NEWBIE!!! I need some help with a 476 score on experian

[Anonymous]

Sorry about that, the computer did something funny to when i did a spell check. I recently got my experian score which was 476 from the My Fico score watch. it had 6 accounts that are questionable according to the report.

First Premier Bank date opened 03/2006 $387 baddebt/collection

Midland which was Aspire card no date on record $790 120+ days past due

Tmobile date opened 06/01/03 date assigned 11/01/05 $940 unpaid

Sprint  was from 10/06 $267 120+days baddebt/collections

I would like some help on how to improve my score and how to rectify these debts. My goal is to be in position to be able to purchase a hous in 2010 with a very good apr. any info?

Message Edited by king26 on 01-03-2008 06:21 PM

Message Edited by king26 on 01-03-2008 06:24 PM

Message Edited by king26 on 01-04-2008 09:02 AM

[CreditDrama85]

need more info.....

how many accounts? collections? etc. length of credit history? types of accounts? utilization?

[Anonymous]

can i getsome help on this? anybody?

[Anonymous]

I would say start PFD'ing most of those. As far as midland dispute as inaccurate (since there is no date), they are known for reporting crazy things.

[Anonymous]

thanks, I will send out a letter to them this week. Dispute as inaccurate date?

[SmartCookie]

Getting these 4 instances corrected is going to dramatically pull your FICOs up, so take the time to do it properly.

First, pull your reports directly thru the CRAs if you have not.  You will see a DOLA or a DOFD and that date is very important for both SOL and CRTP (when TLs come off of your reports).  Only dispute to the CRAs off of a paid report, not the free annuals.  Know your states debt collecting SOLs as you don't want to play with anything that is coming close to reaching SOL... wait for the hump to be over.  

Next, spend a HUGE amount of time on the forums reading and understanding how to dispute, DV, PFD, and GW.  Read the sticky threads on the top of the forum till you turn various shades of blue and know what the next sentence says.  Learn from other peoples experiences, and continue to ask questions on things you need detail on or don't understand fully.  Don't rush to fix things until you know you exactly why you are proceeding in the way you are.

When it comes down to fixing all of this, you want to try to settle with the OC first with a PFD if they still own the debt (the CA might not have bought it but just be collecting for them) and you acknowledge it.  You can dispute if you do not acknowledge the debt or it is reporting inaccurately. They might accept a settlement, or you might PIF.  Once you have done the PFD, you can DV the CA CMRRR and dispute the CA's TL if it doesn't disappear fairly soon.  Part of the PFD stipulates that collection activity and reporting stop.  

If the OC does not own the debt, you can at some point send a GW letter to the OC to try to remove derog info.  You will want to DV the CA CMRRR and then dispute to the CRAs if you do not acknowledge the debt or it is reporting inaccurately.  If they validate, PFD with them if you acknowledge the debt.

Disputes and MOVs go to the CRAs

GWs go to anyone who you have paid off but still reports derog info

DVs go only to CAs, but you can modify one for an OC.  OCs are not legally required to validate in the way that a CA is, but they should send you statements etc.

Message Edited by SmartCookie on 01-08-2008 01:21 AM

[Anonymous]

well according to this site http://www.ihatedebt.com/DealingWithYourCreditors/DealingWithDebtCollectors/StatuteofLimitations.php,

the sol in pa is 4 years, so does that mean i need to let that tmobile one go? Also I see that there is old Verizon account on my report that has paid collection, do I need to write a gw to get it removed?

[SmartCookie]

Any paid collection you should GW, yes.  Dispute it first if it is not reporting correctly.

I can't advise you on T-Mobile without the DOFD or DOLA to see where you are in SOL.  Very important to get those dates for all of these accounts.

[Anonymous]

According to my credit report, DOFD is 06/03 and date assigned is 10/05. Does that help?

[SmartCookie]

---

king26 wrote:

According to my credit report, DOFD is 06/03 and date assigned is 10/05. Does that help?

---

It does.  That means that T-Mobile (AT&T now?) and the CA can't win in court if they try to sue you.

I'd start by calling whatever contact info is on the OC TL to see if they still own the account.  If so, you would deal with them via PFD for settlement or PIF.

If they have sold it to the CA, you DV CMRRR first and then PFD if they validate.