getting new cc to help credit score

[Anonymous]

I applied for a mortgage recently. I was denied big suprise. I have a very low FICO score it is only 524 however I have recently paid off all the derogatory things on my account and the only things open are current. How often do agencies report to the credit bureaus and would getting some type of revolving credit help my score. I have a couple student loans that are current, an instalment loan that is current and a high interest loan that i recently paid off that was current also. I am not sure I can even get a credit card though. I really need to find a way to hopefully get a mortgage before winter, the place I am renting just isn't up to par and I can't get the landlord to fix anything. Help!!

[Tuscani]

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

What are your other two scores?

[Anonymous]

I haven't pulled the two other scores on here. I know that when the mortgage company ran them they were all in the low 500's. I can't pull my TU online my account is locked out. I have to all them. I have a very large investment with one of the banks that turned me down for the mortgage. I almost pulled all my money because I was told there would be no problem funding the mortgage once I was invested there because of the amount. I have enough in there to pull out and buy three of the houses I was looking at outright. I just dont want to spend all my money like that upfront I would rather save that for retirement and my kids.

[Tuscani]

Ok, You need to get all three of your scores from MyFICO before applying for anything.

[Anonymous]

ok i just purchased the other scores from here they are

tu 544

eq 524

ex 572

I absolutely do not understand any of this.

How long before a company reports these debts as paid? Is there some law or something that says when they have to report by? they were reporting it late every month.

[Tuscani]

---

whitewitch23 wrote:

ok i just purchased the other scores from here they are

tu 544

eq 524

ex 572

I absolutely do not understand any of this.

How long before a company reports these debts as paid? Is there some law or something that says when they have to report by? they were reporting it late every month.

---

Unfortunately, paying old debts may or may not increase your scores. Most of the time they do not. Have you read the Scoring 101 thread? You should have negotiated a PFD.. However, not all is lost. You can try a GW now. Can you list your baddies?

[Anonymous]

there are about 8 or 9 reporting as bad right now, and yes i have seen i should have requested a PDF letter but alas I did not join this forum till after i paid everything. 

Fashion Bug CC should have dropped off need to dispute it apparently is saying I just made a payment in July of 06 and I know I didnt.

Cap 1 collections

then the collection account it went too paid but not showing

Verizon they are paid also but not showing

HSBC balance 0 collections

collection agency for HSBC pd no showing

Tico credit co

centrix fin debt collections pd not showing

benificial showing balance 0 status ok but still flagged 1998

[Tuscani]

Ok.. I would do some cleanup before applying for anything new. Start by disputing any inaccuracies. Send GW letters for paid collections.

[Anonymous]

ok i did the dispute letters for the paid off items. I was wondering there is a credit card on there that is saying closed but continuing to report a balance of 0 for the whole year of 06. Should i send them a letter asking to re-open the account or remove it from my credit report. There is also another credit card showing closed but continuing to report should i ask them to reopen or remove also. Should i aslo send out GW letters now since i disputed the items as inaccurate or should i wait to see what the CRA's do first. I am sorry to be such a pain. I just really dont understand alot of this. I am learning alot from the forums just a little to late on the PFD letters.

Thanks though

for all your help so far

[Tuscani]

I hope you didn't dispute valid\accurate lates with the CRAs... doing so is unethical and not recommended (that is what GW letters are for).

There is no need to reopened closed accounts that have a balance. Just write a letter to the CCC and ask them to update the balance to zero. Remember, a closed account is ok as long as there are no baddies associated with it.