit reports to see if your reports been updated. 

Also, it won't hurt to GW the 30 day late to have it removed.  I noticed you listed 3 scores.  I am questioning if they are actual FICO scores.  Only EQ and TU FICO scores are available for you to purchase.  The scores you listed may be FAKO scores if not purchased from myfico.com, transunioncs.com or equifax.com.

Message Edited by DI on 08-06-2009 07:24 PM

[Anonymous]

Thanks for the fast response. Yes most have sent letters saying the will remove the items in question. Only one has not as yet, but that payment was made just today to Law Offices of MN Kay. I do have our conversation recorded where they said they would remove the entry for a T-Mobile account.

I got the numbers from privacy matters 123 and I believe you are correct they are not FICO scores. I only went to privacy matters to get all 3 of my credit reports. So I guess my actual FICO scores are probably lower than I had hoped. 

I will call the mortage company, Bank of America, and see if they will GW the late payment. I am trying to get my score, for now, in the 650ish range as fast as I can.

Again, thank you for the quick, and informed response!

[DI]

Getting your scores from privacy matters is a good start.  You really don't need to pay the higher price for your FICO scores until those tradelines are deleted.  Once they are deleted, come back to this site to get your FICO scores.  You can google myfico promo codes to get a discount on purchasing the FICO scores. Again, you will only be able to purchase your TU and EQ scores.  

Be persistent and consistent, and you will get your scores up.   Good luck! 

[Anonymous]

Wait.....

Here is the twist. I have a home loan that has been paid on time for the last 16-years. My wifes sister now lives in the house and is responsible for making the bare bone monthly payment. She was 30-days late once recently and I know that is going to ding my credit.

So your sister in law is making your mortgage payment on your credit on your name? Again sister IN LAW. I don't know your family, but I am your long lost uncle and I want to move in to. Am I missing something here? She is not responsible for anything YOU ARE. Unless her name AND HER NAME ONLY is on that mortgage. I would politely tell her that she needs to give you some type of deposit equal to a payment, and then try to arrange it so that she pays YOU and then you pay the mortgage.

Ding me once shame on you

Ding me twice...

[fused]

---

arrgy42 wrote:

Wait.....

Here is the twist. I have a home loan that has been paid on time for the last 16-years. My wifes sister now lives in the house and is responsible for making the bare bone monthly payment. She was 30-days late once recently and I know that is going to ding my credit.

So your sister in law is making your mortgage payment on your credit on your name? Again sister IN LAW. I don't know your family, but I am your long lost uncle and I want to move in to. Am I missing something here? She is not responsible for anything YOU ARE. Unless her name AND HER NAME ONLY is on that mortgage. I would politely tell her that she needs to give you some type of deposit equal to a payment, and then try to arrange it so that she pays YOU and then you pay the mortgage.

Ding me once shame on you

Ding me twice...

---

This is a reminder to be friendly, supportive and respectful when posting in the forums. Thank you for your cooperation.

--fused, myFICO moderator

[Anonymous]

your right..I just get upset when someone tries to do something nice and gets snake bitten for it.

[Anonymous]

No worries, I know you were just pointing out the obvious... Yes, it's a disaster! She needed a bigger place to live with her children that was bigger than the apartment she was in. I offered for her to live there at the barebones mortage payment. With the understanding she is responsible to doing repairs needed for the home.

This recently blew up as she called wanting me to relace a sump pump in the basement. She never pays it before the late payment kicks in (after the 15th of each month) and now she was 45 days late once on the payment.

I had discussions with the wife that we just need to sell that house and that her sister needs to go. This blew up as the sister ran to her side of the family saying I was kicking her and her kids out ect...

To make a long story short, the wifes side of the family hates me now, we are on the verge of divorce and I don't have a clue what to do with that house as I am sure she won't make payments and it will be late again and ding my credit again.

It would take me forever to explain the whole situation with that house but in a nutshell, I can't kick her out or sell it or the wifes side of the family will hate me, causing even more pressure on our life. The old rock and a hard place situation..

Thanks for the suggestion!!! I will have her make an advance one month payment to me so that

if payment is not made by her on say the 25th of  the each month, I can make it online to keep this from happening again...

But back on topic....

I am trying hard to get my credit back in tact. Does anyone have contact info for Bank of America so I can see if I can get a GW for the 30 day late payment. I have had the home loan for 16 years and have never asked them (or Countrywide) for anything..  I hope they will grant it.

Message Edited by LunkHead on 08-07-2009 08:29 AM

[Anonymous]

Awesome news! I just got off the phone with BA they are are going to give me the GW and remove the entry....

If not for this awesome forum, I would have never kown to call and request this!!!!!

[DI]

Excellent!! You must be a good negotiator to have all that success without having to write.